43.The trial balance for Greenway Corporation appears as follows:Greenway CorporationTrial BalanceDecember 31,2022CashAccounts ReceivablePrepaid InsuranceSuppliesEquipmentAccumulated Depreciation, EquipmentAccounts PayableCommon StockRetained EarningsService Revenue$ 300522821804,000$ 6003841,2001,4003,000Salaries and Wages ExpenseRent Expense1,000500$6.584$6.584"as of December 31, 2022, rent of $150 for December had not been recorded orpaid, the adjusting entry would include a:a. credit to Accumulated Rent for $150.b. credit to Cash for $150.C. debit to Rent Payable for $150d. debit to Rent Expense for $15088

Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…

43 The trial balance for Greenway Corporation appears as follows Greenway Corporation Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 300 522 82 180 4,000 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6.584 as of December 31, 2022, rent of $150 for December had not been recorded or paid, the adjusting entry would include a: a credit to Accumulated Rent for $150. b. credit to Cash for $150. c debit to Rent Payable for $150 d. debit to Rent Expense for $150

43 The trial balance for Greenway Corporation appears as follows Greenway Corporation Trial Balance December 31, 2022 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense $ 300 522 82 180 4,000 $ 600 384 1,200 1,400 3,000 1,000 500 $6.584 $6.584 as of December 31, 2022, rent of $150 for December had not been recorded or paid, the adjusting entry would include a: a credit to Accumulated Rent for $150. b. credit to Cash for $150. c debit to Rent Payable for $150 d. debit to Rent Expense for $150

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) (a)Current ratioenter the ratio rounded to 2 decimal places
Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATIONBalance SheetsDecember 3120222021Cash$12,500 $6,100 Accounts receivable18,400 26,600 Inventory13,200 10,200 Land34,200 30,200 Building76,200 76,200 Accumulated depreciation(17,200) (14,200)Total137,300 135,100 Accounts payable19,500 33,300 Common stock ($5 par)74,500 74,500 Retained earnings43,300 27,300 Total137,300 135,100 Swifty’s 2022 income statement included net sales of $122,000, cost of goods sold of $82,000, and net income of $31,000. Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8 and all percentage and days answers to 0 decimal places, e.g 18 or 25% and all other answers to 2 decimal places, e.g. 1.83) Inventory turnoverenter the number rounded to 2 decimal places Days in inventoryenter the number of days rounded to 0 decimal…
What should be the balances on the revaluation surplus and retained earnings after the restatement in accordance with PAS 29? Revaluation surplus – 100; Retained earnings – 400 Revaluation surplus – 350; Retained earnings – 150 Revaluation surplus – 500; Retained earnings – Zero Revaluation surplus – Zero; Retained earnings – 500
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