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5. Given the following post-closing trial balance, prepare a classified balance sheet: The December 31, 2021, post-closing trial balance for Antarctica Corporation is presented below:
5. Given the following post-closing trial balance, prepare a classified balance sheet: The December 31, 2021, post-closing trial balance for Antarctica Corporation is presented below: Prepare a classified balance sheet for the company as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) (6 points) 6. What accounts would appear on a post-closing trial balance? Give three examples. (1 point) 7. A company's cash balance is reported in which two financial statements? (1 point) 8. A company accepts Visa credit card as payment for $500 worth of house cleaning services. The company is charged a 2% service fee by the credit card company. What journal entry should the company make to record its credit card sales? (1 point) 9. At the beginning of the year, Retained Earnings had a $15,000 credit balance. During the year, the company had net income of $6,000 and paid dividends of $500. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? Show your calculations. (1 point) 10. Bank reconciliation: On September 30, Artisan Company's cash balance per its general ledger is $5,970. The bank's cash balance per the September 30 bank statement is $3,900. The following information is gathered from the bank statement and Concrete Company's records: a. What is Artisan Company's correct ending balance of cash on September 30 per the reconciliation? Show your calculations. (2 points) b. What journal entry should the company make after performing the bank reconciliation to record any items that increase cash? (1 point) c. What journal entry should the company make after performing the bank reconciliation to record any items that decrease cash? (1 point) 11. A company established a petty cash fund of $175. What journal entry should be made to establish the petty cash fund? (1 point) 12. At the end of March, there is $30 left in a company's $175 petty cash fund. Petty cash vouchers/receipts indicate cash expenditures for the following items: What journal entry should be made to recognize employee expenditures from the petty cash fund? (1 point) 5. Given the following post-closing trial balance, prepare a classified balance sheet: The December 31, 2021, post-closing trial balance for Antarctica Corporation is presented below: Prepare a classified balance sheet for the company as of December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) (6 points) 6. What accounts would appear on a post-closing trial balance? Give three examples. (1 point) 7. A company's cash balance is reported in which two financial statements? (1 point) 8. A company accepts Visa credit card as payment for $500 worth of house cleaning services. The company is charged a 2% service fee by the credit card company. What journal entry should the company make to record its credit card sales? (1 point) 9. At the beginning of the year, Retained Earnings had a $15,000 credit balance. During the year, the company had net income of $6,000 and paid dividends of $500. What is the ending balance of the Retained Earnings account after year-end closing entries have been posted? Show your calculations. (1 point) 10. Bank reconciliation: On September 30, Artisan Company's cash balance per its general ledger is $5,970. The bank's cash balance per the September 30 bank statement is $3,900. The following information is gathered from the bank statement and Concrete Company's records: a. What is Artisan Company's correct ending balance of cash on September 30 per the reconciliation? Show your calculations. (2 points) b. What journal entry should the company make after performing the bank reconciliation to record any items that increase cash? (1 point) c. What journal entry should the company make after performing the bank reconciliation to record any items that decrease cash? (1 point) 11. A company established a petty cash fund of $175. What journal entry should be made to establish the petty cash fund? (1 point) 12. At the end of March, there is $30 left in a company's $175 petty cash fund. Petty cash vouchers/receipts indicate cash expenditures for the following items: What journal entry should be made to recognize employee expenditures from the petty cash fund? (1 point)
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