trial balance
TRIAL BALANCE FOR PROBLEMS 1-5Presented below is the final adjusted trial balance of the 2016 year-end account balances ofCougar Corp, a merchandising company.Cougar CorpTrial Balance – December 2016DebitAccountsAccounts PayableAccounts ReceivableAccumulated DepreciationAdministrative and General ExpensesBuildingsCashCommon StockCost of Goods SoldDepreciation ExpenseEquipmentLandLoss from earthquake damage(extraordinary item)Loss from disposal of discontinuedoperationRetained Earnings, Beginning balancefor 2016Sales RevenueSelling ExpensesSuppliesUnearned RevenueTotalCredit40,00080,00020,00046,000194,00037,000236,000400,0006,000168,00040,0008,00022,00086,000690,00072,0003,0001,076,0004,0001,076,000Cougar crop’s income from continuing operations before income tax is $166,000 in 2016.Assume a tax rate of 35% for all income statement items.1- What is income from continuing operations for 2016?2- What is income before extraordinary items for 2016?3- What is net income for 2016?4- What is income from continuing operations per share for 2016?5- What is net income per share for 2016?- Moorman Corporation reports the following information:Correction of understatement of depreciation expense in prior years, net of tax: $860,000Dividends declared: $640,000Net income: $2,000,000retained earnings, 1/1/14: $4,000,000Moorman should report retained earnings on 12/31/14, as adjusted at:?TRIAL BALANCE FOR PROBLEMS 6-7Presented below is an alphabetical list of 2016 pre-closing account balances of Eagles Corp, amerchandising company. Assume all accounts have normal balances.AccountsAccounts PayableAccounts ReceivableAccumulatedDepreciationAdministrative and General ExpensesBuildingsCashCommon StockCost of Goods SoldDepreciation ExpenseDividends (CommonStock)EquipmentInterest ExpenseLandPrepaid RentRetained Earnings, Beginning Balance for 2016Sales RevenueSelling ExpensesUnearned RevenueBalance2,0004,5007,0004,62536,50010,00012,50057,0001,7502,0007,25050020,0001,00016,500183,50045,5002,1251- How many temporary accounts does Eagles Corp need to close?2- What is the balance of retained earnings for eagles Corp after closing entries?-?On August 1, 2015 Pederson Corp pays $9,000 cash for a 3-year insurance policystarting on that date. What is Pederson Corp’s balance of pre-paid insurance afteradjusting entries for 2015 have been made
