RETL 261 –FINAL EXAM PROBLEMSFINANCIAL STATEMENTSThe Trial Balance for Greengrass Lawn Care Company after...RETL...

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Accounting

RETL 261 –FINAL EXAM PROBLEMS
FINANCIAL STATEMENTS
The Trial Balance for Greengrass Lawn Care Company after secondyear of operations:
       Greengrass Lawn CareCompany
Trial Balance
December 31, 2017
                                                                                   Debit               Credit
Cash                                                                           $4,500
AccountsReceivable                                                    5,100
PrepaidInsurance                                                        2,100
Equipment                                                                   21,000
Notespayable                                                                                      4,300
Accountspayable                                                                                 10,200
Unearned ServiceRevenue                                                                            2,000
K. Johnson,capital                                                                               20,000
K. Johnson,withdrawals                                               12,000
ServiceRevenue                                                                                  28,000
AdvertisingExpense                                                     1,800
RentExpense                                                               3,400
SalariesExpense                                                          9,000
UtilitiesExpense                                                          5,600             _____
                                                                                   $64,500           $64,500
Using the information from the trial balance, determine theamount of net income (or Net Loss) for Greengrass Lawn Care Companyfor the year. You do not have to prepare an income statement.
Using the information from the trial balance, determine theending balance for K Johnson, Capital for the year ended December31, 2017. You do not have to prepare a Statement of Changes inOwner’s Equity for Greengrass Lawn Care Company.
How does the date in the heading of an Income Statement differfrom the date in the heading of a Balance Sheet?
Using the information from the trial balance, what is the totalamount of assets for Greengrass Lawn Care Company?
Using the information from the trial balance, what is the totalamount of liabilities for Greengrass Lawn Care Company?

Using your answers from B, D, and E, illustrate the formula(equation) for the balance sheet. Use dollar amounts.

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4.1 Ratings (820 Votes)

A Net Income Service Revenue 28000 Less Advertising Expense 1800 Rent Expense 3400 Salaries Expense 9000 Utilities Expense 5600 Total Expenses 19800 Net Income 8200 B K Johnson Capital Beginning Balance 20000 Add Net Income 8200 Less Withdrawals 12000 Ending Balance 16200 Net See Answer

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In: AccountingRETL 261 –FINAL EXAM PROBLEMSFINANCIAL STATEMENTSThe Trial Balance for Greengrass Lawn Care Company after...RETL 261 –FINAL EXAM PROBLEMSFINANCIAL STATEMENTSThe Trial Balance for Greengrass Lawn Care Company after secondyear of operations: Greengrass Lawn CareCompanyTrial BalanceDecember 31, 2017 Debit CreditCash $4,500AccountsReceivable 5,100PrepaidInsurance 2,100Equipment 21,000Notespayable 4,300Accountspayable 10,200Unearned ServiceRevenue 2,000K. Johnson,capital 20,000K. Johnson,withdrawals 12,000ServiceRevenue 28,000AdvertisingExpense 1,800RentExpense 3,400SalariesExpense 9,000UtilitiesExpense 5,600 _____ $64,500 $64,500Using the information from the trial balance, determine theamount of net income (or Net Loss) for Greengrass Lawn Care Companyfor the year. You do not have to prepare an income statement.Using the information from the trial balance, determine theending balance for K Johnson, Capital for the year ended December31, 2017. You do not have to prepare a Statement of Changes inOwner’s Equity for Greengrass Lawn Care Company.How does the date in the heading of an Income Statement differfrom the date in the heading of a Balance Sheet?Using the information from the trial balance, what is the totalamount of assets for Greengrass Lawn Care Company? Using the information from the trial balance, what is the totalamount of liabilities for Greengrass Lawn Care Company? Using your answers from B, D, and E, illustrate the formula(equation) for the balance sheet. Use dollar amounts.