The worksheet for Taufoou Company shows the following in the financial statement columns. Owners drawings $22,000 Owners

Question:

The worksheet for Ta’ufo’ou Company shows the following in the financial statement columns.
Owner’s drawings $22,000
Owner’s capital 70,000
Net income 41,000
Prepare the closing entries at December 31 that affect owner’s capital.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Oct 24, 2011 07:57 AM

See More Questions

Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 24. Depreciation on the equipment is $12,000 per year. In BE 2-4, Prepare journal entries for each of the...
Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 24. Depreciation on the equipment is $12,000 per year.
The completed financial statement columns of the worksheet for Muddy Company are shown below. Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance...
If the arch rib $A B C D E$ in Figure $\mathrm{P} 6.30$ is to be funicular for the dead loads shown at the top joints, establish the elevation of the lower chord joints at $B$ and $D$. 40...
Name and describe three drivers for counterattacks.
In an 802.11 network, station A sends one data frame (not fragmented) to station B. What would be the value of the D field (in microseconds) that needs to be set for the NAV period in each of the...
Refer to Exercise 12.50. (a) Perform an analysis of covariance. Test for a difference in treatments using level of significance 0.05 . (b) Compare your analysis in part (a) with the analysis of...
Piedmont First National Bank operated for years under the assumption that profitability can be increased by increasing dollar volumes. Historically, the bank's efforts were directed toward increasing...
4. Two solid shafts (G=75 GPa) are connected using gears as shown. Shaft ACEG has a diameter of 50 mm and shaft BDF has a diameter of 30 mm. The ends of the shafts are fixed at A and B, and the...
White gloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2010, to expand operations by acquiring an additional...
Averell Spicer is preparing a worksheet. Explain to Averell how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Service Revenue...
Chester Taylor recently received the following information related to Taylor Companys December 31, 2012, balance sheet. Inventory $ 2,900 Short-term investments $1,200 Cash 4,300 Accumulated...
The diameter of a brand of tennis balls is approximately normally distributed, with a mean of 2.63 inches and a standard deviation of 0.03 inch. If you select a random sample of nine tennis balls, a....
discuss the emerging field of enzyme engineering and design, including rational design strategies, directed evolution techniques, and computational modeling approaches, for the development of novel...
How does/will Financial Functions assist you in your upcoming courses or future goals? Write a paragraph explaining to fellow classmates how these functions will be utilized.
In what ways do evolutionary processes shape the biodiversity gradients observed across latitudinal and elevational gradients, and how might these patterns be altered under future climate scenarios?
Robert Sykes publishes a pilot training course curriculum kit that he sells to flight schools across the country. He prepared the following static budget for the year based on expected sales of...
What are the implications of enzyme dysfunction and genetic mutations in human diseases, and how do insights into enzyme structure-function relationships inform the development of therapeutic...
Why is utilization management so important in a capitated environment?
What are the two components of a company's income tax provision? What does each component represent about a company's income tax provision?
Dry weather has delayed rice planting and harvests will be low. But wheat is enjoying a bumper crop. Using the demand and supply model, explain how the prices of rice and wheat will change and how...
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Cotte Corporation. Additional information:1. The receivables turnover for 2011 is 10 times.2. All...
Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2010. The 2010 operating results for the company...
The ledger of LaRussa Corporation at December 31, 2010, contains the following summary data. Net sales ......... $1,700,000 Cost of goods sold ..... $1,100,000 Selling expenses ........ 120,000...
What is the worst case running time of the following sudo codes, in 0- notation? Suppose that all arithmetic operations (including simple multiplication) take a constant amount of time. Justify your...
4. Let G be a pseudorandom generator with expansion factor (n) > 2n. In each of the following cases, say whether G' is necessarily a pseudorandom generator and explain why or why not. Here, "||...
Write the code for the del () method in the following doubly linked list class public class ObjDList { private Obj Node list; private Obj Node tail; public ObjDList() { list = null; tail = null; }...

The worksheet for Taufoou Company shows the following in the financial statement columns. Owners drawings $22,000 Owners

Question:

Step by Step Answer:

Dec 31 Income Summary ...View the full answer

Accounting Principles

Students also viewed these Accounting questions