The completed financial statement columns of the worksheet for Niho Company are shown below. Instructions (a) Prepare
Question:
The completed financial statement columns of the worksheet for Niho Company are shown below.
Instructions
(a) Prepare an income statement, owner’s equity statement, and a classified balance sheet. S. Niho made an additional investment in the business of $4,000 during 2014.
(b) Prepare the closing entries.
(c) Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.
(d) Prepare a post-closing trialbalance.
Transcribed Image Text:
NIHO COMPANY Worksheet For the Year Ended December 31, 2014 Income Statement Balance Sheet Account No. 101 112 130 157 158 201 212 301 306 400 622 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip Accounts Payable Salaries and Wages Payable Owner's Capital Owner's Drawings Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 6,200 7,500 1,800 33,000 8,600 11,700 3,000 34,000 7,200 46,000 4,400 2,800 1,200 722 726 732 35,200 4,000 Totals Net Loss 47,600 46,000 55,700 57,300 1,600 1,600 47,600 47,600 57,300 57,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (19 reviews)
a S NIHO COMPANY Income Statement For the Year Ended December 31 2014 Revenues Service revenue 46000 Expenses Salaries and wages expense 35200 Mainten...View the full answer
Answered By
Niala Orodi
I am a competent and an experienced writer with impeccable research and analytical skills. I am capable of producing quality content promptly. My core specialty includes health and medical sciences, but I can competently handle a vast majority of disciplines.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Accounting questions
-
The completed financial statement columns of the worksheet for Muddy Company are shown below. Instructions(a) Prepare an income statement, an owner??s equity statement, and a classified balance...
-
The completed financial statement columns of the worksheet for Hubbs Company are shown below. Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance...
-
The completed financial statement columns of the worksheet for Lathrop Company are shown below. Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance...
-
an 5 of 5 | Review Mode: Question 13 of 20 A survey asked 1,150 pe to choose their favorite laundry detergent from brands D, E, and F. Of the people surveyed, percent chose D as their favorite brand....
-
Consider precipitation of Xx- with Mm+: xMm+ + mXx- MxXm Ksp = [Mm+]x[Xx-]m Write mass balance equations for M and X and derive the equation where [Xx-] = (Ksp/[Mm+]x)1/m. VM = .mca _ m[M" + ] + x[X"...
-
Find the indicated derivatives in Problems 926. y' for y = 0.4x7
-
The three general phases of analysis, design, and implementation are part of a ( _________________ ). (a) system development study (b) systems approach (c) expert system (d) decision support system
-
Foxboro Companys income statement for Year 2 follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $700,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . 4...
-
Balloons By Sunset (BBS) is considering the purchase of two new hot air balloons so that it can expand its desert sunset tours. Various information about the proposed investment follows: (Future...
-
The Western Pennsylvania Milk Company is producing milk at a fixed rate of 5,000 gallons/hour. The company's clients request 100,000 gallons of milk over the course of one day. This demand is spread...
-
The adjusted trial balance columns of the worksheet for Greenwood Company are as follows. Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b)...
-
Avalon Amusement Park has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below. Instructions (a) Prepare a complete worksheet. (b) Prepare a...
-
Which of the following strategies being considered by Kant is most likely to undermine or delay convergence with developed economies? A. Strategy 2 B. Strategy 4 C. Strategy 5 At a recent...
-
We have distinguished several concepts of consciousness -Creature Consciousness, Transitive Consciousness, and Phenomenal Consciousnessbeing the most important. Explain what Change Blindness,...
-
What depreciation method is used to write off property, plant and equipment? Regarding the triple bottom line, what information did the company disclose about environmental matters in the reports?...
-
Suppose an investor is considering investing $X in a one-month portfolio consisting of ONE risk-free asset and ONE ACTUAL (not synthetic) risky asset. Suppose r f = 2%, E [ r r ] = 18%, and r = 3%....
-
1. Consumers often make purchase decisions based on what they have purchased before. What can marketers do to help influence a shift in behavior for frequently purchased, low-elaboration goods like...
-
Convert the following C code to assembly: if (a b || c == 10) { . . . codel... } else { . . . code2... } ...more code...
-
Compare the original and the modified Bertrand duopoly models. State if the leader position in the modified Bertrand duopoly model is more beneficial for the first producer than a market position...
-
Match each of the key terms with the definition that best fits it. _______________ A record of the sequence of data entries and the date of those entries. Here are the key terms from the chapter. The...
-
What role do the concepts of space and place play in the analysis of entrepreneurship and economic development?
-
For the data presented in BE16-4, show the financial statement presentation of the trading securities and related accounts. Discuss.
-
For the data presented in BE16-6, show the financial statement presentation of the available-for-sale securities and related accounts. Assume the available-for-sale securities are noncurrent. Discuss.
-
Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 20% of all...
-
Situation 2 = Security issue The Country Director has left you an email about several recent security incidents in one of the field projects. He explains briefly that they have been unable to monitor...
-
Based on the KPMG Case study -Building Supply Chain Resilience through Digital Transformation - KPMGpdf, please share your thoughts on: How would you future proof you supply chain as a Supply Chain...
-
5 1 pts Joe, unfamiliar with busy highways in Phoenix, Arizona in the USA, unfortunately accidentally crashed his Tesla. Based on the following timeline, when would the mechanic recognize revenue...
Study smarter with the SolutionInn App