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Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into transactions. In Part 1 of this problem, the accounting cycle was completed up through the preparation of the adjusted trial balance. Required: 1. If you completed the end-of-period work sheet in Part 1, use the adjusted trial balance figures to prepare an income statement, a statement of owner’s equity, and a balance sheet. If you didn’t complete the end-of-period work sheet in Part 1, use the ledger (the Excel spreadsheet) to prepare an income statement, a statement of owner’s equity, and a balance sheet. Be sure to read the instructions above each statement carefully. 2. A. Prepare the closing entries on Page 8 of the journal. Refer to the Chart of Accounts for exact wording of account titles. B. Use the spreadsheet to post the closing entries to the ledger of four-column accounts. Add the appropriate posting reference to the journal in Cengage NOW. 3. Prepare a post-closing trial balance.
Is the company financed mainly by creditors or stockholders? Which financial statement indicates this? By how much did cash increase (decrease)? Which financial statement would report the reasons for this change in cash? Was the company profitable? W..
1.which of the following statements best describes the optimal capital structure?a.the optimal capital structure is the
could see no reason for the delay in recognising the revenue. Do you agree with the owner or the accountant? Respond to the owner, explaining the accountant's position. Ignore GST.
Week 4 Assignment 2 Submission . Click the link above to submit this assignment. Students, please view the "Submit a Clickable Rubric Assignment" video in the Student Center. Instructors, training on how to grade is within the Instructor Center. Assi..
Tom and Me g Wherry joint tax return for 2014 shows $46000 of AGI. During the year tom contributed $3000 to his IRA AND Meg contributed $1500 her IRA. What amount of tax credit is available for these contributions?
Calculate the number of hours of direct labor used during November and actual manufacturing overhead costs incurred during November totaled $166, 425. Calculate the amount of over- or underapplied overhead for November.
The geometric average return for the large company stocks was 10.4 percent and the arithmetic average return was 12.3 percent. - Calculate average return forecasts for 1, 5, 10, and 25 years into the future.
Markowis Corporation sells three different models of mosquito zapper. Model A12 sells for $54 and has variable costs of $40. Model B22 sells for $107 and has variable costs of $80. Model C124 sells for $407 and has variable costs of $310. The sales m..
Prepare an income statement for the company using absorption costing and prepare an income statement for the company using variable costing.
DC Construction has two divisions: Remodeling and New Home Construction.
surprise Company's sales budget showed expected sales of 13,400 widgets. Beginning finished goods contained 1,200 widgets. the company determined that 14,100 units should be produced. how many widgets will the company have on hand at the end of t..
Assume that once the year ends, the company determines that 12,000 machine hours were actually used during the year and actual overhead was $420,000, what would be the total overhead applied and the over-applied overhead for the year?
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