Business, 11.02.2021 22:10 genyjoannerubiera

The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account TitleDebits Credits
Cash30,000
Accounts receivable15,000
Equipment20,000
Accumulated depreciation 6,000
Salaries payable 9,000
Common stock 40,500
Retained earnings 9,500
Total65,000 65,000
The following is a summary of the transactions for the year:
Sales of services, $100,000, of which $30,000 was on credit.
Collected on accounts receivable, $27,300.
Issued shares of common stock in exchange for $10,000 in cash.
Paid salaries, $50,000 (of which $9,000 was for salaries payable).
Paid miscellaneous expenses, $24,000.
Purchased equipment for $15,000 in cash.
Paid $2,500 in cash dividends to shareholders.
Accrued salaries at year-end amounted to $1,000.
Depreciation for the year on the equipment is $2,000.
Required:
2., 5, & 8. Prepare the summary, adjusting and closing entries for each of the transactions listed.
3. Post the transactions, adjusting and closing entries into the appropriate t-accounts.
4. Prepare an unadjusted trial balance.
6. Prepare an adjusted trial balance.
7-a. Prepare an income statement for 2018.
7-b. Prepare a balance sheet as of December 31, 2018.
9. Prepare a post-closing trial balance.

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Answer from: nails4life324

Karlin Company

T-Accounts

Cash

Account Title Debits Credits

Beginning balance 30,000

Service Revenue 70,000

Accounts receivable 27,300

Common Stock 10,000

Salaries payable 9,000

Salaries expense 41,000

Miscellaneous expenses 24,000

Equipment 15,000

Dividends 2,500

Balance 45,800

Totals 137,300 137,300

Accounts receivable

Account Title Debits Credits

Beginning balance 15,000

Service Revenue 30,000

Cash 27,300

Balance 17,700

Totals 45,000 45,000

Equipment

Account Title Debits Credits

Beginning balance 20,000

Cash 15,000

Balance 35,000

Totals 35,000 35,000

Accumulated depreciation

Account Title Debits Credits

Beginning balance 6,000

Depreciation expense 2,000

Balance 8,000

Totals 8,000 8,000

Salaries payable

Account Title Debits Credits

Beginning balance 9,000

Cash 9,000

Salaries Expense 1,000

Balance 1,000

Totals 10,000 10,000

Common stock

Account Title Debits Credits

Beginning balance 40,500

Cash 10,000

Balance 50,500

Totals 50,500 50,500

Retained earnings

Account Title Debits Credits

Beginning balance 9,500

Dividend

Account Title Debits Credits

Cash 2,500

Service Revenue

Account Title Debits Credits

Cash 70,000

Accounts Receivable 30,000

Balance 100,000

Totals 100,000 100,000

Salaries Expense

Account Title Debits Credits

Cash 41,000

Salaries payable 1,000

Balance 42,000

Totals 42,000 42,000

Miscellaneous Expense

Account Title Debits Credits

Cash 24,000

Depreciation Expense

Account Title Debits Credits

Accumulated depr 2,000

Unadjusted Trial Balance as of December 31, 2018:

Account Title Debits Credits

Cash $45,800

Accounts receivable 17,700

Equipment 35,000

Accumulated depreciation $6,000

Common stock 50,500

Retained earnings 9,500

Dividends 2,500

Service Revenue 100,000

Salaries expense 41,000

Miscellaneous exp. 24,000

Totals $166,000 $166,000

Adjusted Trial Balance as of December 31, 2018:

Account Title Debits Credits

Cash $45,800

Accounts receivable 17,700

Equipment 35,000

Accumulated depreciation $8,000

Salaries payable 1,000

Common stock 50,500

Retained earnings 9,500

Dividends 2,500

Service Revenue 100,000

Salaries expense 42,000

Miscellaneous exp. 24,000

Depreciation exp. 2,000

Totals $169,000 $169,000

Income Statement for the year ended December 31, 2018:

Service Revenue 100,000

Salaries expense 42,000

Miscellaneous exp. 24,000

Depreciation exp. 2,000 68,000

Net Income 32,000

Retained earnings 1/1/2018 9,500

Dividends 2,500

Retained earnings 12/31/2018 39,000

Balance Sheet as of December 31, 2018:

Assets

Cash $45,800

Accounts receivable 17,700

Equipment 35,000

Acc. depreciation 8,000 27,000

Total assets $90,500

Liabilities + Equity:

Salaries payable 1,000

Common stock 50,500

Retained earnings 39,000

Total liabilities + equity $90,500

Post Closing Trial Balance

Account Title Debits Credits

Cash $45,800

Accounts receivable 17,700

Equipment 35,000

Acc. depreciation $8,000

Salaries payable 1,000

Common stock 50,500

Retained earnings 39,000

Totals $98,500 $98,500

Explanation:

a) Data and Calculations:

Trial Balance as of January 1, 2018:

Account Title Debits Credits

Cash 30,000

Accounts receivable 15,000

Equipment 20,000

Accumulated depreciation $6,000

Salaries payable 9,000

Common stock 40,500

Retained earnings 9,500

Total 65,000 65,000

Answer from: Quest

answer: yo mama

explanation: yo mama

Answer from: Quest

reducing the scale of the market for a new product.

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