The worksheet for Taufoou Company shows the following in the financial statement columns. Owners drawings $22,000 Owners

Question:

The worksheet for Ta’ufo’ou Company shows the following in the financial statement columns.
Owner’s drawings $22,000
Owner’s capital 70,000
Net income 41,000
Prepare the closing entries at December 31 that affect owner’s capital.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting Principles

ISBN: 978-0470534793

10th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Oct 24, 2011 07:57 AM

See More Questions

Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 24. Depreciation on the equipment is $12,000 per year. In BE 2-4, Prepare journal entries for each of the...
Prepare the necessary adjusting entries at December 31 for each of the items listed in BE 24. Depreciation on the equipment is $12,000 per year.
The completed financial statement columns of the worksheet for Muddy Company are shown below. Instructions (a) Prepare an income statement, a retained earnings statement, and a classified balance...
If the arch rib $A B C D E$ in Figure $\mathrm{P} 6.30$ is to be funicular for the dead loads shown at the top joints, establish the elevation of the lower chord joints at $B$ and $D$. 40...
Name and describe three drivers for counterattacks.
a . What six steps are required to open a general ledger account? b . List the steps in the posting process.
The following questions are based on Seinfeld Corporation, which manufactures a product that gives rise to the by-product Castanza. The only cost associated with Castanza is the additional processing...
Marika Jonssen is the controller of Bramer Corporation, a globally competitive producer of standard and custom-designed window units for the housing industry. As part of the corporations move to...
Current Attempt in Progress Marigold Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Mar. Invested $...
The function c(w) = 0.06w + 0.5 represents how many cups of food a dog weighing w pounds should eat per day. The model suggests that Luna, a Boston Terrier, should eat 2 cups of dog food per day. How...
Averell Spicer is preparing a worksheet. Explain to Averell how he should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet. Service Revenue...
Chester Taylor recently received the following information related to Taylor Companys December 31, 2012, balance sheet. Inventory $ 2,900 Short-term investments $1,200 Cash 4,300 Accumulated...
Where do analysts get financial information about companies? What are their concerns about the information?
Let two planes be given by 2x-y+z = 8 and z = x+y-5 (a) Find the angle between the two planes. Leave your answer in degrees and round to the nearest tenth. (b) Find the vector equation of the line of...
9-2. The profile of a gear tooth shown in Fig. P9.2 is approximated by the trigonometric equation y(x) = a. Estimate the area A using eight rectangles of equal width A x = 1/8, b. Calculate the exact...
tube is hinged to a rotating base as shown in Fig. 4. At the instant shown, the base rotates about the z axis with a constant angular velocity ! 1 = 2 rad/s. At the same instant, the 2 tube rotates...
Find the limit analytically. -7x2+5x-10 lim 0 9x+13x+11 Find the limit analytically. lim +80 4x-13 5x+6x-11
Write a recursive function for the running time T(n) of the function given below. Prove using the iterative method that T(n) = (n). function( int n) { if(n=1) return; for(int i = 1; i
How are intercompany receivables and payables of equity investees reported in parent-company and consolidated financial statements? AppendixLO1
A fuel pump sends gasoline from a car's fuel tank to the engine at a rate of 5.88 10-2 kg/s. The density of the gasoline is 735 kg/m3, and the radius of the fuel line is 3.18 10-3 m. What is the...
Dry weather has delayed rice planting and harvests will be low. But wheat is enjoying a bumper crop. Using the demand and supply model, explain how the prices of rice and wheat will change and how...
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Cotte Corporation. Additional information:1. The receivables turnover for 2011 is 10 times.2. All...
Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2010. The 2010 operating results for the company...
The ledger of LaRussa Corporation at December 31, 2010, contains the following summary data. Net sales ......... $1,700,000 Cost of goods sold ..... $1,100,000 Selling expenses ........ 120,000...
nformation pertaining to Noskey Corporation s sales revenue follows: November 2 0 2 1 ( Actual ) December 2 0 2 1 ( Budgeted ) January 2 0 2 2 ( Budgeted ) Cash sales $ 1 0 5 , 0 0 0 $ 1 1 5 , 0 0 0...
The management team of Netflix maintains a stable dividend using the Lintner model: Dt+1 = Dt + EPS Target Payout Where Dt (Dt+1) = dividend in the current period t (the next period t + 1) EPSt =...
#1 #2 hapter 50 10 D Werences lav Help Required information [The following information applies to the questions displayed below) Archer Company is a wholesaler of custom-built air-conditioning units...

The worksheet for Taufoou Company shows the following in the financial statement columns. Owners drawings $22,000 Owners

Question:

Step by Step Answer:

Dec 31 Income Summary ...View the full answer

Accounting Principles

Students also viewed these Accounting questions