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Wildhorse Plumbing and Heating has a beginning balance of $81000 in…
Wildhorse Plumbing and Heating has a beginning balance of $81000 in owner’s equity. During the year, the proprietorship earned revenues of $30000 and the owner withdrew $5300 for personal use. At the end of the year, the balance in owner’s equity was $78000. How much were the company’s expenses for the year?
$105700
$3000
$33000
$27700
George’s Bowling has total assets of $129000 and total liabilities of $26000. At the beginning of the year, the owner’s equity was $78500. During the year, George, the owner, withdrew $7000. Based on this information, how much profit did George’s Bowling generate for the year?
$103000
$17500
$24500
$31500
Crane Care Plus started the year with total assets of $84400 and total liabilities of $54800. During the year, the business recorded $141000 in service revenues and $97900 in expenses. Assuming that J. Crane, Capital was $59200 at the end of the year, how much did John Crane, the owner, withdraw from the business?
$16100
$13500
$29600
$43100
On January 1, the owner of Crane Away Balloons invested $73000 in the business. While the business had a loss of $23600 in its first year, the owner still withdrew $4500 for personal use. By how much did the equity increase?
$53900
$4940$
44900
$28100
Wildhorse Company received a cheque for $21500 on July 1 which represents a 4 month advance payment of rent on a building it rents to a client. Unearned Revenue was credited for the full $21500. Financial statements will be prepared on July 31. Wildhorse should make the following adjusting entry on July 31
debit Rent Revenue, $5375; credit Unearned Revenue, $5375.
debit Unearned Revenue, $5375; credit Rent Revenue, $5375.
debit Cash, $21500; credit Rent Revenue, $21500.
debit Unearned Revenue, $21500; credit Rent Revenue, $21500.
On September 25, Concord provided services to two clients and billed the clients a total of $750. On October 15, both clients paid their invoice in full. Concord’s cost related to this sale was $530 in salaries, which was paid on October 3. Assuming Concord has a September 30 year end, the business’s profit on the September 30 financial statements should be
$220.
$1280.
$0.
$750.
Novak Hut paid $18600 for a one-year insurance policy on January 1 and recorded the entire amount as prepaid insurance. Before preparing its March 31 financial statements, the company should make which of the following adjusting entries?
debit Cash, $9300; credit Prepaid Insurance, $9300.
debit Cash, $18600; credit Insurance Expense, $18600.
debit Prepaid Insurance, $13950; credit Insurance Expense, $13950.
debit Insurance Expense, $4650 credit Prepaid Insurance $4650.
Waterway Company purchased supplies costing $4100 and debited Supplies for the full amount. At the end of the accounting period, a physical count of supplies revealed $1300 still on hand. The appropriate adjusting entry to be made at the end of the period would be
debit Supplies, $1300; credit Supplies Expense, $1300.
debit Supplies, $2800; credit Supplies Expense, $2800.
debit Supplies Expense, $1300; credit Supplies, $1300.
debit Supplies Expense, $2800; credit Supplies, $2800.
Ayayai Gifts signs a three-month, 7% note payable to help finance increases in inventory for the Christmas shopping season. The note is signed on November 1 for $57000. What is the adjusting entry to be made on December 31 for the interest expense accrued to that date, if no entries have been made previously for the interest?
Windsor’s Cove Marina has a September 30 year end. On August 1, 2024, it purchased a new marine crane to assist it with the autumn pull out of the boats in the marina. The physical life of the crane is expected to be 15 years, but Windsor plans to keep the crane for only 10 years as this represents the asset’s useful life to the company and at which point they will scrap it and buy a newer model. The original cost of the crane is $61200. The amount of depreciation expense that Windsor should show in its financial statements for the year ended September 30, 2024, is
$1020.
$6120.
$4080.
. $680.
Susan Charles is the owner of Charles Designs. At the end of September, the first month of business, Susan is preparing the monthly financial statements. On September 1, Charles Designs borrowed $64000 from a local bank on a five-year term loan. The annual interest rate is 6% and interest is paid monthly on the first of each month. Which of the following reflects the adjusting entry needed at
September 30?
Kingbird Company signed a four-month, 4%, $10200 note payable on September 1. The amount of interest to be accrued at the end of September is
$408.00.
$34.00.
$136.00.
$102.00.
