Business, 17.02.2020 23:43 juliopejfuhrf7336

The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31 2017, the end of its fiscal year:
No. Account Title Debit Credit
101 Cash $ 18,000
126 Supplies 14,500
128 Prepaid insurance 2,000
167 Equipment 23,000
168 Accumulated depreciation—Equipment $ 6,500
307 Common stock 13,272
318 Retained earnings 33,600
319 Dividends 6,000
404 Services revenue 44,100
612 Depreciation expense—Equipment 2,000
622 Salaries expense 25,710
637 Insurance expense 1,852
640 Rent expense 2,955
652 Supplies expense 1,455
Totals $ 97,472 $ 97,472
Required:
1. Prepare the December 31, 2017, closing entries for Cruz Company.
2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.

Answers: 2

Show answers

Answers

Answer from: jules8022

1. Prepare the December 31, 2017, closing entries for Cruz Company.

Dr. Cr.

404 Services revenue 44,100

Income Summary 44,100

Income Summary 33,972

612 Depreciation expense—Equipment 2,000

622 Salaries expense 25,710

637 Insurance expense 1,852

640 Rent expense 2,955

652 Supplies expense 1,455

2. Prepare the December 31, 2017, post-closing trial balance for Cruz Company.

Dr. Cr.

101 Cash 18,000

126 Supplies 14,500

128 Prepaid insurance 2,000

167 Equipment 23,000

168 Accumulated depreciation—Equipment 6,500

307 Common stock 13,272

318 Retained earnings 33,600

319 Dividends 6,000

404 Services revenue 44,100

612 Depreciation expense—Equipment 2,000

622 Salaries expense 25,710

637 Insurance expense 1,852

640 Rent expense 2,955

652 Supplies expense 1,455

Totals 97,472 97,472

Explanation:

Answer from: Quest

the correct answer would be b, when, queen, calder hall and london.

explanation:

we always capitalize words when a paragraph or sentence is starting, when an important name is used, when a place is being written, or simply when a noun is used, etc. so in this sentence, sentence is starting from 'when', so it will be written in capital letters. secondly, queen is considered to be an important person, so it will also be written in capital letter. next, the name of the town is mentioned, i-e calder hall, which will also be written in capital letters. in the last, city name is being used, 'london', which will also be written in capital letters. so option b is the most appropriate one.

Answer from: Quest

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return

Another question on Business

Business, 22.06.2019 19:00

20. to add body to a hearty broth, you may use a. onions. b. pasta. c. cheese. d. water.

Answers: 2

Answer

Business, 22.06.2019 22:00

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).

Answers: 2

Answer

Business, 23.06.2019 01:40

Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets.b. partnerships are subject to dual taxation.c. no law requires partners to create a written partnership agreement, but it's smart to do so.d. partnership has limited life and unlimited liability.

Answers: 3

Answer

Business, 23.06.2019 03:00

On december 31, 2016, the decarreau, andrew, and bui partnership had the following fiscal year-end balance sheet: cash $10,000accounts receivable $20,000inventory $25,000plant assets - net $30,000loan to decarreau $18,000total assets $103,000accounts payable $14,000loan from bui $15,000decarreaua, capital (20%) $32,000andrew, capital (10%) $23,000bui, capital (70%) $19,000total liab./equity $103,000the percentages shown are the residual profit and loss sharing ratios. the partners dissolved the partnership on january 1, 2017, and began the liquidation process. during july the following events occurred: * receivables of $18,000 were collected.* all inventory was sold for $15,000.*all available cash was distributed on january 31, except for$8,000 that was set aside for contingent expenses.the book value of the partnership equity (i.e., total equity of the partners) on december 31, 2016 isa. $58,000b. $71,000c. $66,000d. $81,000

Answers: 1

Answer

You know the right answer?

The following adjusted trial balance contains the accounts and balances of Cruz Company as of Decemb...

Questions

Business, 15.06.2021 18:50

You won a lottery that will make equal payments of $3,500 at the end of each year for the next six years. If the annual interest rate stays constant a...

Business, 15.06.2021 18:50

A natural monopoly occurs when Group of answer choices the product is sold in its natural state, such as water or diamonds. there are economies of sca...