Ramallah computer repair service company was established in January of 2018. For its second year of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ramallah computer repair service company was established in January of 2018. For its second year of operations and at 31/12/2019 the adjusted balances were as follows: Account $ Advertising Expense Cash 6,000 8,000 10,000 380,000 2,000 146,000 4,600 460,000 Rent Service trucks Таx Expense Accounts receivable Insurance Expense Revenue from repairs Wages Payable Accounts Payable | J. Ali Capital 26,000 37,000 750,000 77,000 14,000 7,000 38,000 20,000 99,000 5,400 15,000 12,000 67,000 118,000, 340,000 Arab Bank Accumulated depreciation - Equipment Utilities expense Accumulated depreciation-service trucks J. Ali drawing Parts and supplies on hand Miscellaneous Expenses Prepaid insurance Depreciation expense Parts and supplies expense Salaries Equipment The accounts are listed in random order Required: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare an Income statement for the company Ramallah computer repair service company was established in January of 2018. For its second year of operations and at 31/12/2019 the adjusted balances were as follows: Account $ Advertising Expense Cash 6,000 8,000 10,000 380,000 2,000 146,000 4,600 460,000 Rent Service trucks Таx Expense Accounts receivable Insurance Expense Revenue from repairs Wages Payable Accounts Payable | J. Ali Capital 26,000 37,000 750,000 77,000 14,000 7,000 38,000 20,000 99,000 5,400 15,000 12,000 67,000 118,000, 340,000 Arab Bank Accumulated depreciation - Equipment Utilities expense Accumulated depreciation-service trucks J. Ali drawing Parts and supplies on hand Miscellaneous Expenses Prepaid insurance Depreciation expense Parts and supplies expense Salaries Equipment The accounts are listed in random order Required: A prepare a coded chart of accounts for the company B prepare a trial balance in good form C prepare an Income statement for the company
Expert Answer:
Answer rating: 100% (QA)
A B D E G H K L Chart of Accounts Trial Balance 1 2 Code Account Code Particulars Amountdebit Amount... View the full answer
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
Posted Date:
Students also viewed these accounting questions
-
The Panama Railroad Company was established in 1850 to construct a railroad across the isthmus that would allow fast and easy access between the Atlantic and Pacific Oceans. The following table (the...
-
Atlantic Service Company was established in Moncton, New Brunswick, five years ago to provide services to the home construction industry. It has been very successful, with assets, sales, and profits...
-
The steps in managements decision-making process are listed in random order below. Indicate the order in which the steps should be executed. Determine incremental changes. Review results of Make a...
-
Consider the circuit shown in (Figure 1). Suppose that v 240 V,v 2 110 V, and v 3 450 V Figure 1 of 1 a) Use the mesh-current method to find the magnitude of the total power developed in the circuit...
-
When a bond is issued at a discount, there are two components of interest expense. Explain.
-
Use the eighteen rules of inference to derive the conclusions of the following symbolized arguments. Do not use either conditional proof or indirect proof.
-
It costs \($12\) to bet on a horse race. The horse has a 16 chance of winning and a 1/3 chance of placing 2nd or 3rd. You win \($42\) if the horse wins and receive your money back if the horse places...
-
A corporation has $5,000,000 of 10 percent bonds and $3,000,000 of 12 percent of preferred stock. The firms financial break even (assuming 40 percent tax rate) is? 1. 860K 2. 716K 3. 1.4MIL 4. 1.1MIL
-
Acc-330 federal taxation Scenario You have been hired as a junior accountant at a medium-sized tax and accounting firm. Your manager would like to understand your level of knowledge of preparing a...
-
Define a utility class for displaying values of type double. Call the class DoubleOut. Include all the methods from the class DollarFormat in Listing 6.14, all the methods from the class OutputFormat...
-
1A. When someone refers to the "marginal cost" of performing some additional activity, they are referring to: a. The additional incremental costs of the activity focus on just those costs that are...
-
Which of the following statements about a 3-for-1 share split is true? a. It will triple the market price of the share. b. It will triple the amount of total equity. c. It will have no effect on...
-
The return on ordinary shareholders equity is defined as: a. net income divided by total assets. b. cash dividends divided by average ordinary shareholders equity. c. income available to ordinary...
-
The ledger of JFK, plc shows share capitalordinary, treasury sharesordinary, and no preference shares. For this company, the formula for computing book value per share is: a. total equity divided by...
-
Raptor NV has retained earnings of 500,000 and total equity of 2,000,000. It has 100,000 shares of 8 par value ordinary shares outstanding, which is currently selling for 30 per share. If Raptor...
-
In the equity section, Ordinary Share Dividends Distributable is reported as a(n): a. deduction from share capital and retained earnings. b. addition to share premium. c. deduction from retained...
-
. QUESTION 37 In most financial markets O a dealer maintains inventory O a broker brings buyers and sellers together O the ask is always less than the bid O all of the above O A&B
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
Peninsula Minerals Ltds authorized share capital consists of an unlimited number of common shares, with 9.3 million outstanding. After some early successes, the company has failed to locate new...
-
During the current year, a large chain of auto mechanic shops adopted the policy of expensing small tools costing less than $100 as soon as they are acquired. In previous years, the company had...
-
Jijang Excavations Ltd. (JEL) operates specialized equipment for installing natural gas pipelines. JEL, which has a December 31 year end, began 2016 with a single piece of equipment that had been...
-
Speeds of bullet trains. Determine whether the data are qualitative or quantitative. Explain your reasoning.
-
Widths of veins in different species of leaves. Determine whether the data are qualitative or quantitative. Explain your reasoning.
-
American Standard Code for Information Interchange (ASCII) codes. Determine whether the data are qualitative or quantitative. Explain your reasoning.
Study smarter with the SolutionInn App