Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need ONLY 1a, 2a, 3a solved please p1S PE 4-1A Flow of accounts into financial statements EE4-1 OBJ. 1 The balances for the accounts

image text in transcribedi need ONLY 1a, 2a, 3a solved please

p1S PE 4-1A Flow of accounts into financial statements EE4-1 OBJ. 1 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained earnings statement, or balance sheet. 1. Accounts Receivable 2. Depreciation Expense-Equipment Retained Earnings 4. Office Equipment 7. Unearned Revenue PE 4-1B The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained earnings statement, or balance sheet 1. Accumulated Depreciation-Building 5. Prepaid Rent 2. Cash 3. Fees Eamed Flow of accounts into financial statements OBJ.1 EE4-1 p 154 7. Dividends Insurance Expense 8. Wages Expense PE 4-2A Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $618,500. During the year, Marcie invested an additional $40,000 in exchange for common stock, and $15,000 of dividends were paid. For the year ended December 31, 2015, Gemini Advertising Services reported a net income of $92,330. Prepare a retained earnings statement for the year ended December 31, 2015 Retained earnings statement EE 4-2 p 156 PE 4-2B Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2015, Re- tained Earnings had a balance of $918,000. During the year, no additional common stock was issued, and $15,000 of dividends were paid. For the year ended December 31, 2015, Grab Bag Delivery Services reported a net loss of $43,500 Prepare a retained earnings statement for the year ended December 31, 2015. Retained earnings statement EE4-2 p 156 EE4-3 p 18 PE 4-3A Classified balance sheet OBJ. 2 The following accounts appear in an adjusted trial balance of San Jose Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment, (c) current liability; (d) long-term liability; or (e) stockholders' equity section of the December 31, 2015, balance sheet of San Jose Consulting 1. Building . Salaries Payable 6. Supplies 7. Taxes Payable 8. Unearned Service Fees 3. Notes Payable (due in five years) 4. Prepaid Rent

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions