Business, 16.10.2020 03:01 kaseykrueger47
Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
The following information applies to the questions displayed below. The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances:
Accounts Debits Credits
Cash $ 4,000
Accounts Receivable 9,000
Supplies 3,000
Equipment 26,000
Accumulated Depreciation$ 6,000
Accounts Payable 4,000
Utilities Payable 5,000
Deferred Revenue 0
Common Stock 18,000
Retained Earnings 9,000
Totals $ 42,000 $ 42,000
The following is a summary of the transactions for the year:
1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000.
2. March 13 Collect on accounts receivable, $48,000.
3. May 6 Issue shares of common stock in exchange for $10,000 cash.
4. June 30 Pay salaries for the current year, $32,000.
5. September 15 Pay utilities of $5,000 from 2020 (prior year).
6. November 24 Receive cash in advance from customers, $8,000.
7. December 30 Pay $2,000 cash dividends to stockholders.
The following information is available for the adjusting entries.
Depreciation for the year on the machinery is $6,000.
Plumbing supplies remaining on hand at the end of the year equal $1,000.
Of the $8,000 paid in advance by customers, $6,000 of the work has been completed by the end of the year.
Accrued utilities at year-end amounted to $7,000.
Prepare the income statement for the year ended December 31 2021.
Prepare an adjusting trial balance.
Answers: 2
Business, 22.06.2019 03:30, autumnxng3094
Lindon company is the exclusive distributor for an automotive product that sells for $30.00 per unit and has a cm ratio of 30%. the company’s fixed expenses are $162,000 per year. the company plans to sell 20,200 units this year. required: 1. what are the variable expenses per unit? (round your "per unit" answer to 2 decimal places.) 2. what is the break-even point in unit sales and in dollar sales? 3. what amount of unit sales and dollar sales is required to attain a target profit of $72,000 per year? 4. assume that by using a more efficient shipper, the company is able to reduce its variable expenses by $3.00 per unit. what is the company’s new break-even point in unit sales and in dollar sales? what dollar sales is required to attain a target profit of $72,000?
Answers: 2
Business, 22.06.2019 04:50, smeeden
Allie and sarah decided that they want to purchase renters insurance for the apartment they share. they made a list of all of the items to be covered by the insurance policy, along with their estimated values. if the items to be covered total more than $3000, the insurance company charges an annual premium of 23% of the total value of the items. if the items to be covered total $3000 or less, the insurance company charges an annual premium of 20% of the total value of the items.
Answers: 1
Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
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