Trial balance-account balances

Assignment Help Financial Accounting

Reference no: EM13863470

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $30,000; accounts receivable, $25,000; inventories, $39,000; equipment (net), $94,000; accounts payable, $28,000; wages payable, $12,000; interest payable, $8,000; note payable (due in 18 months), $44,000; common stock, $78,000.

Reference no: EM13863470

Questions Cloud

What is his federal income tax on these transactions : Oliver had the following transactions in 2014 involving capital assets: If Oliver is in the 33% tax bracket, what is his Federal income tax on these transactions? If Oliver is in the 15% tax bracket, what is his Federal income tax on these transactio..

Calculate income using the cash basis method of accounting : Susan is a lawyer who operates her business as a sole proprietorship. During 2014 she receives $300,000 for her legal services. Of the amount collected, $50,000 was for services provided in 2013. Calculate Susan’s income using the cash basis method o..

Managerial accounting techniques : Managerial accounting techniques are: The method of least squares is a statistical technique which is more precise but similar to. Jose Company uses a job order cost system. At the end of an accounting period, Jose has a debit balance in the Factory ..

Companys principal lime of business and major competitors : In no more than two typed pages, address the following questions related to your selected company: What is the company’s principal lime of business and major competitors? Calculate the 8 ratios for the current year. Investment decision: Provide a sta..

Trial balance-account balances : The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2016, the end of its fiscal year: cash, $30,000; accounts receivable, $25,000; inventories, $39,000; equipment (net), $94,000; accounts payable, $28,00..

Managerial accounting : Write an outline for the following research paper topic: Managerial Accounting: How managers can use accounting information to make better decisions.

Transaction on individual items of the accounting equation : The company completed consulting work for a client and immediately collected $6,500 cash earned. The company completed commission work for a client and sent a bill for $5,000 to be received within 30 days. Enter the impact of each transaction on indi..

Bookkeeper used straight-line depreciation : The first audit of the books of Bruce Gingrich Company was made for the year ended December 31, 2015. At the beginning of 2013, the company purchased a machine for $494,300 (salvage value of $52,600) that had a useful life of 6 years. The bookkeeper ..

Intermediate and final goods production : Explain why when using the expenditure method for determining GDP do we not include expenditure on intermediate goods, but when using the income method, we use the income of factors of production for both intermediate and final goods production?

User Account

All Pages