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Green Lawns General Journal Closing entries Date Account titles Debit Credit
- 31-Dec Lawn care revenue earned 230400 Income Summary 230400
- 31-Dec Income Summary 158640 Salary Expense 124800 Supply Expense 2880 Advertising Expense 720 Depreciation expense 2400 Income Taxes Expense 27840
- 31-Dec Income Summary 71760 Retarned Earnings 71760
- 31-Dec Retarned Earnings 4800 Dividends 4800 Green Lawns Income statement For the year ended 31/12/ Lawn care revenue 230400 Less expenses: Salary expense 124800 Supply expense 2880 Advertising expense 720 Depreciation expense 2400 Income tax expense 27840 Total expenses 158640 Net income 71760 Green Lawns Statement of Retained earnings For the year ended 31/12/ Retained earnings January 1 108000 Add net income 71760 Subtotal 179760
Less Dividends 4800 Retained earnings December 31 174960 B) Yes, because it has enought assest to pay the short term liabilities C) Yes, the company was profitable, the Net Income is positive
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Less Dividends 1000 Retained earnings December 31 11000 B) Yes, cause it has enought assests to pay the short term liabilities C) No, the company wasn't profitable, the Net Income is negative
Ledger accounts: Guide Revenue Earned Interest Expense 102000 102000 1700 1700 Salary Expense Income Summary 87500 87500 105000 102000 3000 3000 Camping Supply Expense Retained Earnings 1200 1200 3000 3000 Insurance Expanse Dividends 9600 9600 1000 1000 Depreciation Expense: equipament 5000 5000 Wilderness Guide Service Balance Sheet December 31, 2021 Assets Liabilities Current: Short-term: Cash 12200 A/P 9500 A/R 31000 Supplies 7900 N/P 18000 Insurance 2400 Stockholders' Equity Fixed: Capital stock 25000
Garden Wizards
General Journal Closing entries Garden Wizards
Garden Wizards Statement of Retained earnings For the year ended 31/12/ Retained earnings January 1 25200 Add net income 52320 Subtotal 77520 Less Dividends 3960 Retained earnings December 31 73560 B) No, because it has a lot of fixed assets as trucks and equipment C) Yes, the company was profitable, the Net Income is positive
Balance Sheet December 31, 2021 Assets Liabilities Current: Short-term: Cash 33360 A/P 2640 A/R 5160 Salaries Payable 1080 Insurance 10440 Interest Payable 360 Rent 3840 Income Taxes Payable 2040 Supplies 1680 Unearned Service Revenue 2400 N/P 45600 Fixed: Trucks 168000 Stockholders' Equity Accum Deprec -90000 Capital stock 21600 Equipment 33600 Retained Earnings 73560 Accum Depre - Total 149280 Total 149280
Dividends 3960 3960
Mystic Masters
General Journal Closing entries Mystic Masters
- Equipment 28800 Retained Earnings
- Accum Depre -12000 Total
- Total
- Equipment 70000 Retained Earnings
- Accum Depre -60000 Total
- Total
- 31-Dec Service Revenue Earned Date Account titles Debit Credit
- Income Summary
- 31-Dec Income Summary
- Insurance Expense
- Office Rent Expense
- Supplies Expense
- Salary Expense
- Depreciation Expense: Trucks
- Depreciation Expense: Equipament
- Repair and Maintence Expense
- Fuel Expense
- Miscellaneous Expense
- Interest Expense
- Income Taxes Expense
- 31-Dec Income Summary
- Retained Earnings
- 31-Dec Retained Earnings
- Dividends
- For the year ended 31/12/ Income statement
- Service Revenue Earned
- Insurance Expense Less expenses:
- Office Rent Expense
- Supplies Expense
- Salary Expense
- Depreciation Expense: Trucks
- Depreciation Expense: Equipament
- Repair and Maintence Expense
- Fuel Expense
- Miscellaneous Expense
- Interest Expense
- Income Taxes Expense
- Total expenses
- Net income
- 31-Dec Client Revenue Earned Date Account titles Debit Credit
- Income Summary
- 31-Dec Income Summary
- Insurance Expense
- Office Rent Expense
- Supplies Expense
- Salary Expense
- Decepreciation Expense: furniture
- Office and telephone Expense
- Internet Service Expense
- Legal Expense
- Interest Expense
- Miscellaneous Expense
- 31-Dec Retained Earnings
- Incomme Summary
- 31-Dec Retained Earnings
- Dividens
- For the year ended 31/12/ Income statement
- Client Revenue Earned
- Insurance Expense Less expenses:
- Office Rent Expense
- Supplies Expense
- Salary Expense
- Decepreciation Expense: furniture
- Office and telephone Expense
- Internet Service Expense
- Legal Expense
- Interest Expense
- Miscellaneous Expense
- Total expenses
- Net income -
Mystic Masters Statement of Retained earnings For the year ended 31/12/ Retained earnings January 1 2600 Add net income - Subtotal - Less Dividends 0 Retained earnings December 31 - D) The company had loss in the past year and it's not liquid
Balance Sheet December 31, 2021 Assets Liabilities Current: Short-term: Cash 960 A/P 6540 A/R 300 Salaries Payable 1700 Insurance 2000 Interest Payable 360 Rent 1500 Unearned Service Revenue 200 Supplies 200 N/P 24000 Fixed: Stockholders' Equity Equipment 8400 Capital stock 4000 Accum Depre -5200 Retained Earnings - Total 8160 Total 8160
