The following is Crystal Companys adjusted trial balance at December 31, 2024: Instructions a. Prepare a single-step
Question:
The following is Crystal Company’s adjusted trial balance at December 31, 2024:
Instructions
a. Prepare a single-step income statement for the year ended December 31, 2024.
b. Prepare closing entries and a post-closing trial balance.
Cash Notes receivable Merchandise inventory Equipment Accumulated depreciation-equipment Unearned revenue Notes payable L. Crystal, capital L. Crystal, drawings Interest revenue Rent revenue Sales Advertising expense Cost of goods sold Delivery expense Depreciation expense Insurance expense Interest expense Salaries expense Sales discounts Sales returns and allowances Debit $ 75,700 100,000 70,000 450,000 150,000 55,000 851,500 25,000 45,000 15,000 10,500 650,000 9,900 59,400 $2,567,000 Credit $ 135,000 8,000 175,000 235,000 10,000 24,000 1,980,000 $2,567,000
Step by Step Answer:
a b Revenues Net sales 198000059400 9900 CRYSTAL COMPANY Income Statement Year En...View the full answer
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
Guitar Universe, Inc., is a popular source of musical instruments for professional and amateur musicians. The companys accountants make necessary adjusting entire monthly, and they make all closing...
-
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal...
-
Retro Productions Ltd. is a Vancouver-based furniture manufacturer. The company reported the following information on its trial balance for 11 months of the year ended November 30, 2018. Retro...
-
Detail how the respond to the following scenarios, with one agreeing or acknowledging the critic, and one seeking more information: "You are so lazy" {Husband says to his wife when she refuses to get...
-
To prepare its statement of cash flows for the year ended June 30, 2011, Purified Water Company gathered the following information: Proceeds from bond issue (face value $500,000)....$350,000...
-
From June 2008 to June 2009, M1 increased from $1,400 billion to $1,656 billion. 1. By what percentage did M1 increase? 2. If the Fed had used a fixed rule of 3 percent growth of M1, how large would...
-
True or False: If \(E R R>M A R R\), then MIRR \(>\) MARR.
-
Income statement data for Bezos Company for the years ended December 31, 2014 and 2013 are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the increase...
-
While the Donlin Mine is on Native Corporation land, do you think there would be a difference if the state or federal government owned the land? That is, would there be a difference in whether those...
-
David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant, specializing in retail management and...
-
GS Retail reported the following for the past two fiscal years: (a) Calculate the gross profit margin and profit margin for both years. (b) Comment on any changes in profitability. Net sales Cost of...
-
Presented below are selected transactions for Patterson Warehouse during April and May of the current year. Patterson uses a perpetual inventory system and the contract-based approach for revenue...
-
Consider a short cylinder whose top and bottom surfaces are insulated. The cylinder is initially at a uniform temperature T i and is subjected to convection from its side surface to a medium at...
-
6. Four point-like charges are placed as shown in the figure, three of them are at the corners and one at the center of a square, 32.0 cm on each side. What is the electric potential at the empty...
-
A roll of a toilet paper of radius r is hanged on a toilet paper holder as shown. The flap of the toilet paper holder has a form of an arc of radius R and its weight W is applied at the contact point...
-
(a) The energy eigenstates of an infinite well (of width L) are well 9) = (x) = V (haj) | (pj); 2mL (b) The energy eigenstates of a harmonic oscillator are -19); j = 1,2,3... sin j(x+L/2), xe [-L/2,...
-
Using C++ Standard Template Library (STL) Discussion (requirement for STL): 1. #include 2. Operations on queue q: a. q.empty() - test if queue is empty b. q.size()- how many items are queue c....
-
What sugars give a negative result in Benedict's test? a) Lactose b) Galactose c) Maltose d) Sucrose
-
Grade inflation, which is defined as an increase in the average GPA of an institution over time without a corresponding increase in academic performance, is a concern for many colleges. The presence...
-
Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows: 1. Outstanding cheques were #421 for $165, #485 for $265, #492...
-
A first-year co-op student is trying to determine the amount of cash and cash equivalents that should be reported on a company's balance sheet. The following information was given to the student at...
-
Forney Company maintains a petty cash fund for small expenditures. The following transactions occurred over a two-month period: Feb. 1 Established petty cash fund by writing a cheque on Algonquin...
-
How are over-the-counter (OTC) drugs different from prescriptions?
-
FPPS 1131-Assignment #1 PHARMACEUTICALS Find 10 OTC (Over the Counter) or prescription drugs and provide the following information for each product; 1. API 2. Excipients 3. Strength 4. Recommended...
-
Pink House Ltd. sells plastic pink flamingos. The following operating expenses were provided for the month of April 2020: Sales salaries $25,000 Advertising 3% of monthly sales Sales commissions 2.5%...
Study smarter with the SolutionInn App