The pre-closing balances in the T-accounts of Naim Company at the end of the third year of
Question:
December 31, 2014, follow. The 2014 adjusting entries are identified by letters.
Required:
1. Develop three 2014 trial balances for Naim Company using the following format:
2. Write an explanation for each adjusting entry for 2014.
3. Record the closing journal entry at the end of 2014.
4. What was the average income tax rate for 2014?
5. What was the average issue (sale) price per share of the capitalstock?
Transcribed Image Text:
Common Stock (10,000 shares) Cash Note Payable (6%) Bal 25,000 Bal 10,000 Ba 10,000 Maintenance Supplies Ba 800 (a)500 Service Equipment Interest Payable Retained Eamings (b) 600 Bal 12,000 Income Taxes Payable Service Revenue Bal 90,000 (f) 13,020 Bal. 214,000 (c) 10,000 Accumulated Depreciation, Service Equipment Wages Payable Expenses Bal 21,000 (d) 9,000 (e 400 Ba. 160,000 500 (b) 600 600 e 9,000 (c) 10,000 Ba 13,600 ()13,020 Remaining Assets Unearned Revenue (e) 400 Bal. 44,800( Additional Paid-in Capital Bal 40,000 UNADJUSTED TRIALADJUSTED TRIAL POST-CLOSING TRIAL BALANCE BALANCE BALANCE Account Debit Cretdit Debit Credit Debit Credit
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Req 1 Unadjusted Trial Balance Adjusted Trial Balance PostClosing Trial Balance Account Debit Credit ...View the full answer
Answered By
Madhur Jain
I have 6 years of rich teaching experience in subjects like Mathematics, Accounting, and Entrance Exams preparation. With my experience, I am able to quickly adapt to the student's level of understanding and make the best use of his time.
I focus on teaching concepts along with the applications and what separates me is the connection I create with my students. I am well qualified for working on complex problems and reaching out to the solutions in minimal time. I was also awarded 'The Best Tutor Award' for 2 consecutive years in my previous job.
Hoping to get to work on some really interesting problems here.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Question Posted:
Students also viewed these Accounting questions
-
At the end of its third year of operations, the Sandifer manufacturing Co had $ 4600,000 in revenue, $3345,000 in cost of good sold $ 451,000 in operating expenses which included depreciation expense...
-
At the end of its third year of operations, December 31, 2014, Delilah Corp. is reporting pre-tax book income of $223,000. The following items are relevant to Delilahs deferred tax computations: 1. A...
-
Given the following unidentified journal, write an explanation for each transaction. Debits Credits Sales Acc. Sales COGS Dr Date Cash Dis. Rec. Rev. Other Acct. Amount Inw. Cr 1,250 Aug. 8 3,000...
-
There are three general methods of allocating overhead costs: plantwide rates, rates for each expense category, and departmental rates. Describe when each is the most useful.
-
Water flowing steadily through a 2 cm diameter pipe at 30 m/s goes through an expansion joint to flow through a 4 cm diameter pipe. Assuming the internal energy remains constant, determine (a) The...
-
Referring to Problem P7, suppose the HTML file references eight very small objects on the same server. Neglecting transmission times, how much time elapses with a. Non-persistent HTTP with no...
-
The velocity potential \[ \phi=-k\left(x^{2}-y^{2} ight) \quad(k=\text { constant }) \] may be used to represent the flow against an infinite plane boundary, as illustrated in Fig. P6.35. For flow in...
-
Santana Music is a U.S.-based MNC whose foreign subsidiary had pretax income of $55,000; all after-tax income is available in the form of dividends to the parent company. The local tax rate is 40%,...
-
Osborn Manufacturing uses a predetermined overhead rate of $18.60 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $230,640 of total manufacturing overhead...
-
A 2 -year bond with a semiannual coupon rate of \(4 \%\) per annum is trading at par \((100 \%)\). (a) What is its spot semiannual yield? (b) Assume one can borrow at \(3 \%\) p.a. simple interest...
-
The following information was provided by the records of Liberty Circle Apartments (a corporation) at the end of the annual fiscal period, December 31, 2014: Rent a. Rent revenue collected in cash...
-
Stoscheck Moving Corporation has been in operation since January 1, 2015. It is now December 31, 2015, the end of the annual accounting period. The company has not done well financially during the...
-
Lopez acquired a building on June 1, 2010, for $1 million. Calculate Lopez's cost recovery deduction for 2015 if the building is: a. Classified as residential rental real estate. b. Classified as...
-
Determining Ending Balances in Land and Building Accounts Maldive Company completes the construction of a building. The following separate items are the costs relevant to the purchase of the lot and...
-
Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format income statement follows: Amount $ 98,000 Percent of Sales Sales Variable expenses Fixed...
-
The following data refer to snack maker Taquitos To Go for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process...
-
A large round loop of 269 turns and radius 67.0 cm carries a current of I = 78.0 A. A small square loop of 31.0 turns and 1.00 cm on a side is placed at the center of the large loop. The square loop...
-
1. Ren decides to test his swimming strength. He starts swimming across a river. He swims with a velocity of 3.5 mi/h north. The river is 0.61 mi wide and carries an eastward current of 1.25 mi/h....
-
Given that some country equity risk is diversifiable to global investors, discuss whether it should be included in the price.
-
How does Kant answer Humes bundle theory of self? Do you think he is successful?
-
Indicate whether each of the following statements is true or false by writing T or F in the answer column. An architect who designs a building that is later destroyed in a windstorm cannot be charged...
-
The following are several December 31, 2011, account balances (in millions of dollars) from a recent annual report of Canada Post Corporation, followed by several typical transactions. The...
-
Barnes & Noble Inc. revolutionized bookselling by making its stores public spaces and community institutions where customers may browse, find a book, relax over a cup of coffee, talk with authors,...
-
A summary of selected historical results is presented below for three Canadian companies: Gildan Active wear, Research in Motion (renamed BlackBerry in February 2013), and Andrew Peller. Each of...
-
6.(5pts) A total charge Q is distributed uniformly over a ring of radius R. We found an expression for the value of the electric field on the axis of the ring, E(x), a distance x from the center of...
-
7. An electric charge Q is distributed uniformly throughout a nonconducting sphere of radius Ro with a uniform density, p = Q/{(4/3)R}. Use Gauss's Law to determine (a) (5pts) the electric field,...
-
A child is swinging a 330-g ball at the end of a 66.0-cm-long string in a vertical circle. The string can withstand a tension of 11.0 N before breaking. (a) What is the tension in the string when the...
Study smarter with the SolutionInn App