Debit Credit Cash $ 61,000 Accounts receivable 92,500 Allowance for doubtful accounts $ 500 Inventories 38,500...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Debit Credit Cash $ 61,000 Accounts receivable 92,500 Allowance for doubtful accounts $ 500 Inventories 38,500 Machinery 75,000 Equipment 29,000 Accumulated depreciation 10,000 Patent 85,000 Leasehold improvements 26,000 Prepaid expenses 10,500 Organization costs 29,000 Goodwill 24,000 Licensing Agreement No. 1 50,000 Licensing Agreement No. 2 49,000 Accounts payable 147,500 Unearned revenue 12,500 Common stock 300,000 Retained earnings, January 1, 2019 27,000 Sales 768,500 Cost of goods sold 466,000 Selling and general expenses 173,000 Interest expense 3,500 Total $1,239,000 $1,239,000 A B C D E F G H J K L M N Trial Balance Adjustments Trial Balance Income Statement Balance Sneet 9 12/31/2019 12-31-2019 10 11 Cash Account Title 12 Accounts receivable 13 Allowance for doubtful accounts Debit Credit Debit Credit Debit Credit Debit Credit $ $ 14 Inventories 15 Machinary $ 16 Equipment 61,000 92,500 $ 61,000 $ 92,500 $ 500 $ 500 38,500 $ 38,500 75,000 1 $ 17,000 $ 92,000 $ 29,000 $ 8,500 $ 37,500 17 Accumulated Depreciation $ 10,000 $ 10,000 21 18 Patent 19" 20 Leasehold Improvements 22 Prepaid expenses 23 Organization costs 24 Goodwill 25 Licensing agreement 1 26 Licensing agreement 2 27 Accounts payable 28 Unearned revenue 29 Common stock 30 Retained earnings $ 85,000 1 $ 17,000 $ 68,000 $ 26,000 S 11,000 $ 15,000 $ 10,500 S 10,500 $ 21,000 $ 29,000 $ 29,000 $ 24,000 $ 24,000 $ 50,000 $ 30,000 $ 20,000 $ 49,000 $ 1,000 $ 5,000 $ 45,000 $ 147,500 $ 147,500 $ 12,500 $ 1,000 $ 13,500 $ 300,000 $ 300,000 $ 27,000 $ 59,000 $ 86,000 33 34 Sales $ 768,500 35 Cost of Goods Sold $ 466,000 $ 768,500 $ 466,000 36 37 38 Selling and general expenses $ 173,000 $ 21,000 $ 194,000 $ 3,500 $ 3,500 32 45 49 22222224 4 4 4 4 4 4 39 Interest Expense 41 Subtotals 42 Net Income 43 Totals 44 47 Check figures: 48 $1,239,000 $1,239,000 $ 117,000 $ 117,000 $1,240,000 $1,240,000 Adjustments totals *123400 $ 123,400 Adjusted Trial Balance totals $1,243,000 $1,243,000 Net Income $ 114.100 $ 114.100 Debit Credit Cash $ 61,000 Accounts receivable 92,500 Allowance for doubtful accounts $ 500 Inventories 38,500 Machinery 75,000 Equipment 29,000 Accumulated depreciation 10,000 Patent 85,000 Leasehold improvements 26,000 Prepaid expenses 10,500 Organization costs 29,000 Goodwill 24,000 Licensing Agreement No. 1 50,000 Licensing Agreement No. 2 49,000 Accounts payable 147,500 Unearned revenue 12,500 Common stock 300,000 Retained earnings, January 1, 2019 27,000 Sales 768,500 Cost of goods sold 466,000 Selling and general expenses 173,000 Interest expense 3,500 Total $1,239,000 $1,239,000 A B C D E F G H J K L M N Trial Balance Adjustments Trial Balance Income Statement Balance Sneet 9 12/31/2019 12-31-2019 10 11 Cash Account Title 12 Accounts receivable 13 Allowance for doubtful accounts Debit Credit Debit Credit Debit Credit Debit Credit $ $ 14 Inventories 15 Machinary $ 16 Equipment 61,000 92,500 $ 61,000 $ 92,500 $ 500 $ 500 38,500 $ 38,500 75,000 1 $ 17,000 $ 92,000 $ 29,000 $ 8,500 $ 37,500 17 Accumulated Depreciation $ 10,000 $ 10,000 21 18 Patent 19" 20 Leasehold Improvements 22 Prepaid expenses 23 Organization costs 24 Goodwill 25 Licensing agreement 1 26 Licensing agreement 2 27 Accounts payable 28 Unearned revenue 29 Common stock 30 Retained earnings $ 85,000 1 $ 17,000 $ 68,000 $ 26,000 S 11,000 $ 15,000 $ 10,500 S 10,500 $ 21,000 $ 29,000 $ 29,000 $ 24,000 $ 24,000 $ 50,000 $ 30,000 $ 20,000 $ 49,000 $ 1,000 $ 5,000 $ 45,000 $ 147,500 $ 147,500 $ 12,500 $ 1,000 $ 13,500 $ 300,000 $ 300,000 $ 27,000 $ 59,000 $ 86,000 33 34 Sales $ 768,500 35 Cost of Goods Sold $ 466,000 $ 768,500 $ 466,000 36 37 38 Selling and general expenses $ 173,000 $ 21,000 $ 194,000 $ 3,500 $ 3,500 32 45 49 22222224 4 4 4 4 4 4 39 Interest Expense 41 Subtotals 42 Net Income 43 Totals 44 47 Check figures: 48 $1,239,000 $1,239,000 $ 117,000 $ 117,000 $1,240,000 $1,240,000 Adjustments totals *123400 $ 123,400 Adjusted Trial Balance totals $1,243,000 $1,243,000 Net Income $ 114.100 $ 114.100
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Using the following information, determine the activity rate for the quality inspections activity. Budgeted Activity Cost Pool Activity Setups Estimated Activity Base 1,000 $60,000 Purchase orders...
-
Kathy Herman opened Kwick Cleaners on March 1, 2010. During March, the following transactions were completed. Mar. 1 Issued 10,000 shares of common stock for $15,000 cash. 1 Purchased used truck for...
-
Explain how price-level awareness can be affected even by products that are not purchased. Give an example of incidental learning.
-
Evans \& Sons, Inc., decides to sell \(\$ 1,000,000\) in bonds to finance the construction of a new warehouse. The bonds will carry an annual coupon rate of interest of three percent, to be paid...
-
Hamlin Company has purchased land and a warehouse for $18,000,000. The warehouse is expected to last 20 years and to have a residual value equal to 10 percent of its cost. The chief financial officer...
-
The linkage mechanism of a compressor is shown in Figure Q 2. a) Analytically determine the limiting positions and the range of motion for the piston. At the instance shown in the figure, the crank...
-
The following data relates to monthly costs for the production of mobile phones: Units 5,000 8,000 Rent $44,000 $44,000 Supervisors' Wages $8,400 $8,400 Electricity $174,000 $264,000 Materials...
-
Taxpayer owns 100% of the stock of Mega Corp and also serves as its CEO. In October of 20X2, the board of directors of Mega authorize a bonus for Taxpayer in recognition of her extraordinarily...
-
Solve sin x = cos x where x is in the interval [0,n]. Copy and paste from here: Method 1: Square both sides to get sin x = cos x Replace cos2 x by 1 - sin2 x to get 2sin x = or sin x = /2/2. The...
-
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building, $508,800; land,...
-
< Elisa needs money to repair her home air conditioner, so she pawns her bicycle. The pawnbroker loans Elisa $270. Twenty three days later, Elisa gets her bicycle back by paying the pawnbroker...
-
Vernon Car Wash, Incorporated expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.3 hour of labor. The company actually used 319 hours of labor to wash...
-
The cholesterol levels of adult males are approximately normally distributed with a mean of 224 mg/dL and a standard deviation, o, of 21.0. Some researchers claim that the standard deviation of...
-
Grace is training to be an airplane pilot and must complete five days of flying training in October with at least one day of rest between trainings. How many ways can Grace schedule her flying...
-
The 2015 annual report of The Procter & Gamble Company (P&G is available at www.pginvestor.com. After reviewing P&Gs annual report, respond to the following questions: P&Gs consolidated balance sheet...
-
The consolidated financial statements of General Electric Company (GE) combine the industrial manufacturing and services businesses of GE with the financial services businesses of General Electric...
-
Consider a publicly held company whose products you are familiar with. Some examples might include: Access the companys public website and search for its most recent annual report. (Some companies...
Study smarter with the SolutionInn App