Reference no: EM131266888
Solomon Corporation’s adjusted trial balance for the year ending December 31, 2015, is:
SOLOMON CORPORATION
Adjusted Trial Balance
December 31, 2015
DebitCredit
Cash.......................................................$ 4,000
Accounts receivable...........................................6,500
Equipment ..................................................78,000
Accumulated depreciation.....................................CREDIT:.$ 14,000
Notes payable ...............................................CREDIT:10,000
Common stock...............................................CREDIT:43,000
Retained earnings ............................................CREDIT:12,600
Service fees earned ...........................................CREDIT:71,000
Rent expense................................................18,000
Salaries expense .............................................37,100
Depreciation expense..........................................7,000
Totals ......................................................$150,600
a. Prepare its income statement and statement of stockholders’ equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.
b. Prepare entries to close its temporary accounts in journal entry form.
c. Set up T-accounts for each of the ledger accounts, enter the balances above, and post the closing entries to them. And add a horizontal closing statement. After these entries are posted, what is the post-closing balance of the Retained Earnings account?
|
What do you think is the best tax rate
: Assume that you are a full-time worker earning $10 per hour, $80 per day, $400 per week, $20,000 per year. Would you quit their job if the tax rate was 20%? What about 30%? 50%? What do you think is the best tax rate? What are the economy-wide impact..
|
|
Explain cultural and legal factors that might influence
: Identify cultural and legal factors that might influence promotional decisions - both in announcing the acquisition within the region and recruiting new students to the institution.
|
|
Determine the load for maximum efficiency
: Determine the load for maximum efficiency and the iron-and the copper-loss in this case.
|
|
Registration report on behalf of the same client
: You are an auditor filing an 8-K Interim Event. Describe your client and what circumstances led you to decide you needed to file this report. Now, in a follow-up post, imagine you need to file an S-1 IPO Registration report on behalf of the same clie..
|
|
Statement of stockholders equity for the current year
: Solomon Corporation’s adjusted trial balance for the year ending December 31, 2015, Prepare its income statement and statement of stockholders’ equity for the current year, and its balance sheet for the current year-end. Cash dividends were $8,000 an..
|
|
Does your chosen company have a brand name
: Does your chosen company have a brand name and brand mark? If not, design both. - If so, evaluate the ability of the brand name and mark to communicate effectively to the target market.
|
|
Draw the graph containing the atc avc mc and mr
: Draw the graph containing the ATC, AVC, MC, MR for a monopolistically competitive firm operating in the short run earning a profit. Be sure to label everything including the profit maximizing level of output, the axis, and all the curves.
|
|
Criterion of economic efficiency
: Choices in health care delivery must be made at two levels: (1) the individual physician prescribing a course of treatment for an individual patient and (2) the policy maker determining the availability of medical care to an entire group of patien..
|
|
What will your company internet address be
: What will your company Internet address be? - Should your URL be the same as your company name? Why or why not?
|