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D. Reed and J. Files started the RF partnership on January 1, 2016. The business acquired $70,000 cash from Reed and$140,000 from Files. During 2016, the partnership earned $75,000 in cash revenues and paid$39,000 for cash expenses. Reed withdrew $2,000 cash from the business, and Files withdrew$4,000 cash. The net income was allocated to the capital accounts of the two partners in proportion to the amounts of their original investments in the business.
Prepare an income statement, capital statement, balance sheet, and statement of cash flows for the RF partnership for the 2016 fiscal year.
The following information is available for Trinkle Company for the month of June:
1. The unadjusted balance per the bank statement on June 30 was $81,500.
2. Deposits in transit on June 30 were$3,150.
3. A debit memo was included with the bank statement for a service charge of $40.
4. A$5,611 check written in June had not been paid by the bank.
5. The bank statement included a $950 credit memo for the collection of a note. The principal of the note was$900, and the interest collected amounted to $50.
Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)