The trial balance for Nash's Trading Post, LLC appears as follows:Nash's Trading Post, LLCTrial BalanceDecember 31, 2022Cash$220Accounts Receivable386Prepaid Insurance61Supplies133Equipment2960Accumulated Depreciation, Equipment$440Accounts Payable284Common Stock890Retained Earnings1040Service Revenue2216Salaries and Wages Expense740Rent Expense370$4870$4870 $4870$4870If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a:debit to Rent Expense for $111debit to Rent Payable for $111O credit to Cash for $111.credit to Accumulated Rent for $111.Attempts: 0 of 1 usedSubmit.Save for LaterMacBook AirDD吕0000000888F9F8F7F.5F6F3F4*&.

The adjusting entry for rent with proper explanation are as follows

$4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a: debit to Rent Expense for $111 debit to Rent Payable for $111 O credit to Cash for $111. credit to Accumulated Rent for $111.

$4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the adjusting entry would include a: debit to Rent Expense for $111 debit to Rent Payable for $111 O credit to Cash for $111. credit to Accumulated Rent for $111.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter2: Asset And Liability Valuation And Income Recognition

Section: Chapter Questions

Problem 21PC

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The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another…
The summarized trial balance of XYZ Corporation includes the following accounts on December 31,2022: Debit Credit Cash P 239,738 9,800 31,386 Accounts receivable Dividend receivable Interest receivable Investments at FVPL 956 136,910 Investments at FVOCI 3,760,944 1,310 Deferred tax asset Accounts payable P 20,506 Interest payable 560 Other payables 166 Income tax payable 484 Provision for employee benefits 1,504 Deferred tax liability 112,828 Share capital 2,736,048 Share premium 752,180 Retained Earnings 556,768 P4,181,044 P4,181,044 The provision for employee benefits includes P1,050 payable in the subsequent year. Required: 1. Prepare Statement of Financial Position
Prepare the Statement of Comprehensive Income as at: 28 February 2021.Embassy TradersPre-adjustment Trial Balance as at: 28 February 2021Debit CreditBalance Sheet Accounts SectionCapital 1 651 100Drawings 132 900Land and buildings 1 254 800Vehicles at cost 925 000Equipment 662 000Accumulated depreciation on vehicles 528 000Accumulated depreciation on equipment 369 000Fixed deposit: Bob-bank (9% p.a.) 200 000Trading inventory 152 000Debtors control 174 800Provision for bad debts 10 000Bank 127 800Creditors control 184 800Mortgage loan: Bob-bank (18% p.a.) 330 000Nominal Accounts SectionSales 2 075 000Cost of sales 795 000Sales returns 15 000Salaries and wages 586 000Bad debts 18 000Stationary 30 000Rates and taxes 58 000Motor expenses 32 000Advertising 23 000Telephone 44 000Electricity and water 66 000Bank charges 8 000Insurance 5 000Interest on mortgage loan 26 000Interest on fixed deposit 15 000Rent income 171 6005 334 500 5 334 500Adjustments and additional information1.Trading…
S Find online the annual 10 - K report for Costco Wholesale Corporation (COST) for September 28, 2023 f. Did the company have any contingent liabilities at the balance sheet date? Discuss the specific nature of these contingencies and how (or whether) they are expected to affect the firm's financial health h ASSEN s Ope TOTAL ASSETS CURRENT LIABILITIES LABILITIES AND EQUITY A Der Cap OTT L se org TOTAL LIATES COMMITMENTS AND CONTINGENCIES COUNTY 10 suhted this Consescanda Talk sil TOTAL LIABUTES AND EQUITY 2/12 3/18 2241 17667 Sa 24741 2/14 4 04.15 17482 s 52.545 2321 7301 топ 2337 2174 1.589 22 5611 TRE 3377 242 2482 2555 2.558 BUX 4351 = - 2 7.340 084 138931 21842 25194 21547 94111
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
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* CengageNOW2 | Onlin x 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 人 еВook Show Me How Vertical Analysis of Balance Sheet Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Current Year Previous Year Current assets $288,750 $177,120 Property, plant, and equipment 498,750 452,640 Intangible assets 87,500 26,240 Current liabilities 175,000 85,280 Long-term liabilities 376,250 301,760 Common stock 78,750 72,160 Retained earnings 245,000 196,800 Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and each liability and stockholders' equity item as a percent of the total liabilities and stockholders' equity. If required, round percentages to one decimal place. Kwan Company Comparative Balance Sheet For the Years Ended December 31 Current Current Previous Previous year year year year Amount Percent Amount Percent Current assets…
Please try to answer accurately and accordance with requirements.Thank you!The general ledger of Emerates Traders Ltd includes the following accounts as at 30 June 2018:$000Sales Revenue 8,280Dividend Received 126Interest Received 65Cost of Sales 1,105Selling and Distribution expenses 450Administration expenses 1,550Finance costs 16Valuation loss on trading investments (considered a material item) 250Income tax expense charged to profit and loss 1,500Expenses classified by nature include:Auditors Remuneration:Audit of accounts 20Information technology controls advice 5 25Depreciation expense:Buildings 120Plant and Equipment 225 345Additional InformationThe valuation loss on investments held for trading is not tax deductible.Task 4a. Complete a Statement of Comprehensive Income showing expenses classified byfunction on the face of the Income Statement together with notes to the incomestatement including the material item.- Note that Emerates Traders Ltd discloses material items on the…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
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