The adjusted trial balance of Silver Sign Company follows: Requirements 1. Assume Silver Sign Company has a
Question:
The adjusted trial balance of Silver Sign Company follows:
![The adjusted trial balance of Silver Sign Company follows:](https://dsd5zvtm8ll6.cloudfront.net/si.question.images/image/images6/389-B-A-A-C(4754).png)
Requirements
1. Assume Silver Sign Company has a January 31 year end. Journalize Silver’s closing entries at January 31.
2. How much net income or net loss did Silver earn for the year ended January 31? How can youtell?
SILVER SIGN COMPANY Adjusted Trial Balance January 31, 2014 Balance Account Title Cash Office Supplies Prepaid Rent Equipment Debit 14,300 2,400 1,400 45,000 Credit 5 6,100 4,500 300 4,500 S,300 32,600 Accounts Payatle Salaries Payable Unearned Revenue Notes Payable long-term) Common Stock Dividends Service Revenue Salaries Expense Rent Expense Deprecdation Expense quipment Supplies Expense Utilities Expense Total 800 16,800 3,600 1,400 400 200 600 $ 70,100 70,100
Step by Step Answer:
Requirement 1 Date Accounts and Explanation Debit Credit Jan ...View the full answer
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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 Accounting questions
-
The adjusted trial balance of the Melton and Yount Partnership for the year ended December 31, 2012, appears below: The partnership agreement stipulates that a division of partnership net income or...
-
The adjusted trial balance of Erickson Real Estate Appraisal at June 30, 2018, follows: Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the...
-
The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows: Requirements 1. Prepare the company's income statement for the year ended June 30, 2018. 2. Prepare the company's...
-
Let a = (4, 5) and 6 = (-4,-2). Find the projection of b onto a. proj; b = =V
-
Calculate the pH of a solution made by mixing 0.60 L of 0.10 M NH4Cl with 0.50 L of 0.10 M NaOH. Kb for NH3 is 1.8 10-5.
-
Five diners decide to split the check evenly. The total bill comes to \(\$ 475\). How much does each diner owe?
-
Listed here are three different products in various stages of the product life cycle. What marketing strategies would you suggest to these companies? (a) Canon digital camerasgrowth stage, (b)...
-
The following transactions were incurred by Howley Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $ 180,000...
-
For each of the following situations, indicate the accounting concept that is violated. While some of these statements may appear to violate more than one accounting concept, each answer should be...
-
A wide-flange beam (W 12 x 35) supports a uniform load on a simple span of length L = 14 ft (see figure). Calculate the maximum deflection δmax at the midpoint and the angles of rotation...
-
Use your answer from Exercise E4- 17 to prepare Telegraphic Links financial statements. Additional information at November 30, 2014: a. Accrued service revenue, $ 600. b. Depreciation, $ 300. c....
-
Selected accounts for Klein Photography at December 31, 2014 follow. Requirements 1. Journalize Klein Photographys closing entries at December 31, 2014. 2. Determine Klein Photographys ending...
-
Helpers, Inc., a qualifying 501(c)(3) organization, incurs lobbying expenditures of $250,000 for the taxable year and grass roots expenditures of $0. Exempt purpose expenditures for the taxable year...
-
Why do you think it is important to consider only relevant costs when conducting a differential analysis for a major purchase? Why not consider all possible costs in your decision? provide specific...
-
How do power dynamics and influence tactics shape decision-making processes and organizational politics within hierarchical structures ?
-
How do I answer these given the information below? Loan Amount? Loan to Value? Loan to Cost? Payment amount? Loan Balance at Maturity? Given Information: Property Cost: $1,000,000 Bank Policy on LTV:...
-
In your initial post, first do the following: Use scholarly references to define Project Management (PM), Systems Development Life Cycle (SDLC), and Application Life Cycle (AL). Then, in the same...
-
How do concepts of diversity and inclusion vary across different cultural and geographical contexts, and what strategies can multinational organizations employ to navigate these variations...
-
A P Ltd buys \(662 / 3\) per cent of the shares in S Ltd. You are to draw up the consolidated balance sheet from the following balance sheets constructed immediately control had been achieved....
-
For the following exercises, find the inverse of the function and graph both the function and its inverse. f(x) = 4 x 2 , x 0
-
How is real seignorage revenue related to inflation? How does the quantity of real seignorage revenue change as inflation rises from zero to a positive level, to still higher levels?
-
Consider the following transactions for Jo Jo Music. 2016 Dec. 6 Received a $9,000, 90-day, 12% note in settlement of an overdue accounts receivable from Concord Sounds. 31 Made an adjusting entry to...
-
The comparative financial statements of Perfection Cosmetic Supply for 2016, 2015, and 2014 include the data shown here: Requirements 1. Compute these ratios for 2016 and 2015: a. Acid-test ratio...
-
On August 31, 2016, Bouquet Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 credit balance in Allowance for Bad Debts. During September, Bouquet made the following...
-
Auto Lavage is a Canadian company that owns and operates a large automatic carwash facility near Quebec. The following table provides data concerning the company's costs: Fixed Cost per Month Cost...
-
The actual information pertains to the month of June. As a part of the budgeting process, Great Cabinets Company developed the following static budget for June. Great Cabinets is in the process of...
-
A stock has an expected return of 11.85 percent, Its beta is 1.24, and the expected return on the market s 10.2 percent. What must the risk-free rate be? (Do not round Intermediate calculations and...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App