26 Jun DETERMINE THE ENDING OWNER’S EQUITY OF A BUSINESS
v1) Determine the ending owner’s equity of a business having a beginning owner’s equity of 10,227, additional investments of 4,533, withdrawals of 1,210, and revenue of 8,254, and epenses before adjustment amounted to 273. The adjustments totaled 6,291. E plain your answer. ____________ 2) From the following accounts, prepare in proper form a post-closing trial balance for Morris Company on December 31. Accounts Receivable 2,200 Accounts Payable 2,000 Cash 1,000 Salaries Payable 1,200 Supplies 300 Prepaid Insurance 2,000 Morris, Capital 2,300 3) Jennifer Carlson, an employee of Online Creative Solutions, earned 500 during the first week in February. Her withholding included: federal income ta, 40; state income ta, 15; and FICA-OASDI, 6.2%; FICA-Medicare, 1.45%; contributions 10. Prepare the journal entry to record the pay for the week. 4) The Country Pasture & Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to a 5% sales ta. March 16. Sold merchandise priced at 300 to a cash customer. 5) Determine the amount to be paid within the discount period for purchase with an invoice price of 7,745, subject to credit terms of 2/10, n/30. Eplain how you reached your answer. ________ 6) Nicki’s Pet Supply needs to estimate its ending inventory. Using the data below, compute Nicki’s estimated cost of ending inventory for the month of April. Eplain how you reached your answer. Beginning inventory April 1 2,000 Purchases for April 12,000 Retail sales during April 13,000 Normal gross profit average 40% 7) Given the following accounts: [1] Cash [2] Accounts receivable [3] Merchandise inventory [4] Supplies [5] Accounts payable [6] Sales [7] Sales returns and allowances [8] Sales discounts [9] Cost of goods sold [10] Purchases [11] Purchase returns and allowances [12] Purchase discounts [13] Purchase discounts [14] Freight in [15] Freight epense Indicate the account(s) to be debited and credited to record the following transactions. Eplain how you reached your answer. Sold merchandise for cash. — Periodic Debit ______ & ______ Credit ______ & ______ accountguru on Tue, 2014-11-18 12:14 513 4.76998 15.87 accounting_questions_18 Nov body preview (0 words)file1.doc preview (437 words)1) the owner’s equity of a owner’s equity additional investments 4,533, and revenue of epenses adjustments your ’ Add:Additional investments Net Income 8,254Epenses before adjustment 273 6,291 1,690Less: 16,450Withdrawals 1,210 Ending Owner’ From prepare form a post-closing trial Company on December 31. Debit CreditAccounts Receivable 2,200Accounts Payable 2,000Cash 1,000Salaries Payable Prepaid 2,000Morris, Capital Totals 5,500 5,500 ==== ====3) Jennifer an employee Online Solutions, first week February. Her federal income ta, 40; state income ta, FICA-OASDI, 6.2%; contributions 10. entry to record the for the Epenses Debit Income State Income ta payable Credit 15.00 FICA OASDI– Medicare – Payable Credit – – – more tet follows – – –
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