Quiz – China Tea Company income statement
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given an adjusted trial balance, prepare an income statement for the year-end.
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Your numbers will vary.
Given an adjusted trial balance, prepare an income statement for the year-end.
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Prepare the four adjusting journal entries.
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Given an annual report to shareholders, they ask you to prepare the income statement for the year-end.
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Given an annual report to shareholders, they ask you to prepare the balance sheet.
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Prepare the appropriate journal entry for each of 5 transactions.
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Indicate the accounts to be debited and credited in the transactions below using the provided chart of accounts. Also, specify whether the transaction is an external transaction, an adjusting journal entry, or a closing entry (using the numbers 1, 2, or 3). The company uses a perpetual inventory system, and all prepayments are initially recorded in permanent accounts.
The statement of shareholders’ equity presents the modifications in the temporary accounts of shareholders’ equity.
Analyze the impact of omitted information on Laramie Company’s 2021 Income Statement and 12/31/2021 Balance Sheet using the provided code (N, O, U) to indicate overstatements, understatements, or no effect on each component.
Assess the influence of omissions and errors found in O’Brian Co.’s adjusted trial balance for the year ending 12/31/2021 on the components of the company’s 2021 Income Statement and 12/31/2021 Balance Sheet. Utilize the provided code (N, O, U) to indicate the effect on each component.
To reverse salaries at the beginning of a period, the entry would involve a debit to Salaries Expense.