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Can somebody answer these questions for me? I want to check my answers. CUMULATIVE REVIEW PROBLEM: CHAPTER 4 The purpose of this problem is to
Can somebody answer these questions for me? I want to check my answers.
CUMULATIVE REVIEW PROBLEM: CHAPTER 4 The purpose of this problem is to provide an opportunity to review both new concepts in the current chapter and major concepts in previous chapters. This cumulative review should assist you in integrating accounting concepts and preparing for examis. Use the following data for the next 3 questions: Joy Company reports these account balances at December 31, 2011 after closing entries have een made: Accounts Payable Equipment Cash Accounts Receivable Accumulated Depreciation Buildings Common Stock Retained Earnings Unearned Revenue 65,000 62,000 88,000 50,000 80,000 50,000 110,000 180,000 75,000 20,000 On January 1, 2012, Joy collected $20,000 of its accounts receivable, paid $10,000 of accounts payable, and sold $30,000 of additional shares of common stock. I. In a trial balance prepared at December 31, 2011, the total of the debit column is 2. After er recording the January 1, 2012 transactions, in a trial balance prepared at January 1, 2012, the total of the debit column is: er recording the January 1, 2012 transactions, on January 1, 2012, the balance sheet would balance at 3. Aft 192 CHAPTER 4 Use the following data for the next 4 questions: Shown below is an adjusted trial balance for Lisa's Bikes on December 31, 2011: LISA's BIKES ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash Accounts Receivable Office Equipment Accounts Payable Depreciation Expense Accumulated Depreciation Common Stock Salaries Payable Retained Earnings Dividends Fees Revenue Prepaid Rent Salaries Expense Advertising Expense Rent Expense $1,000 1,200 2,050 550 50 3,000 100 1,600 200 4,100 300 3,700 800 $9,500 4. Compute net income or (loss) for 2011. 5. Compute the ending balance in Retained Earnings as of December 31, 2011, after closing 6. Compute the dollar amount the balance sheet would balance at as of December 31, 2011 7. Compute total curent liabilitieson the balance sheet as of December 31, 2011. entries are made
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