User Account

All Pages

Set up balance sheet on December

Assignment Help Accounting Basics
Reference no: EM132472148

Problem - On December 31, Morgan Company had the following list of account balances.

Accounts Payable $48300

Drawing $19400

Accounts Receivable $39900

Equipment $36300

Accumulated Depreciation, Buildings $55400

Prepaid Rent $18500

Accumulated Depreciation, Equipment $19900

Rent Expense $7500

Beginning Capital $112000

Salaries Expense $4000

Buildings $108000

Salaries Payable $1900

Cash $59900

Service Revenue $92600

Depreciation Expense, Buildings $10300

Supplies $19900

Depreciation Expense, Equipment $3000

Supplies Expense $3400

Required - Set up balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending capital.

Reference no: EM132472148

Questions Cloud

What is the after-tax income : In late December, he performed $33,000 of legal services for a client. What is the after-tax income if Hank sends his client the bill in January
Prepare the entry to record the exchange : Record annual depletion for the first year, ended August 31, 2017. (Credit account titles are automatically indented when the amount is entered
What is Heather Taxable income and Income tax : For the year, Heather is employed and has wages of $81,400. What is Heather's Taxable income and Income tax is she files single
What are sandi co total non-current assets : If during 20x3, $20160 dividends were paid by the corporation and no net income was earned, what is the 20x3 opening retained earnings amount?
Set up balance sheet on December : Accounts Receivable $39900. Set up balance sheet on December 31. Hint: You will need to determine the net book value for equipment and buildings
What is the current value of the lease : Car dealer is willing to lease you a new car for $190 a month for 36 months. If you cost of money is 6.5 percent, what's the current value of the lease
What are taxable differences between the two types of income : What are taxable differences between the two types of income? Compare the tax consequences of unemployment compensation versus workers compensation.
How do decrease cash and increase items in home : In Principles of accounting T Accounts. How do you enter $200 worth of jewelry purchased with cash? Do You decrease cash and increase Items in Home?
What are the basic earnings per share and diluted earnings : The Grouper Corporation issued 10-year, $5,270,000 par, What are the Basic earnings per share and Diluted earnings per share .

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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