liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental an asset, a reduction of a P2-12A Refer to the trial balance prepared in part (d) of P2-11A for YH Curling School. Instructions Use the trial balance to do the following: (a) Prepare an income statement for YH Curling School. (b) Prepare a statement of owner's equity. (c) Prepare a balance sheet. TAKING IT FURTHER Derek has reviewed the financial statements. He does not understand why the company's revenue is not equal to the cash he collected from customers. Explain. P2-13A The ledger of Super Delivery Service has the following account balances at the company's year end, August 31, 2017: Accounts Payable Accounts Receivable $ 3,250 Repairs Expense Salaries Expense Salaries Payable $ 1,549 5,698 883 37,800 299 2,606 48,840 4,226 Cash Equipment Gas Expense Insurance Expense Interest Expense Notes Payable Prepaid Insurance 49,660 Service Revenue 12,177 2,016 1,006 19,480 358 Supplies Supplies Expense T. Rowe, Capital T. Rowe, Drawings Unearned Revenue 25,000 643 Instructions (a) Prepare a trial balance, with the accounts arranged in ledger (financial statement) order, as illustrated in the chapter, and determine the missing amount for Cash. (b) Prepare an income statement, statement of owner's equity, and balance sheet. TAKING IT FURTHER The owner, Tom Rowe, is not sure how much cash he can withdraw from the company each year. After reviewing the financial statements, comment on the amount he withdrew this year. P2-14A A co-op student, working for Insidz Co., recorded the company's transactions for the month. At the end A. of the month, the owner of Insidz Co. reviewed the student's work and had some questions about the following t= transactions: 1. Insidz Co. received $425 cash from a customer on account, which was recorded as a debit to Cash of $425 and a credit to Accounts Receivable of $425. 2. A service provided for cash was posted as a debit to Cash of $2,000 and a credit to Service Revenue of $2,000. 3. A credit of $750 for interest earned was neither recorded nor posted. The debit was recorded and posted correctly. 4. The debit to record $1,000 of drawings was posted to the Salary Expense account. The credit was posted correctly. 5. Services of $325 were provided to a customer on account. The co-op student debited Accounts Receivable $325 and credited Unearned Revenue $325. 6. A purchase of supplies for $770 on account was recorded as a credit to Supplies and a credit to Accounts liability, or an expense? Explain. re the February payments to YH Curling Club for ice rental an asset, a reduction of a P2-12A Refer to the trial balance prepared in part (d) of P2-11A for YH Curling School. Instructions Use the trial balance to do the following: (a) Prepare an income statement for YH Curling School. (b) Prepare a statement of owner's equity. (c) Prepare a balance sheet. TAKING IT FURTHER Derek has reviewed the financial statements. He does not understand why the company's revenue is not equal to the cash he collected from customers. Explain. P2-13A The ledger of Super Delivery Service has the following account balances at the company's year end, August 31, 2017: Accounts Payable Accounts Receivable $ 3,250 Repairs Expense Salaries Expense Salaries Payable $ 1,549 5,698 883 37,800 299 2,606 48,840 4,226 Cash Equipment Gas Expense Insurance Expense Interest Expense Notes Payable Prepaid Insurance 49,660 Service Revenue 12,177 2,016 1,006 19,480 358 Supplies Supplies Expense T. Rowe, Capital T. Rowe, Drawings Unearned Revenue 25,000 643 Instructions (a) Prepare a trial balance, with the accounts arranged in ledger (financial statement) order, as illustrated in the chapter, and determine the missing amount for Cash. (b) Prepare an income statement, statement of owner's equity, and balance sheet. TAKING IT FURTHER The owner, Tom Rowe, is not sure how much cash he can withdraw from the company each year. After reviewing the financial statements, comment on the amount he withdrew this year. P2-14A A co-op student, working for Insidz Co., recorded the company's transactions for the month. At the end A. of the month, the owner of Insidz Co. reviewed the student's work and had some questions about the following t= transactions: 1. Insidz Co. received $425 cash from a customer on account, which was recorded as a debit to Cash of $425 and a credit to Accounts Receivable of $425. 2. A service provided for cash was posted as a debit to Cash of $2,000 and a credit to Service Revenue of $2,000. 3. A credit of $750 for interest earned was neither recorded nor posted. The debit was recorded and posted correctly. 4. The debit to record $1,000 of drawings was posted to the Salary Expense account. The credit was posted correctly. 5. Services of $325 were provided to a customer on account. The co-op student debited Accounts Receivable $325 and credited Unearned Revenue $325. 6. A purchase of supplies for $770 on account was recorded as a credit to Supplies and a credit to Accounts
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
You are a manger in the accounting department of Greene Company. Greene is a rapidly expanding manufacturing company, and is considering some additional acquisitions. The company would like to...
-
Pret a Manger is a food retailer with stores in the United Kingdom and the United States and is known for its fast but fresh food menu. A customer shopping at a London Heathrow store purchased a ham...
-
You are the marketing research manger for General Electric. GE has developed a luxury refrigerator model that has several innovative features and will be sold for a premium price of $1,995. A...
-
Amandeep, a graduate of Cambrian Colleges Business Program, found a job as an online marketing specialist for Tangerine Bank. Within a year, he had saved {A} and decided to buy a new car but was not...
-
Why should one obtain an authorization from a party?
-
Key terms joint-use civil-military airports? Alexandria chalmers Enplanements? Deplanements? transfer passengers? aircraft operations? local operations? itinerant operations? based aircraft?
-
Ernst & Young, LLP is the independent public accountant for AMR Corporation, the parent company of American Airlines and American Eagle. In February 2013 AMR and US Airways Group announced the two...
-
Minnesota had the highest turnout rate of any state for the 2012 presidential election (United States Election Project website, February 9, 2013). Political analysts wonder if turnout in rural...
-
write a letter to Mr. Micheal convincing him about the donation transaction that is 100% safe and legit and once he pays the 500 euros there will be no more payment needed from him and he will get...
-
The remote island nations of Nearway and Farway produce fish and coconuts and have recently decided to trade with one another. Use the table to answer the following questions: a. Calculate the...
-
a 1 inch round bar 4ft acts as a spreader bar, if cables and connections are properly designed what pull F can be applied to assembly?
-
What is the Present Value of receiving $100,000 in 20 years if interest rates are 5%? Reference the following formulas to solve the problem: FV=PV / (1+r)^t -1)/r PV=FV (1+r)^t PVA...
-
Impact of AI on Marketing & Ethics This is a discussion assignment. Discuss your view on the impact of AI on marketing and its ethical implications-describe both the positives and negatives. Provide...
-
Pepi's Pizza Parlour has a cost of debt of 6% and a cost of equity of 10%. The firm has 100,000 shares of common stock outstanding at a book price of $20 a share. Shares are now trading at $22. The...
-
What are the advantages and disadvantages of divesting through an asset sale or through a spin-off? In your opinion, did Northrop Grumman make the right choice in pursuing a spin-off?
-
A remote controlled toy car starts from rest and begins to accelerate in a straight line. The figure below represents "snapshots" of the car's position at equal 0.5 s time intervals. (Assume the...
-
Consider the following information about three stocks: Rate of Return if State Occurs State of Economy Probability of State of Economy Stock A Stock B Stock C Boom 0.2 40% 15% 7% Average Poor 0.3 15%...
-
The overall reaction and equilibrium constant value for a hydrogenoxygen fuel cell at 298 K is 2H 2 (g) + O 2 (g) 2H 2 O(l) K = 1.28 10 83 a. Calculate E cell and G 8 at 298 K for the fuel cell...
-
On January 1, 2017, the ledger of Edmiston Software Company contains the following liability accounts: Accounts Payable..................$42,500 GST Payable...........................5,800 Unearned...
-
Zeus Company's manager believes that all intangible assets should be amortized over their legal lives. Do you agree or disagree? Explain.
-
During 2017, Alabaster Co. borrowed cash from Fuchsia Enterprises by issuing notes payable as follows: 1. June 1, 2017, issued a seven-month, 4% note for $50,000. Interest and principal are payable...
-
Which of the following matches is performed in evaluated receipt settlement (ERS)? a. the vendor invoice with the receiving report b. the purchase order with the receiving report c. the vendor...
-
Which of the following is true? a. ERS systems use disbursement vouchers. b. Setting up petty cash as an imprest fund violates segregation of duties. c. The EOQ formula is used to identify the...
-
Which method would provide the greatest efficiency improvements for the pur chase of noninventory items such as miscellaneous office supplies? a. bar-coding c. procurement cards b. EDI d. EFT
Study smarter with the SolutionInn App