Prepare the trial balance

Assignment Help Accounting Basics
Reference no: EM13281438

The transactions of Spade Company:
a. Kacy Spade, owner, invested $13,750 cash in the company.
b. The company purchased office supplies for $399 cash.
c. The company purchased $7,604 of office equipment on credit.
d. The company received $1,623 cash as fees for services provided to a customer.
e.
The company paid $7,604 cash to settle the payable for the office equipment purchased in transaction c.
f. The company billed a customer $2,915 as fees for services provided.
g. The company paid $510 cash for the monthly rent.
h.
The company collected $1,224 cash as partial payment for the account receivable created in transaction f.

i. Kacy Spade, withdrew $1,100 cash from the company for personal use.
Prepare the Trial Balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues, and Expenses.)

Reference no: EM13281438

Questions Cloud

What is the default risk premium on the corporate bonds : what is the default risk premium on the corporate bonds? Round your answer to two decimal places.
Explain and propose a structure for a c6h15o2n compound : Propose a structure for a C6H15O2N compound that is unstable in aqueous acid and has the following NMR spectra:1H NMR:
How large must the annual payments : They expect their investment account to earn 9%. How large must the annual payments at t = 5, 6, and 7 be to cover Ellen's anticipated college costs?
What would be he initial angular acceleration of the beam : suppose a large crate of 300kg is hung from a uniform steel beam of mass 100kg and 2 meters in length. what would be he initial angular acceleration of the beam
Prepare the trial balance : Prepare the Trial Balance. (The items in the Trial Balance should be grouped as follows: Assets, Liabilities, Equity, Revenues, and Expenses.)
Explain to change the equilibrium constant from kp to kc : To change the equilibrium constant from Kp to Kc, the value of RT at room temp. (25'C) you would have use is:
Determine the number of resistors and current in each branch : A certain parallel resistor circuit consists of only ½ W resistors. The total resistance is 1.0 k-ohm, and the total current is 50 mA. If each resistor is operating at one-half its maximum power level
What will net increase or decrease in the annual flotation : The amortization of flotation costs reduces taxes, and thus provides an annual cash flow. What will the net increase or decrease in the annual flotation cost tax savings be if refunding takes place?
What is the maximum potential energy : A particle attached to a spring with k  50 N/m is undergoing simple harmonic motion, and its position is described by the equation x  (5.7 m)cos(7.5t), What is the maximum potential energy

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the free cash flow for the current year

Net income = 400 , net opening profit after taxes (NOPAT) = 600 , total asset = 2000 and total net operating capital =1800 . the information for the current year is : net income = 900 , net operating profit after taxes (NOPAT)= 800, total assets =..

  Partner in the kkm partnership

Tom is a 40% partner in the KKM Partnership. During the current year, KKM reported gross receipts of 160,000 and a charitable contribution of 10,0000.

  Affecting the election

Mary, a U.S. citizen owned 25% of the stock of Floran Corporation, an electing S corporation. At the time of her death, the Floran stock may go to all the following without affecting the S election except

  Compute the company basic eps

Compute the company's basic EPS for 2009. Compute the company's diluted EPS for 2009. Compute the company's book value per share at December 31, 2009. Compute the company's book value per share at December 31, 2009 assuming conversion of the preferr..

  Examining the financial statements of gamma corporation

Jones was engaged to examine the financial statements of Gamma Corporation for the year ended June 30. Having completed an examination of the investment securities, which of the following is the best method of verifying the accuracy of recorded di..

  Determining annual amount of payroll

Using the activity base info in (a), determine the annual amount of payroll and purchasing costs charged back to the Residential, COmmercial, and Government contract divisions from payroll and purchasing services.

  Determine the amount of dividends paid each year

Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.

  Determining manufacturing and net income

The Adler Company manufactures a product with a unit variable cost of $50 and a unit sales price of $88. Fixed manufacturing costs were $240,000 when 10,000 units were produced and sold.

  Valid appropriation

It is illegal for a government to spend money for any purpose unless a valid appropriation for that purpose exists. Does this legal rule assure good financial management for each government? Why or why not?

  Price variance and quantity variance

Explain why the quantity purchased is used in computing the direct materials price variance, but the actual quantity consumed is used in computing the direct materials quantity variance.

  How much is lori basis in her remaining stock

Med Inc. had one class of stock outstanding. The one class of stock was owned 50 percent by Lori and 25 percent by each of Lori's parents. In the current taxable year, Med Inc. redeemed 25 percent of Lori's 50 percent, and in exchange for the stoc..

  What is the remaining obligation

What is the remaining obligation on January 1, 2010 after the first payment has been made?

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!

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