Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone show me the answers for G-2, G-3 and G-4? if with explanations of why mine are wrong will be great, thanks a lot
Can someone show me the answers for G-2, G-3 and G-4?
General questions G-1 FGHI Corp's Trial Balance is below. For each account , determine whether it is Column 1: a Temporary (T) account, or Permanent (P) account Column 2: an Asset (A), Liability (L.), or Owners Equity (OE) account Tor P or OE Cash Adjusted Trial Balance Column 1 Column 2 12/31/2018 A or L Account Debit Credit 2,555,600 Accounts payable 1.800 Inventory 5,000 Common stock 2,000,000 Depreciation expense V 400 Retained earnings 45,666 Office supplies 1,850 DE A Prepaid insurance expense 23,000 Revenues 98,000 Accrued interest expense 5,000 Interest payable 10000 Accounts receivable 61,800 Bank loan 500,000 Supplies expense 150 Uncamed revenue 7 20,000 Computer/Machinery 21,266 Advertising expense 1,400 Revene 2,675,466 2,675,466 Expense. G-2. Given the Adjusted Trial Balance above, show the closing entry(s) that FGHI Corp makes for R 12/31/2018. Revene 98.00 Depreesesion epouse too W,T Regaid incuciree expense 23,00 Y Accmal internet expense bow lyphes expense Adresy pose 400 RE (Resand kamings) 68029 X 9 1050 . Calculate FGHI's Net Income for the year ended 12/31/2018. Show your work. Inte 98000 - (Hoot about sustby +1400) = 68050 X luso x 25 G-4. Given the information above, create FGHI's Statement of Retained Earnings. Asets - Liabiling = Stockhadler's baurity if with explanations of why mine are wrong will be great, thanks a lot
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started