On January 31, 2001, the adjusted trial balance column of the worksheet from the Southern Logistics...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 31, 2001, the adjusted trial balance column of the worksheet from the Southern Logistics Company reflected the account belances reflected Accounts Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Dellise Kennedy, Capital Tees income Rent expense Salaries expense Supplies expense utilities expense Depreciation expesse-Equipment Additional information: The worksheet also reflects the adjustments to the appropriate accounts based on the information below. a. Supplies used during January totaled $2,450. b. Expired rent totaled $4,200 c. Depreciation expense for the month was $470. Account Name Assume that every account has the normal debit or credit balance. The workshoot covers the month of January. Determine the Trial Balance amounts based on the amounts in the Adjustments and Adjusted Trial balance sections of the worksheet. Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Delise Kennedy, Capital Amount 31,800 18,200 6,00 16,200 14,200 470 20,508 71,450 48,700 Fees income Rant expense 4,200 24,400 2,450 2,000 470 Salaries expense Supplies expense Unites expensa Depreciation expense-Equipment Total SOUTHERN LOGISTICS COMPANY Worksheet (Partial) Month Ended January 31, 201 Trial Balance Debit 31,300 18.200 6,300 16.200 54,200 4,200 24,400 2450 2,800 470 101,120 Credit 470 20,500 71,450 40.700 101,120 Adjustment Debit 2,450 2,450 Credit 2.450 2.450 Adjusted Trial Balance Debit Credit 31,800 18.200 4,150 14.200 54,200 4,200 24,400 4.900 2,000 470 161,120 470 20.000 71.450 68.700 161.120 Exercise 5.10 (Algo) Completing the Worksheet from an Adjusted Trial Balance. LO 5-3 Assume the worksheet for Jason Taylor, Counselor and Attorney-at-Law, showed the following accounts and balances on January 31, 20X1 (the first month of operation), as reflected below. Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Jason Taylor, Capital Jason Taylor, Drawing Fees income Rent expense Supplies expense 14,100 33,195 Salaries expense 570 Depreciation expense-Equipment Assume all accounts have normal balances. Complete the Income Statement and Balance Sheet sections of the worksheet. Account Name Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Jason Taylor, Capital Jason Taylor, Drawing Fees income Rent expense Supplies expense Salaries expense Depreciation expense-Equipment Totals Net loss Totals 12,030 11,550 14,600 25,700 21,700 570 17,900 83,500 S 11,700 50,875 7,788 JASON TAYLOR COUNSELOR AND ATTORNEY-AT-LAW Worksheet (Partial) Month Ended January 31, 20X1 $ Adjusted Trial Balance Debit Credit 12,030 11,550 14,600 25,700 21,700 11,700 7,700 14,100 33,195 570 152,845 $ 570 17,900 83,500 50,875 152,845 $ $ Income Statement Debit 7,700 14,100 33,195 570 55,565 $ (4,690) 50.875 $ Credit 50,875 $ 50,875 S 50,875 S Balance Sheet Debit 12,030 11,550 14,600 25,700 21,700 11,700 97,280 $ 97,280 S Credit 570 17,900 83,500 101,970 (4,690) 97,280 On January 31, 2001, the adjusted trial balance column of the worksheet from the Southern Logistics Company reflected the account belances reflected Accounts Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Dellise Kennedy, Capital Tees income Rent expense Salaries expense Supplies expense utilities expense Depreciation expesse-Equipment Additional information: The worksheet also reflects the adjustments to the appropriate accounts based on the information below. a. Supplies used during January totaled $2,450. b. Expired rent totaled $4,200 c. Depreciation expense for the month was $470. Account Name Assume that every account has the normal debit or credit balance. The workshoot covers the month of January. Determine the Trial Balance amounts based on the amounts in the Adjustments and Adjusted Trial balance sections of the worksheet. Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Delise Kennedy, Capital Amount 31,800 18,200 6,00 16,200 14,200 470 20,508 71,450 48,700 Fees income Rant expense 4,200 24,400 2,450 2,000 470 Salaries expense Supplies expense Unites expensa Depreciation expense-Equipment Total SOUTHERN LOGISTICS COMPANY Worksheet (Partial) Month Ended January 31, 201 Trial Balance Debit 31,300 18.200 6,300 16.200 54,200 4,200 24,400 2450 2,800 470 101,120 Credit 470 20,500 71,450 40.700 101,120 Adjustment Debit 2,450 2,450 Credit 2.450 2.450 Adjusted Trial Balance Debit Credit 31,800 18.200 4,150 14.200 54,200 4,200 24,400 4.900 2,000 470 161,120 470 20.000 71.450 68.700 161.120 Exercise 5.10 (Algo) Completing the Worksheet from an Adjusted Trial Balance. LO 5-3 Assume the worksheet for Jason Taylor, Counselor and Attorney-at-Law, showed the following accounts and balances on January 31, 20X1 (the first month of operation), as reflected below. Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Jason Taylor, Capital Jason Taylor, Drawing Fees income Rent expense Supplies expense 14,100 33,195 Salaries expense 570 Depreciation expense-Equipment Assume all accounts have normal balances. Complete the Income Statement and Balance Sheet sections of the worksheet. Account Name Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-Equipment Accounts payable Jason Taylor, Capital Jason Taylor, Drawing Fees income Rent expense Supplies expense Salaries expense Depreciation expense-Equipment Totals Net loss Totals 12,030 11,550 14,600 25,700 21,700 570 17,900 83,500 S 11,700 50,875 7,788 JASON TAYLOR COUNSELOR AND ATTORNEY-AT-LAW Worksheet (Partial) Month Ended January 31, 20X1 $ Adjusted Trial Balance Debit Credit 12,030 11,550 14,600 25,700 21,700 11,700 7,700 14,100 33,195 570 152,845 $ 570 17,900 83,500 50,875 152,845 $ $ Income Statement Debit 7,700 14,100 33,195 570 55,565 $ (4,690) 50.875 $ Credit 50,875 $ 50,875 S 50,875 S Balance Sheet Debit 12,030 11,550 14,600 25,700 21,700 11,700 97,280 $ 97,280 S Credit 570 17,900 83,500 101,970 (4,690) 97,280
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Based on the provided information here are the completed Income Statement and Balance Sheet ... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment (ROI), which has been above 24% each of the last three...
-
The Fashion Rack has a monthly accounting period. The firms chart of accounts is shown below and on the next page. The journals used to record transactions are the sales journal, purchases journal,...
-
Sadie Palmer owns Palmer Creative Designs. The trial balance of the firm for January 31, 2013, the first month of operations, is shown on the bottom of page 146. INSTRUCTIONS 1. Complete the...
-
Distance between Cars (Refer to Example 6.) At 9:00 A.M. car A is traveling north at 50 miles per hour and is located 50 miles south of car B. Car B is travel- ing west at 20 miles per hour. (a) Let...
-
Dixon Manufacturing purchased, for cash, three large pieces of equipment. Based on recent sales of similar equipment, the fair market values are as follows: Piece 1 ...........$200,000 Piece 2...
-
to the original three-level scale and compare the results from the two versions of the depression diagnosis variable.
-
H Smith is employed at a rate of 5 per hour. During the week to 18 May 19X9 he worked his basic week of 40 hours. According to the requisite tables the income tax due on his wages was 27, and...
-
Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Waters ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased...
-
. At December 31, 2021, Hansen Corporation had 45,000 shares of common stock and 4,300 Shares of 10%, $100 par cumulative preferred stock outstanding. No dividends were declared or paid in 2021....
-
Southeastern Foods has hired you to analyze their distribution-system design. The company has 11 distribution centers, with monthly volumes as listed below. Seven of these sites can support...
-
Question 1: Table- Total, Marginal and Average Costs Total product (Q) Total fixed cost (TFC) Total variable cost (TVC) Total cost (TC) Marginal cost (MC) Average fixed cost (AFC) Average variable...
-
Graph the curve \(y=2^{-x^{2}}\) and compare with the standard normal curve (Problem 59). List some similarities and some differences.
-
Copy the figure at the right and divide it into two similar figures.
-
What is the most important or basic assumption made by all the matrix approaches in this chapter? What do we do if this assumption is not valid?
-
Assume relative volatilities are constant. a. Show that mole fractions for a bubble-point calculation are given by \[ \begin{equation*} \mathrm{y}_{\mathrm{i},...
-
The feed to a rectifying column is \(32.0 \mathrm{~mol} \% \mathrm{n}\)-butane, \(56.0 \mathrm{~mol} \% \mathrm{n}\)-pentane, and \(12.0 \mathrm{~mol} \% \mathrm{n}\)-hexane. Feed rate is \(100.0...
-
You are tasked with determining how to classify leases within your organization. There are multiple leases to be considered, and you are examining the details of each using machine learning to...
-
Smiths Family Fashions implemented a balanced scorecard performance measurement system several years ago. Smiths is a locally owned clothing retailer with fashions for men, women, teens, and...
-
Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the following separate statements. Assume a period of increasing costs. 1. Results in the highest cost of goods...
-
Franklin Co. reported the following year-end data: net income of $220,000; annual cash dividends per share of $3; market price per (common) share of $150; and earnings per share of $10. Compute the...
-
Analyze each of the following transactions by showing its effects on the accounting equation specifically, identify the accounts and amounts (including + or ) for each transaction. Jan. 1 Purchased...
-
The following information is available for Rapper Inc. - Taxable income in 2020: \(\$ 115,000\) - Accounts receivable on installment sales GAAP basis: \(\$ 150,000\) Tax basis: \(\$ 0\) - Tax rate:...
-
Cruse Corporation started operations on January 1,2020 . Taxable income from the tax return is \(\$ 2,850,000\). Income tax rate is \(25 \%\). There were no beginning balances in deferred tax...
-
For 2020, Raleigh Corporation had taxable income of \(\$ 100,000\) and an income tax rate of \(25 \%\). Raleigh had a \(\$ 75,000\) credit balance in its Deferred Tax Liability account. This credit...
Study smarter with the SolutionInn App