Reference no: EM13792234
Affordable Trailer Rental rents small trailers by the day for local moving jobs.
This is its adjusted trial balance at the end of the current fiscal year:
Affordable Trailer Rental Adjusted Trial Balance June 30, 2011
Cash $ 692
Accounts Receivable 972
Supplies 119
Prepaid Insurance 360
Trailers 12,000
Accumulated Depreciation Trailers $7,200
Accounts Payable 271
Wages Payable 200
A. Tropp, Capital 5,694
A. Tropp, Withdrawals 7,200
Trailer Rentals Revenue 45,546
Wages Expense 23,400
Insurance Expense 720
Supplies Expense 266
Depreciation Expense Trailers 2,400
Other Expenses 10,782
$58,911 $58,911
Required
1. From the information given, record closing entries in journal form.
2. If closing entries were not prepared at the end of the accounting period, what problems would result in the next accounting period?
|
What is the companys non operating return
: The fiscal 2013 financial statements of Baker Hughes, Inc. shows net operating profit margin (NOPM) of 5.59%, net operating asset turnover (NOAT) of 1.06, return on equity of 6.30%, and adjusted return on assets of 4.58%. What is the company's non op..
|
|
Weighted-average method-materials-labor and overhead
: Scheney Company uses the weighted-average method in its process costing system. The company's work in process inventory on March 31 consisted of 20,000 units. The units in the ending work in process inventory were 100% complete with respect to materi..
|
|
Sells securities which it classifies as available-for-sale
: S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2016, S&L purchased Coca-Cola common shares for $790,000 and sold the shares on January 3, 2017, for $795,000. What pretax amounts did S&L include in i..
|
|
Weighted-average method in process costing system
: The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 10,000 units, 100% complete with respect to materials and 70% complete with respect to labor and overhead.
|
|
Affordable trailer rental rents small trailers
: Affordable Trailer Rental rents small trailers by the day for local moving jobs. From the information given, record closing entries in journal form. If closing entries were not prepared at the end of the accounting period, what problems would result ..
|
|
When using the declining-balance method
: When using the declining-balance method, the annual depreciation for the first year is found by
|
|
Financial statements and adjusting-closing-reversing entries
: Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing Entries. Prepare an income statement, a statement of owner’s equity, and a balance sheet for the company. Assume the owner, Natalie Reed, made no additional inv..
|
|
Principles of financial accounting
: Principles of Financial Accounting- Affordable Trailer Rental rents small trailers by the day for local moving jobs. This is its adjusted trial balance at the end of the current fiscal year: From the information given, record closing entries in journ..
|
|
Estimated total variable manufacturing costs
: X Company manufactures a single product and estimates its total variable manufacturing costs each month. Each unit of product requires 1.4 pounds of direct material, and the price per pound is $21.30. It takes two hours of direct labor time to manufa..
|