80.2K

Verified Solution

Link Copied!

need the questions that are circled completed

dont mind the answers I put, theyre wrong im sure.

152 Chap 4 Coming Accounting Cycle Bar 45 Preparing congres and a post-closing trial balance P2 P3 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company count number for Income Summary le sol. c) Prepare the December 31 post-closing trial balance Motor Company. Note: The A. cur. Copia account balance was 547.600 on December 31 of die prior year Credit 101 $19.000 13.000 1000 2000 Scope Prepaid insurance Equipment Accumulated depreciation for A Cut Cap A Cut With $7.500 120 167 168 301 302 404 612 622 637 7.000 Depreciation expense-Equipment 1000 22.000 2.500 Ince expense 652 Ses expense Check (2 A cruz Coord Sending $51.500 debts, $59.000 2200 $99.100 599 100 Exercise 4-19 Entering deur for closing entries and a post-closing trial balance P2 P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries (keyed / through in the middle columns and (2) completing the post-closing trial balance columns Adjusted Trial Balance Closing Entry Information Post-Closing Trial Balance Account Title De CE DE Cr. 101 106 153 Dr. $9.200 25,000 Carth Accounts receivable Equipment Accuted depreciation Equipment 4.00 25 000 $17.500 17570 31,000 Bino 183 201 209 233 301 302 401 15.000 4200 3.600 68.500 IS001 4) 3600 Accounts payable Salaries poble Unearned fees E Salon Capital E Salon withdrawal Marketing fees canned Depreciation expense-Equipment Salaries expense 15,400 30.000 15400 611 12.000 32.500 13,000 8.700 640 677 901 $168.800 5188 800 Exercise 4-11 Preparing financiar statements C3 Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to pre pare the (1) income statement and (2) statement of owner's equity for the year ended December 31. The K. Wilson, Capital account balance was $175.000 at December 31 of the prior year. Chapter 4 Complete Accounting Cycle 153 az Company ume the c. ial balance er 31 of the Account Title Detail Cash Credit Accounts receivable Oce Supplies Trucks Accued depreciation-Trucks Land Accounts payable $ 8.000 17.500 3.000 172.000 $ 35.000 85.000 12.000 4,000 Long term notes payable 53.000 175,000 20.000 130.000 Depreciation expense-Trucks 23.500 61.000 Office supplies expense 8,000 Repairs expense Trucks 12.000 Total $410.000 $410,000 249.500 Company's classified balance sheet as of December 31. Use the information in the adjusted trial balance reported in Exercise 4-11 to prepare Wilson Trucking Serie 4:12 Preparing a classified balance sheet C3 Use the information in the adjusted trial balance reported in Exercise 4-11 to compute the current ratio as Exercise 4-13) of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for the Wilson Computing the current ratio Trucking Company. Assume that the industry average for the current ratio is 1.5. A1 1.78 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in Exercise 4-14 millions). Prepare the company's closing entries for its revenues and its expenses. Preparing closing entries P2 Net sales V504,459 Advertising expense W 46,636 Cost of sales 283.494 Other expense, net 157.811 of the olumns SVO Calculate the current ratio for each of the following companies (round the ratio to two decimals). Identify Exercise 4-15 the company with the strongest liquidity position. (These companies are competitors in the same industry.) Computing and analyzing the current ratio Current Assets Current Liabilities A1 $249.500 Company's classified balance sheet as of December 31. Use the information in the adjusted trial balance reported in Exercise 4-11 to prepare Wilson Trucking Exercise 4-12 Preparing a classified balance sheet C3 Use the information in the adjusted trial balance reported in Exercise 4-11 to compute the current ratio as Exercise 4-13) of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for the Wilson Computing the current Trucking Company. Assume that the industry average for the current ratio is 1.5. $(178 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). Prepare the company's closing entries for its revenues and its expenses. Exercise 4-14 Preparing closing enti P2 Net sales Cost of sales V504,459 283,494 Advertising expense Other expense, net.... 46,636 157.811 coutuber for Income Sy is 901) Prepare the December 31 post-closing trial balance 152 Chapter 4 Coming the Accounting Cycle Bracelets Preparing closing entries and a post-closing trial balance P2 P3 The following adjusted trial balance contains the accounts and year end balances of Cruz Company of December 31. (1) Prepare the December 31 closing entries for Crux Company Assume the for Cru Company. Note: The A. C. Capital account balance was $47.600 on December 31 or the prior year Crede Na Cash 101 125 120 167 12.000 1000 000 Prepaid 47.500 301 302 Art. Cap A Cut With 7.000 Depreciation expense-Coupe 612 622 637 640 2.500 1400 Rentepe Supplies expense Check Cut Cat ndal 151500 de 5.000 52100 5100 Exercise 4.19 Entering derfor closing entries and a post-closing trial balance P2 P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries (keyed / through 4) in the middle columns and (2) completing the post-closing trial balance columns Aed Tra Balance Closing Entry Post-Closing Trial Balance NO Account Title CE De De CE Dr. 59.200 25.000 42.000 101 106 153 154 4.600 $ 17,500 17570 31.000 irou 15. 201 209 230 301 302 Cash Accounts receivable Equipment Accumulated depreciation-Equipm Land Accounts payable Salaries payable Uneamed fees E Salon, Capital Ession Windows Marketing fees camed Depreciation expense-Equipment Salaries expense 15.000 4.200 3.600 68.500 3600 15.400 80.000 15400 Q000 400 611 622 640 677 901 12.000 32.500 13,000 8.700 Miscellaneous expenses Income no $12800 $138.800 Exercise 4-11 Preparing facial Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to pre- pare the (1) income statement and statement of one's equity for the year ended December 31. The K. Wilson, Capital account balance was $175,000 at December 31 of the prior year. 152 Chap 4 Coming Accounting Cycle Bar 45 Preparing congres and a post-closing trial balance P2 P3 The following adjusted trial balance contains the accounts and year-end balances of Cruz Company count number for Income Summary le sol. c) Prepare the December 31 post-closing trial balance Motor Company. Note: The A. cur. Copia account balance was 547.600 on December 31 of die prior year Credit 101 $19.000 13.000 1000 2000 Scope Prepaid insurance Equipment Accumulated depreciation for A Cut Cap A Cut With $7.500 120 167 168 301 302 404 612 622 637 7.000 Depreciation expense-Equipment 1000 22.000 2.500 Ince expense 652 Ses expense Check (2 A cruz Coord Sending $51.500 debts, $59.000 2200 $99.100 599 100 Exercise 4-19 Entering deur for closing entries and a post-closing trial balance P2 P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries (keyed / through in the middle columns and (2) completing the post-closing trial balance columns Adjusted Trial Balance Closing Entry Information Post-Closing Trial Balance Account Title De CE DE Cr. 101 106 153 Dr. $9.200 25,000 Carth Accounts receivable Equipment Accuted depreciation Equipment 4.00 25 000 $17.500 17570 31,000 Bino 183 201 209 233 301 302 401 15.000 4200 3.600 68.500 IS001 4) 3600 Accounts payable Salaries poble Unearned fees E Salon Capital E Salon withdrawal Marketing fees canned Depreciation expense-Equipment Salaries expense 15,400 30.000 15400 611 12.000 32.500 13,000 8.700 640 677 901 $168.800 5188 800 Exercise 4-11 Preparing financiar statements C3 Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to pre pare the (1) income statement and (2) statement of owner's equity for the year ended December 31. The K. Wilson, Capital account balance was $175.000 at December 31 of the prior year. Chapter 4 Complete Accounting Cycle 153 az Company ume the c. ial balance er 31 of the Account Title Detail Cash Credit Accounts receivable Oce Supplies Trucks Accued depreciation-Trucks Land Accounts payable $ 8.000 17.500 3.000 172.000 $ 35.000 85.000 12.000 4,000 Long term notes payable 53.000 175,000 20.000 130.000 Depreciation expense-Trucks 23.500 61.000 Office supplies expense 8,000 Repairs expense Trucks 12.000 Total $410.000 $410,000 249.500 Company's classified balance sheet as of December 31. Use the information in the adjusted trial balance reported in Exercise 4-11 to prepare Wilson Trucking Serie 4:12 Preparing a classified balance sheet C3 Use the information in the adjusted trial balance reported in Exercise 4-11 to compute the current ratio as Exercise 4-13) of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for the Wilson Computing the current ratio Trucking Company. Assume that the industry average for the current ratio is 1.5. A1 1.78 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in Exercise 4-14 millions). Prepare the company's closing entries for its revenues and its expenses. Preparing closing entries P2 Net sales V504,459 Advertising expense W 46,636 Cost of sales 283.494 Other expense, net 157.811 of the olumns SVO Calculate the current ratio for each of the following companies (round the ratio to two decimals). Identify Exercise 4-15 the company with the strongest liquidity position. (These companies are competitors in the same industry.) Computing and analyzing the current ratio Current Assets Current Liabilities A1 $249.500 Company's classified balance sheet as of December 31. Use the information in the adjusted trial balance reported in Exercise 4-11 to prepare Wilson Trucking Exercise 4-12 Preparing a classified balance sheet C3 Use the information in the adjusted trial balance reported in Exercise 4-11 to compute the current ratio as Exercise 4-13) of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for the Wilson Computing the current Trucking Company. Assume that the industry average for the current ratio is 1.5. $(178 Following are Nintendo's revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). Prepare the company's closing entries for its revenues and its expenses. Exercise 4-14 Preparing closing enti P2 Net sales Cost of sales V504,459 283,494 Advertising expense Other expense, net.... 46,636 157.811 coutuber for Income Sy is 901) Prepare the December 31 post-closing trial balance 152 Chapter 4 Coming the Accounting Cycle Bracelets Preparing closing entries and a post-closing trial balance P2 P3 The following adjusted trial balance contains the accounts and year end balances of Cruz Company of December 31. (1) Prepare the December 31 closing entries for Crux Company Assume the for Cru Company. Note: The A. C. Capital account balance was $47.600 on December 31 or the prior year Crede Na Cash 101 125 120 167 12.000 1000 000 Prepaid 47.500 301 302 Art. Cap A Cut With 7.000 Depreciation expense-Coupe 612 622 637 640 2.500 1400 Rentepe Supplies expense Check Cut Cat ndal 151500 de 5.000 52100 5100 Exercise 4.19 Entering derfor closing entries and a post-closing trial balance P2 P3 The adjusted trial balance for Salon Marketing Co. follows. Complete the four right-most columns of the table by (1) entering information for the four closing entries (keyed / through 4) in the middle columns and (2) completing the post-closing trial balance columns Aed Tra Balance Closing Entry Post-Closing Trial Balance NO Account Title CE De De CE Dr. 59.200 25.000 42.000 101 106 153 154 4.600 $ 17,500 17570 31.000 irou 15. 201 209 230 301 302 Cash Accounts receivable Equipment Accumulated depreciation-Equipm Land Accounts payable Salaries payable Uneamed fees E Salon, Capital Ession Windows Marketing fees camed Depreciation expense-Equipment Salaries expense 15.000 4.200 3.600 68.500 3600 15.400 80.000 15400 Q000 400 611 622 640 677 901 12.000 32.500 13,000 8.700 Miscellaneous expenses Income no $12800 $138.800 Exercise 4-11 Preparing facial Use the following adjusted year-end trial balance at December 31 of Wilson Trucking Company to pre- pare the (1) income statement and statement of one's equity for the year ended December 31. The K. Wilson, Capital account balance was $175,000 at December 31 of the prior year

Answer & Explanation Solved by verified expert

See Answer