Prepare a postclosing trial balance tor the firm on december

Assignment Help Accounting Basics
Reference no: EM132482455

The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows. The owner made no additional Investments during the year.

Accounts

Cash

Accounts Receivable

Debit

$             19,000

60,200

Credit

Allowance for Doubtful Accounts

 

S          160

Merchandise Inventory

186,600

 

Supplies

7,180

 

Prepaid Insurance

3,100

 

Equipment

51,400

 

Accumulated Depreciation-Equipment

 

18,200

Accounts Payable

 

9,100

Social Security Tax Payable

 

1,430

Medicare Tax Payable

 

350

Steven Van Zant, Capital

 

279,120

Steven Van Zant, Drawing

74,400

 

Income Summary

180,400

186,600

Sales

 

775,000

Sales Returns and Allowances

14,800

 

Purchases

487,300

 

Freight In

5,800

 

Purchases Returns and Allowances

 

8,900

Purchases Discounts

 

5,700

Rent Expense

34,200

 

Telephone Expense

6,280

 

Salaries Expense

123,540

 

Payroll Taxes Expense

12,100

 

Supplies Expense

7,000

 

Insurance Expense

1,600

 

Depreciation Expense-Equipment

8,500

 

Uncollectible Accounts Expense

1,160

 

Totals

$1,284,560

$1,284,560

Question 1: Prepare a postclosing trial balance tor the firm on December 31. 2019.

Reference no: EM132482455

Questions Cloud

Determine and calculate the material cost per unit : Determine and Calculate the material cost per unit, When calculating depletion and you are given the amount of units estimated, removed and sold
How policy is intended for a specific population and program : Discuss how the policy is intended for a specific population, program or organization. Identify and discuss specific legislators involved in the policy.
How much would a very similar system cost : How much would a very similar system cost if it was fully built in AWS with a lifetime of 3 years? Create a similar table as in Task 1
Substitution effect of a price change for a good : If the marginal rate of substitution is infinite or zero, show graphically that the substitution effect of a price change for a good is zero. Explain.
Prepare a postclosing trial balance tor the firm on december : Prepare a postclosing trial balance tor the firm on December 31. 2019. The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies
Conduct all the transactions of a normal day : Would you keep some stocks of items that you know lots of people are willing to accept? Would you really be bartering, or would you be using a commodity as mone
What price should you set : Suppose the elasticity of demand is -2.5 and you have a marginal cost of 3.6. Using the optimal mark-up rule, what price should you set?
What was depreciation and amortization expense : The company had $6.8 million in interest expense, and it's average corporate tax rate was 35 percent. What was its depreciation and amortization expense?
Explain how it would be possible to cheat someone : Explain how it would be possible to cheat someone who had intransitive preferences.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd