The adjusted trial balance of Shutterbug Photography at December 31, 2017 is as follows:
Accounts Debit Credit
Cash $ 15,000
Accounts Receivable 30,000
Prepaid Insurance 7,500
Supplies 3,200
Building 160,000
Accumulated Depreciation—Building $
What will be an ideal response
Shutterbug Photography
Post-Closing Trial Balance
December 31, 2017
Debit Credit
Cash $ 15,000
Accounts Receivable 30,000
Prepaid Insurance 7,500
Supplies 3,200
Building 160,000
Accumulated Depreciation—Building $ 12,000
Equipment 75,000
Accumulated Depreciation—Equipment 8,500
Land 40,000
Accounts Payable 12,000
Salaries Payable 2,000
Unearned Revenue 25,000
Mortgage Payable 100,000
Common Stock 21,290
Retained Earnings _______ 149,910
Total $330,700 $330,700
Notes:
Beginning Retained Earnings $0
Add:
Service Revenue 289,000
Less:
Salaries Expense - 61,000
Depreciation Expense - 6,150
Supplies Expense - 14,040
Insurance Expense - 14,000
Utilities Expense - 20,900
Dividends - 23,000
Ending Retained Earnings $149,910
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What will be an ideal response?
Jones Corporation enters into a contract with Warner Video to add their programs to Jones' network. Warner will pay Jones an upfront fixed fee of $250,000 for 12 months of access, and will also pay a $100,000 bonus if Jones' users access Warner Video for at least 10,000 hours during the 12 month period. Jones estimates that it has a 60% chance of earning the $100,000 bonus
Refer to Jones Corporation. Using the expected-value approach the transaction price would be ________. A) $200,000 B) $250,000 C) $310,000 D) $350,000