Prepare the closing entries for Wagner Services, Inc., on August 31, 2010. Refer to E7.15. Given this
Question:
Refer to E7.15.
Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of retained earnings for the month ended August 31, 2010. Dividends of $2,500 were paid during the month and there were no additional capital stock transactions during the month.
Transcribed Image Text:
WAGNER SERVICES, INC Adjusted Trial Balance August 31, 2010 Debits $ 4,600 400 650 5,600 Credits Cash Supplies Prepaid rent Equipment Accumulated depreciation-equipment Furniture Accumulated depreciation-furniture Accounts payable Note payable Interest payable Capital stock Retained earnings Service fee revenue Supplies expense Rent expense Interest expense Depreciation expense Postage expense Telephone expense Utilities expense Total S 1200 2700 900 800 3,000 150 6,000 (2,500) 5,800 150 650 25 300 125 50 100 $15,350 $15.350
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
Service fees earned 5800 Retained earnings 58...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Introduction to Accounting An Integrated Approach
ISBN: 978-0078136603
6th edition
Authors: Penne Ainsworth, Dan Deines
Question Posted:
Students also viewed these Accounting questions
-
Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of retained earnings for the month ended August 31, 2010. Dividends of $2,500 were paid during...
-
Prepare the closing entries for the Sales account, assuming a balance of $200,000 and the Cost of Goods Sold account with a $145,000 balance.
-
Prepare the closing entries for (a) Ending work in process and raw materials inventories and (b) Manufacturing summary. Use XXXs for amounts.
-
The current zero-coupon yield curve of semi-annually compounded rates for risk-free bonds is as follows: 1.0 Years 1.5 Years 2.0 Years 2.5 Years 3.0 Years 9.00% 10.20% 3.00% 4.00% 6.20% MATURITY 0.5...
-
Fifty-nine men completed the men's alpine downhill race in Vancouver. The gold medal winner finished in 114.3 seconds. Here are the times (in seconds) for all competitors...
-
A year after buying her car, Anita has been offered a job in Europe. Her car loan is for $15000 at a 9% nominal interest rate for 60 months. If she sell the car for $12,000, how much does she get to...
-
Discuss under what conditions unemployment compensation can be denied to a claimant.
-
Kasik Co. budgeted the following cash receipts and cash disbursements for the first three months of next year. According to a credit agreement with the companys bank, Kasik promises to have a minimum...
-
Term Debt The Company has outstanding Notes, which are senior unsecured obligations with interest payable in arrears. The following table provides a summary of the Company's term debt as of September...
-
Three entrepreneurs were looking to start a new brewpub near Sacramento, California, called Roseville Brewing Company (RBC). Brewpubs provide two products to customersfood from the restaurant segment...
-
Prepare the balance sheet for Wagner Services, Inc., as of August 31, 2010. Refer to E7.15 Given this adjusted trial balance for Wagner Services, Inc., prepare the income statement and statement of...
-
The adjusted trial balance of Murphy's Taxi Service, Inc., follows. Determine the net income or loss for the month of May and the balance in the Retained Earnings account that would appear on the...
-
Determine the operating cash flow (OCF) for Kitkat, Inc., based on the following data. (All values are in thousands of dollars.) During the year the firm had sales of US$2,500, cost of goods sold...
-
What are the ethical implications of authority dynamics, including the use of coercive power, surveillance technologies, and propaganda techniques, in the maintenance of social order and political...
-
8. Very small particles experience a drag force proportional to velocity: F=-bv. If the particle is a sphere, radius r, then b = 6r, where n is the viscosity of the fluid through which the particle...
-
to questi A container has a large cylindrical lower part with a long thin cylindrical neck open at the top. The lower part of the container holds 16.8 m of water and the surface area of the bottom of...
-
Write a function to compare two strings for equality. If they are equal, zero is returned, otherwise the difference in value between the first two non-matching characters.
-
What are the implications of mass incarceration and the criminalization of poverty for social cohesion, economic inequality, and intergenerational cycles of disadvantage?
-
Using the financial statements for the Jackson Corporation, calculate the 13 basic ratios found. JACKSON CORPORATION Balance Sheet December 31, 20X1 Assets Current assets: Cash. Marketable...
-
Identify the most stable compound:
-
The general expression for the conservation of any (conserved) quantity Q can be written in the form of Equation 1.12. We have said that dollars are also a conserved quantity, so Equation 1.12 should...
-
Prepare the statement of shareholders equity. Use the following information: Tidrick Manufacturing Company has just completed its first year of operation on December 31, 2019. It has the following...
-
Prepare the balance sheet. Use the following information: Tidrick Manufacturing Company has just completed its first year of operation on December 31, 2019. It has the following accounts in the...
-
In 2017 Kieso Enterprises failed to record depreciation expense of $30,000. The accountant discovered this error in 2019. Kieso is subject to a 20 percent tax rate. What is the effect of this error...
-
Example: Make vs Buy: A decision concerning whether an item should be produced internally or purchased from an outside supplier. Java J's is a coffee shop offering a variety of coffees, teas and...
-
3. An elastic material fills a cubic-shaped cavity in a rigid metal form. The properties of the material are: E = 15000 MPa v = 0.25 = 120 10-6/C (coefficient of thermal expansion) The material is...
-
Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. "The opportunity cost of an...
Study smarter with the SolutionInn App