Prepare a classified balance sheet that includes the correct balance for cash.
Q: MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After…
A: Company trial balance becomes a base for the purpose of preparations of company Balance Sheet.…
Q: Designer Dry cleaning showed the following information for its first and second months just ended,…
A: Statement of owners' equity is an essential part of the financial statement of the company. It is…
Q: Balance Sheet MaxFit Weight Loss Co. offers personal weight reduction consulting services to…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: From the ledger balances given below, prepare a trial balance for the Bramble Company at June 30,…
A: Trail balances are used to prepare the financial statement of the organization. It includes both…
Q: Alamosa Security Co. offers security services to business clients. After all the accounts have been…
A: Alamosa Security Co. Balance Sheet Nov 30' 2019 Assets Current Assets: Accounts…
Q: Given the following information you are told to prepare closing journal entries for PANDA Memorable…
A: Closing entries are prepared to close all the temporary accounts such as expense, revenue and…
Q: Required: A. State the impact on the accounting equation for each transaction above. For example:…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: Domingo Company started its business on May 1, 2019. The following transactions occurred during the…
A: Trial balance: It implies to one of the company's financials that shows all the assets,…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Hey, since there are multiple questions posted, we will answer first two sub-parts. If you want any…
Q: Prepare adjusting journal entries for transactions (a)-(g). Prepare the adjusted trial balance as at…
A: fffffccc
Q: MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After…
A: The balance Sheet also known as the Statement of Position Statement shows all the assets and…
Q: On January 1, 2019, Dance Training Co entered its second year of operations. Dance Training Co…
A: The income statement is prepared to record the revenues and expenses of the current period.
Q: Susan Wilson, M.D., maintains the accounting records of Wilson Clinic on a cash basis. During 2020,…
A: A major accounting approach that considers revenues and expenses at the time cash is collected or…
Q: Assume that you recently accepted a position with Five Star National Bank & Trust as an assistant…
A: 1.
Q: Swanson Corporation provides low-cost food delivery services to senior citizens. At the end of the…
A: The financial statements of the business include the income statement and balance sheet. The income…
Q: Prepare Income Statement for the second quarter of 2020 from the following balances of Wang…
A: The income statement is prepared by the company to calculate the amount of net loss or net profit…
Q: Financial data for Safety Hire as of 30 June 2019 are: Accounts receivable Equipment hire income…
A:
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: Make journal entries for the below listed transactions: On April 01, 2019 Chin started business with…
A: Journal entries are accounting entries recorded by entity for its transactions and are being…
Q: From the ledger balances given below, prepare a trial balance for the Bramble Company at June 30,…
A: Trial balance in the business shows balances in all general ledger accounts in the business as on…
Q: Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April…
A: Income Statement An income statement's purpose is to disclose the business transactions' as a result…
Q: Domingo Company started its business on January 1, 2019. The following transactions occurred during…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: The trial balance of Mabilis Repair Shop appears below the end of its calendar year: MABILIS REPAIR…
A: Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Balance sheetDynamic Weight Loss Co. offers personal weight reduction consultingservices to…
A: the balance sheet is the financial statement which represents the financial position of the…
Q: Aunt Athena’s Catering Service provides catering service for special occasions. During 2019, Aunt…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: April 2020. Horace accumulated all the ledger balances per Pulsar's records and found the following.…
A: Since we only answer upto 3 sub-parts, we will answer the first three. Please resubmit the question…
Q: Jean Smith, who retails wooden ornaments, has been so busy since she commenced business on 1 April…
A: Jean Smith Profit and Loss A/c for the Year ended 31-03-206…
Q: Aunt Athena’s Catering Service provides catering service for special occasions. During 2019, Aunt…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: The trial balance for Amy Enterprise for the year ended 31 December 2019 is as follows:…
A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…
Q: Prepare an income statement for the month of June and a balance sheet in account format for Safety…
A:
Q: The accounting records of LeClaire Delivery Services show the following assets and liabilities as of…
A: The balance sheet is considered as a summary of assets and liabilities. It is also known as the…
Q: The following information were obtained from the adjusted trial balance of XYZ Dental Clinic.…
A: Statement of cash flows forms a part of financial statement of the entity and is prepared with a…
Q: Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to…
A: A classified Balance Sheet is a financial statement that reports assets, liabilities and equity…
Q: From the following trial balance and additional data, complete the worksheet for Ron's Wholesale…
A: Answer: Adjusted Trial Balance would be:
Q: Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to…
A:
Q: The accounting records of LeClaire Delivery Services show the following assets and liabilities as of…
A: Workings Notes: 1. Balance sheet for the business as of the end of 2019 Assets Amount in $…
Q: The accounts in the ledger of Hickory Furniture Company as of December 31, 2019, are listed in…
A: Trial balance: This is a statement in which all the year-end account balances of a business are…
Q: Annie Brown owns a construction designing firm called Achi Design. The unadjusted trial balance on…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Jill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2020,…
A: Excess of cash collected over cash disbursed = Total collections - Total expenses = $142,600 -…
Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: Optimum Weight loss Co. Offers personal weight reduction consulting services to individuals. After…
A: WE WILL FIND CASH AMOUNT BY BALANCE FIGURE .
Q: The Physical Therapy Center specializes in helping patients regain motor skills after serious…
A: Req 1: Age Group Amount Estimated Percent Allowance for doubtful debts Accounts Receivable…
Q: Create a journal entry and a T-account entry for each of the following transactions: $30,000 worth…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following events occur for The Underwood Corporation during 2021 and 2022, its first two years…
A: Accounts receivables are current assets which shows that the amount that an entity has to collect…
Q: MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: Francis Mayberry, M.D., maintains the accounting records of Mayberry Clinic on a cash basis. During…
A: Meaning of Accrual basis:Accrual basis refers to the recording of accounting transaction. Under the…
Q: equired How would the preceding information affect the calculation of Olivia Smith's business income…
A: Taxable income: The portion of gross income of the individual and the corporates on which government…
Q: Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable;…
A: A journal entry is record of the business transactions in the accounting books of accounts. A…
Q: Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020 LAGMAN…
A: Financial Statement:- These are statements prepared at the end of the financial year to know the…
Q: alance Sheet MaxFit Weight Loss Co. offers personal weight reduction consulting services to…
A: Solution:- Introduction:- Balance sheet shows financial position of the company. It is based on…
Optimum Weight Loss offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss are as follows. Prepare a classified balance sheet that includes the correct balance for cash.
accounts payable | 37,700 | prepaid insurance | 7,200 | ||
---|---|---|---|---|---|
accounts receivable | 116,750 | prepaid rent | 21,000 | ||
186,400 | salaries payable | 9,000 | |||
cash | ? | Cheryl Viers, capital | 710,300 | ||
Equipment | 474,150 | Supplies | 4,800 | ||
Land | 300,000 | Unearned fees | 18,000 | ||
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 6 images
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Balance sheet Optimum Weight Loss Co. offers personal weight reduction consultingservices to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selectedaccounts from the ledger of Optimum Weight Loss Co. are as follows: Prepare a classified balance sheet that includes the correct balance forCashOptimum Weight loss Co. Offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30,2019, the end of the fiscal year, the balances of selected accounts from the Ledger of Optimum Weight Loss Co. As follows: Accounts payable $37,200 Accounts receivable 118,550 Accumulated Depreciation - Equipment 187,000 Cash ? Equipment 477,200 Land 300,000 Prepaid insurance 6,200 Prepaid Rent 21,900 Salaries payable 9,300 Cheryl Viers , Capital 714,600 Supplies 4,500 Unearned fees 17,300 Prepare a classified balance sheet that includes the correct balance for cash. Fixed assets must be entered In order to according to account number. Be sure to complete the statement heading.
- First using cash accounting, and then accrual accounting, discuss what the balances of each account will be on May 31, 2019 at Hippie Hospital for the financial period below, taking into consideration the transactions listed. Then, discuss why/how you arrived at your answer for each ending account balance. Beginning account balances for May 2019: Assets = $1,400,000 Liabilities = $500,000 Net Assets = $890,900 Revenue = $25,000 Expenses = $15,900 Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase, which will be delivered/completed in mid-June. Transaction #2 (May 15, 2019) - the hospital provided $15,000 in patient care services and billed patients' insurance plans. Transaction #3 (May 25, 2019) - the hospital took out a loan for $4,000 to meet future, unexpected payroll obligations.Below is the trial balance which was extracted from the books of the Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to collaborate and analyse the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 12,500.00 Merchandise Inventory 187,500.00 Store Supplies 58,000.00 Prepaid Insurance 72,000.00 Prepaid Rent 56,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 256,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500.00 Salaries Payable Interest Payable 27,000.00…Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
- Prepare A Classified balance sheet, in report format, at June 30, 2020. READY HOSPITAL SUPPLIES ADJUSTED TRIAL BALANCE AS AT JUNE 30, 2020 ACCOUNT DEBIT CREDIT 1 Cash 127,000 2 A/c receivables 151,000 3 Allowance for bad debt 19,500 4 Prepaid insurance 48,000 5 Merchandise inventory 186,000 6 Store supplies 25,000 7 Prepaid rent 14,000 8 Furniture and fixtures 800,000 9 Accumulated depreciation-furniture & fixtures 320,000 10 Computer equipment 450,000 11 Accumulated depreciation-computer equipment 21,000 12 Interest payable 36,000 13 Accounts payable 133,500 14 Salaries payable 14,000 15 Unearned sales revenue 34,000 16 Portion of loan 90,000 17 Long term loan 270,000 18 Eva Ready Capital 898,500 19 Eva Ready Withdrawals 104,000 20 Sales revenue 1,091,000 21 Gain on computer equipment 14,000 22 Interest expense 36,000 23 Sales discount 7,000 24 Insurance expense 24,000 25…1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 650 X Feedback V Check My Work 1 & 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 3,850 X Allowance for Doubtful Accounts v 3,850 Xplease answer in detail. how to record a journal entry this on 30/06/21 Restaurant Due to surplus cash in the bank account, on 1 June 2021, The Unit Trust prepaid its insurance premium for the next 12 months totalling $13,200 (GST-inclusive) By making this payment, this means that the restaurant's insurance is prepaid until 31 May 2022. Belinda recorded the following journal entry in MYOB on 1 June 2021: DATE PARTICULARS POST REF DEBIT CREDIT 1 June Insurance expense 6-1110 GST receivable 2-1040 Cash at bank - Bank of Brisbane 1-1010 13,200 (Prepayment of insurance policy for the next 12 months) 30/June InSulance expense 1.000 plepaid insurance Ignore any GST consequences. If any adjusting entries are required, please record this entry in the general journal in MYOB. Note: There are 30 days from 1 June 2021 to 30 June 2021. 12,000 1,200
- Lisa Anderson, M.D., maintains the accounting records of Anderson Clinic on a cash basis. During 2020, Dr. Anderson collected $141,493 from her patients and paid $54,018 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) Accounts receivable Unearned service revenue Accrued expenses Prepaid expenses January 1, 2020 $9,027 2,836 3,139 1,927 December 31, 2020 $15,442 4,472 1,985 3,411 Prepare a schedule that converts Dr. Anderson's "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020. LISA ANDERSON, M.D. Conversion of Cash Basis to Accrual BasisJill Accardo, M.D., maintains the accounting records of Accardo Clinic on a cash basis. During 2020, Dr. Accardo collected $142,600 from her patients and paid $55,470 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $9,250 $15,927 Unearned service revenue 2,840 4,111 Accrued expenses 3,435 2,108 Prepaid expenses 1,917 3,232 Instructions Prepare a schedule that converts Dr. Accardo’s “excess of cash collected over cash disbursed” for the year 2020 to net income on an accrual basis for the year 2020.Prepare the January 1, 2020 opening trial balance. Prepare the journal entries for the first six months of 2020. The owners would like to know the current (as of 6/30/20) cash and inventory They would like you to provide a “T” account showing the activity in each account.