User Account

All Pages

Create t accounts for all accounts

Assignment Help Cost Accounting
Reference no: EM13550220

The trial balance of Dealer's Choice Wholesale Company contained the accounts shown at December 31, the end of the company's fiscal year.

341_adjusting entries.PNG

Adjustment data:

1. Depreciation is $8,000 on buildings and $7,000 on equipment. (Both are operating expenses.)

2. Interest of $4,500 is due and unpaid on notes payable at December 31.

3. Income tax due and unpaid at December 31 is $24,000.

Other data: $15,000 of the notes payable are payable next year.

Instructions

(a) Journalize the adjusting entries.

(b) Create T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.

(c) Prepare an adjusted trial balance.

(d) Prepare a multiple-step income statement and a retained earnings statement for the year, and a classified balance sheet at December 31,2012.

Reference no: EM13550220

Questions Cloud

Compute cost of goods sold for august 2010 : Prepare an income statement for August 2010. Assume that Petersham's income tax rate is 40 percent. Sales for August 2010 were $985,000.
Define how many grams of nacl : How many grams of NaCl would you need to add to a a 1 L water sample (pH=7) so the ionic strength equaled 0.1M
Determine the weakest-performing store and present : Local advertising decisions are made at the store manager level. The sales manager''s salary in Savannah is determined by the Savannah store manager, in contrast, store manager salaries are set by Piedmont Noveltie''s vice president.
Explain combustion of g grams of butane in excess oxygen : Obtain an expression in terms of G giving the number of grams of H20 that can be formed by the combustion of G grams of butane in excess oxygen
Create t accounts for all accounts : Create T accounts for all accounts used in part (a). Enter the trial balance amounts into the T accounts and post the adjusting entries.
Find the electrical forces on each body : Two charged bodies separated by a distance d exert an electrical force on each other. The charge on one of the bodies is doubled. The electrical forces on each body now
Retirement plans would you recommend for toms business : Which of the following retirement plan alternatives would allow Tom the greatest deductible contribution while providing him with only a small cash flow commitment each year based on 2014 plan contribution limits?
Explain the mass of salt and water in the mixture : A 50.0 kg mixture of salt and water is 15.0% (by mass) salt. give the mass of salt and water in the mixture
Explain an unknown metal m reacts with sulfur : An unknown metal M reacts with sulfur to form a compound with the formula M2S. If 12.33 g of M reacts with 3.11 g of S, what are the names of M and M2S

Reviews

Write a Review

Cost Accounting Questions & Answers

  A company incurred the following monthly utility costs last

a company incurred the following monthly utility costs last yearin january 11000 pounds of the product produced at a

  Prepare stockholders equity section of the balance sheet

Prepare the stockholders equity section of the balance sheet for Wells Fargo as of December 31, 2009.

  Riposte corporation manufactures a computer chip called xd1

riposte corporation manufactures a computer chip called xd1. manufacturing cost of one xd1 chip excluding rework costs

  Calculate the effective borrowing costs

Evaluate the lender's yield with no prepayment and calculate the lender's yield with prepayment is five years and calculate the effective borrowing costs with prepayment in five years

  Public university transactions the statement of net assets

public university transactions. the statement of net assets of green tree state university a governmentally owned

  Question related to starbucks

Find Starbucks Mission statement and analyze it and explain what is Starbucks goals and objectives

  Establish and maintain accounting information systems

Andrew Dore is a system consultant with The Wizards Pty Ltd. Andrew's friend Justin has opened a new boat yard business, Floating Free Pty Ltd.

  How much would be allocated to meats

Family Supermarkets currently uses a single-driver system to allocate period costs to its product lines. The single driver that is used is the Cost of Goods Sold for each product line. Using this system, compute the allocation to Packaged Foods.

  Elements of critical thinking

Elements of critical thinking described on the inside front cover, comment - depreciation is calculated using straight-line; useful life 20 years; residual value $250,000

  Calculate the net present value and internal rate of return

An inventory of spare parts for the robotic equipment would be purchased immediately at a cost of $60,000. This investment in working capital would be maintained throughout the life of the equipment. At the end the parts would be sold for $60,000

  Measure the income of a business enterprise

Describe the factors to be considered in determining when revenue should be recognized in measuring the income of a business enterprise and describe the accounting alternatives that Bonanza Trading Stamps, Inc. could consider for the recognition o..

  Prepare the journal entry to record payment

Prepare the journal entries to record the transactions listed above on the books of Percy Co. Percy Co. uses a perpetual inventory system.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd