The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as
Question:
The adjusted trial balance columns of the worksheet for Eagle Company, owned by Jeff Spiegel, are as follows.
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350.
(e) Prepare a post-closing trialbalance.
Eagle Company Worksheet For the Year Ended December 31, 2014 Adjusted Trial Balance Dr. 5,300 Account No 101 112 126 130 151 152 200 201 212 230 311 320 332 400 610 631 Account Titles Cr Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Common Stock Retained Earnings Dividcnds Service Revenuc Advertising Expense Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Interest Expensc 10,800 1,500 2,000 27,000 5,600 15,000 4,600 2,400 600 10,000 4,200 5,000 59,000 8,400 4,000 5,600 3,200 28,000 600 722 726 905 Totals 101,400 101,400
Step by Step Answer:
a EAGLE COMPANY Partial Worksheet For the Year Ended December 31 2014 Account Adjusted Trial Balance Income Statement Balance Sheet No Titles Dr Cr Dr Cr Dr Cr 101 Cash 5300 5300 112 Accounts Receivab...View the full answer
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follows. Instructions (a) Complete the worksheet by extending the balances to the financial statement...
-
The adjusted trial balance columns of the worksheet for Goode Company are as follows. InstructionsComplete theworksheet. GOODE COMPANY Worksheet (partial) for the Month Ended April 30, 2010 Adjusted...
-
The adjusted trial balance columns of the worksheet for Albanese Company are as follows. Instructions Complete theworksheet. Albanese Company Worksheet (partial) For the Month Ended April 30, 2014...
-
Considerations that affect the selection of an inventory costing method do not include: (a) tax effects. (b) balance sheet effects. (c) income statement effects. (d) perpetual vs. periodic inventory...
-
If central banks never intervened in foreign exchange markets, could there be deficits or surpluses in a country's balance of payments? Explain.
-
Dana Rand owns a catering company that prepares banquets and parties for both individual and business functions throughout the year. Rand's business is seasonal, with a heavy schedule during the...
-
A 48 in plasma television uses about 200 W. How many kilowatt-hours are needed to run the television in a month if the television is one for an average of 2.5 hours a day?
-
(Expenditures vs. Expenses) Family Services, a small social service nonprofit agency, began operations on January 1, 20X1, with $40,000 cash and $150,000 worth of equipment, on which $60,000 was owed...
-
[ The following information applies to the questions displayed below. ] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and...
-
Territory and Product Profitability Analysis Pipeline Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific Pounder. These surfboards are sold in two regions,...
-
The trial balance columns of the worksheet for Firmament Roofing at March 31, 2014, are as follows. Other data: 1. A physical count reveals only $550 of roofing supplies on hand. 2. Depreciation for...
-
The completed financial statement columns of the worksheet for Lathrop Company are shown below. Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance...
-
Global Insurance is a disability insurance company. Traditionally, it has organized its corporate headquarters around functional specialties. After an application for an insurance policy arrives at...
-
Which of the following comparisons would be most useful to an auditor in evaluating the overall financial results of an entity's operations? a. Prior-year accounts payable to current-year accounts...
-
Debate the usefulness or otherwise of personal references when appraising salespeople for a specific position.
-
List five report modification features of QuickBooks Accountant that can be applied to an income statement.
-
Identify the different periods of time that QuickBooks Accountant provides for an income statement.
-
Based on the SWOT analysis, what are your recommendations for ASOSs choice of selling channel?
-
Value Lodges owns an economy motel chain and is considering building a new 200-unit motel. The cost to build the motel is estimated at \($8\),000,000; Value Lodges estimates furnishings for the motel...
-
What is the difference between direct materials and indirect materials?
-
End to end, the Verrazano-Narrows and the George Washington bridges would span 7,760 ft. If the Verrazano-Narrows is the longer of the two New York structures by \(760 \mathrm{ft}\), how long is it?
-
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2010, for $562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July...
-
Siburo Company issued $300,000, 11%, 10-year bonds on January 1, 2010, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1...
-
Patino Company issued $400,000, 9%, 20-year bonds on January 1, 2010, at 103. Interest is payable semiannually on July 1 and January 1. Patino uses straight-line amortization for bond premium or...
-
Cost Allocation at Ford Values: Total Overhead Costs: $1,000,000 Cost Drivers: Machine hours, Number of setups Requirements: Allocate overhead costs using traditional costing methods. Implement an...
-
Activity-Based Costing at Toyota Values: Activity Units Produced Overhead Cost Activity 1 60,000 units $3,000,000 Activity 2 80,000 units $5,000,000 Requirements: Allocate the overhead costs using...
-
A company produced 25,000 units during the month. Total manufacturing costs, including direct materials, direct labor, and factory overhead, amounted to $500,000. If the ending inventory was valued...
Study smarter with the SolutionInn App