An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all
Question:
An accountant prepared the following post-closing trial balance:
Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
Transcribed Image Text:
Debit Credit Balances Balances Cash.. Accounts Receivable Supplies Equipment 46,540 . 122,260 4,000 127,200 33,600 52,100 6,400 9,000 198,900 Sonya Flynn, Capital 462,400 137,600
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
LACASA SERVICES CO PostClosing Trial Balance March 312016 Debit ...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
An accountant prepared the following post-closing trial balance. Prepare a corrected post-closing trial balance, Assume that all accounts have normal balance and that the amounts shown arecorrect....
-
An accountant prepared the following post-closing trial balance: Security Services Co. Post-Closing Trial Balance July 31, 2018 Prepare a corrected post-closing trial balance. Assume that all...
-
All accounts have normal balances. What is the normal balance of each of these accounts? a. Cash b. Sales c. Notes payable d. Inventory e. Retained earnings f. Salary expense g. Equipment h. Unearned...
-
Given the data (a) Calculate (2.8) using Newtons interpolating polynomials of order 1 through 3. Choose the sequence of the points for your estimates to attain the best possible accuracy. (b) Utilize...
-
(a) Benson goes into bankruptcy. His estate is not sufficient to pay all taxes owed. Explain whether Bensons taxes are discharged by the proceedings. (b) Benson obtained property from Anderson on...
-
Two species of rhinoceros native to Africa are black rhinos and white rhinos. The International Rhino Federation estimates that the African rhinoceros population consists of 3,610 white rhinos and...
-
Why does collusion pose unique prevention and detection challenges?
-
MKM International is seeking to purchase a new CNC machine in order to reduce costs. Two alternative machines are in consideration. Machine 1 costs $500,000, but yields a 15 percent savings over the...
-
Water is supplied to a fountain via a large pipe. Somewhere along the flow path a troublesome teenager injects a soap solution at a rate of 3 . 2 4 g / s in an attempt to create a grand sudsy mess....
-
In this mini-case, you will complete the test of details on accounts receivable for the 2019 audit of EarthWear Clothiers, Inc. The principal test of detail involves sending "confirmations" or...
-
Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Ben Crayton, Capital d. Ben Crayton, Drawing e. Cash f....
-
The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.: a. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1. Round...
-
Solve the compound linear inequality graphically. Write the solution set in set-builder or interval notation, and approximate endpoints to the nearest tenth whenever appropriate. 3=5x 3 <5r = 17 < 15...
-
Explain how the features listed below affect the choice of a qualified plan for a small business. a. Investment flexibility. b. Eligible legal entities. c. Permitted number of employees. d. Minimal...
-
Distinguish between compensation and gifts and identify the tax consequence associated with each.
-
Why are certain gift taxes includible in the gross estate?
-
What criteria must be met for personal property taxes to qualify as an itemized deduction?
-
What tax year options are available to a partnership?
-
Limestone stalactites and stalagmites are formed in caves by the following reaction: If 1 mol of CaCO 3 forms at 298 K under 1 atm pressure, the reaction performs 2.47 kJ of P-V work, pushing back...
-
Write an SQL statement to display all data on products having a QuantityOnHand greater than 0.
-
(a) Under what conditions is the use of an accelerated depreciation method most appropriate? (b) Why is an accelerated depreciation method often used for income tax purposes? (c) What is the Modified...
-
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
-
For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if...
-
Melbourne, VIC . The auction property has been passed in and you are negotiating between vendor and the highest bidder but they remain apart with your vendor reluctant to reduce from their reserve,...
-
On January 1, 2018, Shark Company acquired equipment at a total cost of $66,000. The equipment had a useful life of 5 years with a residual value of $6,000. Shark Company used Double-declining...
-
Electric Car Maker Tesla makes 100,000 units of "2170 Cell" peryear in its Nevada based gigafactory for use in Model 3 Electriccar. Data concerning the unit production costs of the "2170 Cell"are as...
Study smarter with the SolutionInn App