Find the Balance Sheet, the Income Statement, the Ratios ( Working Capital and the Current Ratio), the
Fantastic news! We've Found the answer you've been seeking!
Question:
Find the Balance Sheet, the Income Statement, the Ratios ( Working Capital and the Current Ratio), the Retained Earnings Statement and to find the Adjusting Income Entries with Account Titles
Transcribed Image Text:
G Elkhorn Industries 2 The following items should be considered in adjusting the accounts for financial statement preparation: 31 On February 1, 2021 a 12-month insurance policy was purchased. No expense has been recoginized for 2021. Signed a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate. 5 3. 42 The physical inventory count of Merchandise Inventory indicated an amount of $62,100. Supplies on hand at December 31, 2021 total $733. Store Equipment is depreciated on a straight-line basis; residual value is $10,000 with service life of 10 years. The assets were held the entire year. On August 1, Issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6.4 % annual interest. Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 6 4 7 5 8 6 97 10 8 11 9. 12 10 Accrued utilities totaled $285. 13 G Elkhorn Industries 2 The following items should be considered in adjusting the accounts for financial statement preparation: 31 On February 1, 2021 a 12-month insurance policy was purchased. No expense has been recoginized for 2021. Signed a one year lease for rental space on March 1, 2021. By paying for the entire year, the landlord offered a reduced rate. 5 3. 42 The physical inventory count of Merchandise Inventory indicated an amount of $62,100. Supplies on hand at December 31, 2021 total $733. Store Equipment is depreciated on a straight-line basis; residual value is $10,000 with service life of 10 years. The assets were held the entire year. On August 1, Issued Carter Supplies a six-month note receivable at a 8.6% annual interest rate. Management estimates 3% of its gross accounts receivable to be uncollectible. On September 1, 2021 borrowed funds. The note bears 6.4 % annual interest. Salaries & Wages of $2,451 are accrued and unpaid at December 31, 2021 6 4 7 5 8 6 97 10 8 11 9. 12 10 Accrued utilities totaled $285. 13
Expert Answer:
Answer rating: 100% (QA)
1 Adjustment Journal Entries 2 Adjusted Trial Balance ... View the full answer
Related Book For
Principles of Accounting
ISBN: 9780077300456
1st edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
Posted Date:
Students also viewed these accounting questions
-
The following is the balance sheet and income statement for YUM, Inc. (the company that operates Kentucky Fried Chicken and Pizza Hut), in condensed form, plus some information from the cash flow...
-
The balance sheet and income statement of Eastland Products, Inc., are as follows: Income Statement for Year Ended December 31, 2013 (in Millions of Dollars)...
-
The balance sheet and income statement of Eastland Products, Inc., are as follows: Income Statement for Year Ended December 31, 2016 (in Millions of Dollars)...
-
What are the uses of performance appraisal?
-
Miriam Corporation purchased machinery on January 1, 2014, at a cost of $380,000. The estimated useful life of the machinery is 5 years, with an estimated salvage value at the end of that period of...
-
The accompanying table indicates the U.S. domestic demand schedule and domestic supply schedule for commercial jet airplanes. Suppose that the world price of a commercial jet airplane is $100...
-
New Science leadership: A. Thinks of leadership through a new perspective of naturally occurring events. B. Is based on ethics, biology, and chemistry. C. Involves leading based on the situation. D....
-
The standard cost summary for the most popular product of Fantastic-Four Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and...
-
1. Which agreements did you review? 2. Do the agreements you reviewed address all 4 of the key components? Explain how the agreement addresses the components, and if any components are not addressed....
-
Ahmed carries on business as a general trader. He has not kept proper accounting records and he asks you to help him prepare his Trading and Profit and Loss Account for the year ended 30 September...
-
1A key difference between the Cold War and current animosity between the United States and Russia is athe lack of a major ideological divide bthat Russias actions seem to be nationalist in nature...
-
4.B.5 Suppose (in some climate) that during the summer, precipitation only falls in the form of violent thunderstorms. In the month before the harvest, an average of 20 such showers occur, and the...
-
Write a general-purpose program that is able to add two 8 bytes length numbers. Numbers are saved in EBX: EAX and EDX: ECX Consider this sample call: Number1 1234567898765432h Number2 =...
-
Simplify. 2w2-10w-48 2 w - 3w-40
-
( 6 ???? - 1 7 ???? ) * ( 1 5 ???? - 1 9 ???? ) = ( Simplify your answer. )
-
Krissa drove to her grandmother s house for a weekend visit. She averaged 4 0 mph driving there on Friday. As she returned home on Sunday, traffic was lighter, so she was able to average 4 8 mph ,...
-
4) Define function commonDiv that receives two numbers as input, and returns the list of all common divisors of those two input numbers. For example if the inputs are 24 and 30, the output would be...
-
The sales department of P. Gillen Manufacturing Company has forecast sales in March to be 20,000 units. Additional information follows: Finished goods inventory, March 1 . . . . . . . . . . . . . . ....
-
Peta Plastics Company has been operating for three years as a sole proprietorship owned and managed by James Peta. The December 31, 2009, account balances are: During the year 2010, the company had...
-
For each transaction in E3-16 (including the example), post the effects to the appropriate T-accounts and determine ending account balances. Beginning account balances have been given. An example is...
-
For each of the following activities, indicate what the company owns (the account and effect) and what the company owes (the account and effect) using the fundamental accounting equation. Be sure to...
-
Classify each of the following costs relative to the cost object Apple iPad: Assembly labor iPad case CEO salary Microprocessor. Depreciation on Apple corporate headquarters Health insurance for...
-
Shea Company reported raw material purchases of \($1,400,\) paid \($1,200\) in factory labor, and incurred and applied \($900\) in factory overhead for March. The March 1 inventory balances were...
-
Environmental Business Consultants, LLC (EBC), is a consulting firm that specializes in the areas of recycling and solid waste and water/wastewater management services. The firm has offices located...
Study smarter with the SolutionInn App