Entries by Grace Wahito

(TCO D) The following balance sheet was prepared by the bookkeeper for King Company as of December 31, 201X.

February 12, 2020 in /by

(TCO D) The following balance sheet was prepared by the bookkeeper for King Company as of December 31, 201X. King Company Balance Sheet as of December 31, 201X is as follows. Cash $ 80,000 Accounts payable $ 75,000 Accounts receivable (net) 52,200 Long-term liabilities 100,000 Inventories 57,000 Stockholders’ equity 218,500 Investments 76,300 Equipment (net) 96,000 […]

 

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(TCO B) Adjusting entries: Minnie Smile, D.D.S. opened a dental practice on January 1, 201X.

February 12, 2020 in /by

(TCO B) Adjusting entries: Minnie Smile, D.D.S. opened a dental practice on January 1, 201X. During the first month of operations the following transactions occurred: performed services for patients who had dental plan insurance. At January 31, $1,000 of such services was earned but not yet billed to the insurance companies. Salaries were incurred totaling […]

 

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(TCO B) Adjusting entries: Wizard Industries purchased $12,000 of merchandise

February 12, 2020 in /by

(TCO B) Adjusting entries: Wizard Industries purchased $12,000 of merchandise on February 1, 2010, subject to a trade discount of 10% and with credit terms of 3/15/, n/60. It returned $3,000 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Assuming that Wizard uses the periodic method for recoding […]

 

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(TCO C) Presented below is information related to Tidal Wave Company.

February 12, 2020 in /by

(TCO C) Presented below is information related to Tidal Wave Company. Retained earnings, December 31, 20X2   $ 2,350,000 Sales  2,600,000 Selling and administrative expenses  240,000 Earthquake loss (pre-tax) on plant (extraordinary item)  250,000 Cash dividends declared on common stock     53,600 Cost of goods sold                      1,000,000 Gain resulting from computation error on depreciation charge in 2009 (pre-tax)  520,000 Other […]

 

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