1) WINTER CO

1) WINTER CO. Trial Balance June 30, 2021 Debit Cash $2,856 Accounts receivable 1,867 Supplies 506 Equipment Accounts payable Unearned revenue 1,837 F. Winter, capital F. Winter, drawings 795 Service revenue Office expense 987 Salaries expense 3,018 $11,866 $7,880 2,716 11,206 3,480 $25,282 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1 Cash recer from a customer on account was debited to Cash for $530 and Accounts Receivable was credited for the same amount. The actual collection was $350. 2. The purchase of supplies on account for $360 was recorded as a debit to Equipment for $360 and a credit to Accounts Payable for $360. 3. Services of $970 were performed on account for a client. Accounts Receivable was debited for $97 and Service Revenue was credited for $970. A debit posting to Office Expense of $510 was not done. 5. A payment on account for $806 was credited to Cash for $806 and debited to Accounts Payable for $608. 6 The withdrawal of $410 cash for Winter's personal use was debited to Salaries Expense for $410 and credited to Cash for $410. 7. A transposition error (reversal of digits) was made when copying the balance in Service Revenue to the trial balance. The correct balance recorded in the account was $4,380 8. The general ledger contained a Prepaid Insurance account with a debit balance of $649. Prepare a correct trial balance

2)When computing diluted earnings per share, convertible bonds are

Select one:

a. assumed converted only if they are antidilutive.

b. ignored.

c. assumed converted whether they are dilutive or antidilutive.

d. assumed converted only if they are dilutive.

Y Corporation is organized with authorized common stock of 10,000 shares without par value. If Y then issues 500 shares for cash at $10 per share, it makes the following entry.

Select one:

a. Dr. Equipment 1,500, Cr. Common Stock 5,00 and Cr. Paid in capital -CS 1,000.

b. Dr. Cash 1,500 and Cr. Paid in capital -CS 1,500.

c. Dr. Cash 1,500, Cr. Common Stock 500 and Cr. Paid in capital -CS 1,000.

d. Dr. Cash 5,000 and Cr. Common Stock 5,000.

Clear my choice

3)Check my work 1 The following is a December 31, 2021, post-closing trial balance for Almway Corporation. 8.3 points eBook Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totala Debits Credits $ 57,000 122,000 66,000 206,000 5,000 102,000 426,000 S 106,000 116,000 66,000 16,000 87,000 140,000 26,000 246,000 318,000 119,000 $1,116,000 $1,116,000 Print lo References Additional information: : 1. The investment in equity securities account includes an investment in common stock of another corporation of $36,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. 2. The land account includes land which cost $31.000 that the company has not used and is currently listed for sale. 3. The cash account includes $21,000 restricted in a fund to pay bonds payable that mature in 2024 and $29,000 restricted in a three- month Treasury bill. 4. The notes payable account consists of the following: a, a $36,000 note due in six months. b. a $56,000 note due in six years. c. a $56,000 note due in five annual installments of $11,200 each, with the next installment due February 15, 2022. 5. The $66,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 106,000 shares of no par value common stock issued and outstanding. The corporation has 500.000 shares authorized.
Check my work 1 Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) 8.3 points cBook ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Short-term investments Accounts receivable Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance Print 0 References 0 Total current assets Investments 0 Total investments roperty, plant, and equipment: