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Question
Listed below are some selected Items that may appear on a corporate income statement. Indicate the order in which these items would appear on an income statement. (The first one should be assigned the number “1”, the second “2,” etc.)
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the difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a.market value of the asset b.blue book value of the asset c.book value of the asset d.depreciated difference of the asset
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selected transactions from the journal of giambi inc. during its first month of operations are presented here.DateAccount TitlesDebitCreditAug. 1Cash10,000 Common Stock 10,00010Cash1,700 Service Revenue 1,70012Equipment8,200 Cash 1,200 Notes Payable 7,00025Accounts Receivable2,500 Service Revenue 2,50031Cash600 Accounts Receivable 600instructions(a)post the transactions to t-accounts.(b)prepare a trial balance at august 31, 2014 .
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an adjusted trial balance proves the ______________ of the total debit and credit balances after all ______________ entries have been made.
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The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts its accounts at the end of each month. The selected accounts appearing below reflect balances after adjusting entries were prepared on April 30. The adjusted trial balance shows the following:Prepaid Rent $ 15,000Fencing 42,000Accumulated Depreciation—Fencing 5,500Unearned Ticket Revenue 400Other data:1. Three months' rent had been prepaid on April 1.2. The fencing is being depreciated at $6,000 per year.3. The unearned ticket revenue represents tickets sold for future zoo visits. The tickets were sold at $4.00 each on April 1. During April, twenty of the tickets were used by customers.Instructions:(a) Calculate the following:1. Monthly rent expense.2. The age of the fencing in months.3. The number of tickets sold on April 1.(b) Prepare the adjusting entries that were made by the Golden Petting Zoo on April 30.
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the ______________ assumption states that the economic life of a business can be divided into artificial time periods.
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On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week.Instructions:(a) Prepare the necessary adjusting entry at year end, assuming December 31 falls on Wednesday.(b) Prepare the journal entry for payment of the week's wages on the payday which is Friday, January 2 of the next year.