Accounting Cycle Question And Answers Homework Help
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1.Manley Corporation’s trial balance at December 31, 2010 consisted of the following account balances
|Salaries (paid to employees)||90,000|
|Cost of Goods Sold||200,000|
|Additional Paid-In Capital||15,700|
a. Prepare Manley’s December 31, 2010 balance sheet. (Hint: You must compute a missing amount.)
b. Prepare Manley’s income statement for the year ended December 31, 2010.
2.The following account balances have been taken from the pre-closing December 31, 2010 accounts of Burke Co.:
Accounts Receivable $ 9,000
Rent Expense 10,750
Retained Earnings 13,000
Salaries Expense 15,860
Unearned Subscription Revenue 1,800
Utilities Expense 6,090
Income Taxes Expense 1,720
Accumulated Depreciation 7,500
Dividends Payable 600
Subscription Revenue 42,960
Depreciation Expense 1,300
Prepaid Rent 4,500
Salaries Payable 1,690
a. Prepare the appropriate December 31 closing entries for Burke Co.
b. What was the company’s net income for 2010?
c. What is the year-end balance of Retained Earnings for Burke Co.?
3.The following account balances have been taken from the December 31, 2010, records of Schorg Company:
Wages Expense $247,100
Utilities Expense 6,180
Cost of Goods Sold 531,000
Sales Revenue 820,000
Depreciation Expense 34,250
Interest Receivable 2,500
Retained Earnings 156,900
Rent Expense 72,000
Interest Expense 3,600
Interest Revenue 1,140
a. Prepare the appropriate December 31 closing entries for Schorg Company.
b. Why did the company show no Income Tax Expense for 2010?
c. What is the year-end balance of Retained Earnings for Schorg Company?
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4. Francis Matthews owns and operates Daffodil Advertising Services. On January 1, 2013, Francis Matthews, Capital had a balance of $475,000. During the year, Francis invested an additional $50,000 and withdrew $30,000. For the year ended December 31, 2013, Daffodil Advertising Services reported a net income of $139,500. Prepare a statement of owner’s equity for the year ended December 31, 2013.
5. If a company’s revenues are $125,000 and its expenses are $113,000, in which financial statement columns of the worksheet will the net income of $12,000 appear?
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