Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with these text book qustion. i cant seem to figure it out. 4-4 and 4-5 sorry thought i added the picture. Totals

i need help with these text book qustion. i cant seem to figure it out. 4-4 and 4-5
image text in transcribed
sorry thought i added the picture.
image text in transcribed
Totals of each of BS for the 125.000 184,000 32.000 QS 4-4 Interpreting a work sheet L01 The following information is from the work sheet for Hascal Company as of December 31, 2020. Using this information, determine the amount for Sam Hascal, Capital that should be reported on the December 31, 2020, balance sheet plete the Income Statement Debit Credit Balance Sheet and Statement of Changes in Equity Debit Credit 4,500 Cash 165,000 Sam Hascal, capital Sam Hascal, withdrawals Totals 32,000 115,000 74,000 QS 4-5 Classifying temporary and permanent accounts LO2 You are the accountant at Stephos Greek Taverna. After completing the December 31, 2020 financial state- ments, you need to post the closing entries to prepare for the 2021 year. Start the process by completing the following table. Required 1. Identify whether the following accounts are temporary or permanent with a "/" and 2. Determine what financial statement(s) each account is recorded on (income statement, balance sheet, or statement of changes in equity). Note that some accounts may be recorded on more than one financial statement. 271 QS 4-5 Classifying temporary and permanent accounts LO2 You are the accountant at Stephos Greek Taverna. After completing the December 31, 2020 financial state ments, you need to post the closing entries to prepare for the 2021 year. Start the process by completing the following table. Required Identify whether the following accounts are temporary or permanent with a "V" and 2. Determine what financial statement(s) each account is recorded on (income statement, balance sheet, or statement of changes in equity). Note that some accounts may be recorded on more than one financial statement 271

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Connect For Financial Accounting Information For Decisions

Authors: Author

10th Edition

1260386937, 9781260386936

More Books

Students also viewed these Accounting questions