The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in
Question:
The March 31, 2020, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order.
Required
Preparation Component:
a. Place an X in the space provided beside each account balance that would not appear on the post-closing trial balance.
b. Calculate the post-closing balance in the owner?s capital.
Analysis Component: Explain why the account balances identified in part (a) would not appear on the post-closing trial balance.
Debit Credit $ 31,000 Accounts payable $ 48,000 Accounts receivable. Accumulated depreciation, equipment. Accumulated depreciation, truck. 9,000 21,000 Cash. 14,400 3,800 Depreciation expense. Equipment. 19,000 21,000 Franchise. Gas and oil expense. 7,500 7,000 Intangible asset Interest expense. Interest payable. Land not currently used in business operations 450 750 148,000 Long-term notes payable'. Notes payable, due February 1, 2021 Notes receivable?. 35,000 7,000 6,000 Prepaid rent Rent expense Repair revenue Repair supplies. Repair supplies expense.. Truck. Unearned repair revenue Vic Sopik, capital. Vic Sopik, withdrawals Totals 14,000 51,000 266,000 13,100 29,000 26,000 12,600 74,900 49,000 $457,250 $457,250 '$5,000 of the long-term note payable is due during the year ended March 31, 2021. 2$2,000 of the notes recelvable will be collected by March 31, 2021.
Step by Step Answer:
Part A Account Title Adjusted Trial Balance Debit Credit Accounts payable 31000 Accounts receivable ...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The March 31, 2017, adjusted trial balance for Amusement Park Repair is shown below with accounts in alphabetical order. Required Preparation Component: a. Place an Xi the space provided beside each...
-
This March 31, 2019, adjusted trial balance for RJs Baseball Academy has been alphabetized as follows. Prepare the closing entries and the post-closing trial balance for the company Account Name Dr....
-
The trial balance and other information for consulting engineers Mustang Rovers Consulting Limited follow: Additional information: 1. Service revenue includes fees received in advance from clients of...
-
int Temp [10] = { 22, 30, 40,28,20,60}; For the above code, answer the following questions i) Find the size of Temp array. ii) How many memory locations are present in Temp array ? iii) Find the...
-
Suppose that f (x) and g(x) are discontinuous at x = c. Does it follow that f (x) + g(x) is discontinuous at x = c? If not, give a counterexample. Does this contradict Theorem 1 (i)?
-
A batch of solids of uniform size is treated by gas in a uniform environment. Solid is converted to give a nonflaking product according to the shrinking-core model. Conversion is about $ for a...
-
Its not like what youve done has really hurt anyone. At most, the missing money might cost earnings-pershare, maybe a penny. Is that what caused you to write those checks in the name of your company?
-
Special Order Louisville Corporation produces baseball bats for kids that it sells for $32 each. At capacity, the company can produce 50,000 bats a year. The costs of producing and selling 50,000...
-
Suppose a company pays its regular wage for employees working up to 40 hours a week, and overtime pay 50% greater(time and a half) for hours worked over 40 hours. Assuming employe es have full...
-
You have an appointment to see George Kirby, sales office manager of Plastic Foods Ltd, with regard to the hire of a Mordex photocopier. You are bristling with anticipation as you know the present...
-
An alphabetical list of the adjusted trial balance accounts for North Country Rentals after its first year of operations ending March 31, 2020, is shown below: Required 1. Calculate the capital...
-
Jozef?s Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30, 2020: Required 1. Identify the error(s) in the post-closing trial...
-
For Exercises 27 through 36, find and If the limiting value is infinite, indicate whether it is + or . f(x) = x 3 4x 2 4 X lim f(x) 00
-
Consider the circuit shown below. v(t) R C Here R = 3 KQ, C = 6 nF, and 1=1 mH. The voltage source is vt) (12 V) sin(w), where w=39 krad/s. = The current through the source is (t) = f sin(wt+0),...
-
If f(x) = f'(x) = x - 3 x +3 3x (x + 3) f'(3) = 33 (3+3) find:
-
Suppose the current yield on a one-year zero-coupon bond is 4 %, while the yield on a five-year zero-coupon bond is 6 %. Neither bond has any risk of default. Suppose you plan to invest for one year....
-
To analyze a stock, you have estimated the single-index model: ri - rf = alpha + beta x (ri - rm) + ei, for the stock using a market index portfolio. The following table summarizes the model...
-
Find the value for k so that the function will be continuous at x = -5. f(x) 5x+45x + 100 x+5 -7 3x2 12x + 12+ k if x < -5 if x -5
-
Holysh Inc. reported a current ratio of 1.5:1 in the current year, which is higher than last year's current ratio of 1.3:1. It also reported an acid-test ratio of 1:1, which is higher than last...
-
What mass of H2 will be produced when 122 g of Zn are reacted? Zn(s) + 2HCl(aq) ( ZnCl2(aq) + H2(g)
-
What are the four functions associated with payroll activities?
-
Identify two additional types of fringe benefits associated with employees compensation.
-
Often during job interviews, the candidate asks the potential employer about the firms paid absences policy. What are paid absences? How are they accounted for?
-
The bonds of Venture Ltd . has 8 years remaining to maturity. Its annual coupon rate is 6 % with a face value of $ 1 , 0 0 0 . The prevailing market interest rate is 8 % . The interest is paid semi -...
-
Convert the following C functions into ARMv8 assembly language. Again, comment each line of assembly code on what it does. Note that local variables should be kept in function's stack frame. 1)...
-
What are the four main types of financial services?Which type of financial services will help you accomplish your short, intermediate, and long-term goals?For example, I use savings financial...
Study smarter with the SolutionInn App