3. The following items are taken from an adjusted trial balance of Gazi Company at year-end, December 31, 2017. Salaries and wages payable 4,580; Note payable (Non- Current) 3,300; tax expense 45,700; Cash 22,200; Utilities expense 9,100; Accounts receivable 9,780; Equipment 24,000; Accumulated depreciation - equip. 6,000; Accounts payable 4,100; Dividends 3,000; Service revenue 68,100; Depreciation expense 4,000; Rent revenue 6,500; Retained earnings beginning balance in 2017 is 30,000; Share capital-ordinary 16,200. Please find the Retained Earnings, December 31, 2017. *

3. The following items are taken from an adjusted trial balance of Gazi Company at year-end, December 31, 2017. Salaries and wages payable 4,580; Note payable (Non- Current) 3,300; tax expense 45,700; Cash 22,200; Utilities expense 9,100; Accounts receivable 9,780; Equipment 24,000; Accumulated depreciation - equip. 6,000; Accounts payable 4,100; Dividends 3,000; Service revenue 68,100; Depreciation expense 4,000; Rent revenue 6,500; Retained earnings beginning balance in 2017 is 30,000; Share capital-ordinary 16,200. Please find the Retained Earnings, December 31, 2017. *

Name: 3. The following items are taken from anadjusted trial balance of Gaz
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Description: 3. The following items are taken from anadjusted trial balance of Gazi Company atyear-end, December 31, 2017. Salaries andwages payable 4,580; Note payable (Non-Current) 3,300; tax expense 45,700; Cash22,200; Utilities expense 9,100; Accountsreceiva

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter3: Merchandising Company Worksheet (p2work)

Section: Chapter Questions

Problem 5R: The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as...

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The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. Open the file P2WORK from the website for this book at cengagebrain.com. Enter the formulas in the appropriate cells on the worksheet. Then enter the adjusting amounts in columns E and G. Also, in column D or F, insert the letter corresponding to the adjusting entry (ae). (Note: Not all textbooks handle the change in inventory as an adjustment. Use the method for handling inventory that is prescribed in your textbook.) Column A is frozen on the screen to assist you in completing requirement 3.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. As the accountant for Sports Connection, you have been asked to prepare adjusting entries and financial statements to complete the accounting cycle for the year. A worksheet called P2WORK has been provided to assist you in this assignment. As you review this worksheet, it should be noted that columns H and I will automatically change when you enter values in columns E and G.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. Complete the income statement and balance sheet by entering formulas in columns J, K, L, and M that reference the appropriate cells in column H or I. Net income will be automatically calculated at the bottom of the income statement and balance sheet columns. Check to be sure that these numbers are the same. Enter your name in cell A1. Save the completed file as P2WORK3. Print the worksheet. Also print your formulas using landscape orientation and fit-to-1 page scaling. Check figure: Net income (cell J34), 37,902.
The trial balance of Sports Connection at June 30, 2013, the end of the current fiscal year, is as follows: Adjustment information is as follows: a. Supplies on hand as of June 30, 2013, 450. b. Insurance premiums that expired during the year, 2,420. c. Depreciation on equipment during the year, 1,500. d. Included in the rent expense of 30,000 is 1,200 that is prepaid for July 2013. e. Salaries accrued but not paid at June 30, 2013, 1,440. f. Merchandise inventory on June 30, 2013, 68,864. In the space provided below, prepare an income statement, a capital statement (statement of owners equity), and a balance sheet. Use the corrected worksheet (P2WORK4) as a basis for your work. Assume no additional owner investments were made during the year.
The unadjusted trial balance of La Mesa Laundry at August 31, 2016, the end of the fiscal year, follows: The data needed to determine year-end adjustments are as follows: a. Wages accrued but not paid at August 31 are 2,200. b. Depreciation of equipment during the year is 8,150. c. Laundry supplies on hand at August 31 are 2,000. d. Insurance premiums expired during the year are 5,300. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in a T account. Identify the balance as Aug. 31 Bal. In addition, add T accounts for Wages Payable, Depreciation Expense, Laundry Supplies Expense, Insurance Expense, and Income Summary. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (1) as needed. 3. Journalize and post the adjusting entries. Identify the adjustments by Adj. and the new balances as Adj. Bal. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Identify the closing entries by Clos. 7. Prepare a post-closing trial balance.
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $ 16,900.00 Accounts Receivable 17,500 Prepaid Rent 2,500 Office Supplies 1,900 Equipment 23,000 Accumulated Depreciation - Equipment $ 7,000.00 Accounts Payable 6,200.00 Salaries Payable Unearned Revenue 5,600.00 Common Stock 28,000.00 Retained Earnings 1,600.00 Dividends 4,500 Service Revenue 20,800.00 Salaries Expense 2,900 Rent Expense Depreciation Expense - Equipment Supplies Expense Total $ 69,200.00 $ 69,200.00 Adjustment Data a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in…
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $    16,900.00 Accounts Receivable               17,500 Prepaid Rent                 2,500 Office Supplies                 1,900 Equipment               23,000 Accumulated Depreciation - Equipment $       7,000.00 Accounts Payable           6,200.00 Salaries Payable Unearned Revenue           5,600.00 Common Stock         28,000.00 Retained Earnings           1,600.00 Dividends                 4,500 Service Revenue         20,800.00 Salaries Expense               2,900 Rent Expense Depreciation Expense - Equipment Supplies Expense Total $    69,200.00 $    69,200.00 Adjustment Data a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in…
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $    16,900.00 Accounts Receivable               17,500 Prepaid Rent                 2,500 Office Supplies                 1,900 Equipment               23,000 Accumulated Depreciation - Equipment $       7,000.00 Accounts Payable           6,200.00 Salaries Payable Unearned Revenue           5,600.00 Common Stock         28,000.00 Retained Earnings           1,600.00 Dividends                 4,500 Service Revenue         20,800.00 Salaries Expense               2,900 Rent Expense Depreciation Expense - Equipment Supplies Expense Total $    69,200.00 $    69,200.00 Adjustment Data a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in…
Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. Walton Anvils Unadjusted Trial Balance December 31, 2016 Balance Account Title Debt Credit Cash $    16,900.00 Accounts Receivable               17,500 Prepaid Rent                 2,500 Office Supplies                 1,900 Equipment               23,000 Accumulated Depreciation - Equipment $       7,000.00 Accounts Payable           6,200.00 Salaries Payable Unearned Revenue           5,600.00 Common Stock         28,000.00 Retained Earnings           1,600.00 Dividends                 4,500 Service Revenue         20,800.00 Salaries Expense               2,900 Rent Expense Depreciation Expense - Equipment Supplies Expense Total $    69,200.00 $    69,200.00 Adjustment Data a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in…
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owner’s capital account was $53,660, and the owner invested $35,000 cash in the company during the 2017 fiscal year. 1. Prepare and complete a 10-column work sheet for fiscal year 2017, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2017 had a cost of $3,300. b. The cost of expired insurance for the fiscal year is $3,800. c. Annual depreciation on equipment is $8,400. d. The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded. e. The company’s employees have earned $1,800 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $500. g. Additional…
The unadjusted trial balance of Packer Corporation showed the following balances at the end of its first 12 month fiscal year ended August 31,2015: Debits Credits Cash $12,000Accounts receivable 3,600 Prepaid insurance 0 Supplies 2,500 Land 15,000 Building 60,000 Furniture 3,000 Equipment 20,000 Accumulated depreciation-building 0 Acuumulated depreciation- Equipment 0 Accumulated depreciation- Furniture 0…
Selected year-end account balances from the adjusted trial balance as of December 31, 2017, for Bridgeport Corp. is provided below. Debit Credit Accounts Receivable $66,790 Dividends 24,200 Depreciation Expense 12,140 Equipment 195,780 Salaries and Wages Expense 83,810 Accounts Payable $48,760 Accumulated Depreciation—Equipment 105,620 Unearned Rent Revenue 21,070 Service Revenue 169,100 Rent Revenue 5,700 Rent Expense 3,310 Retained Earnings 56,860 Supplies Expense 1,290 Prepare closing entries. Determine the post-closing balance in Retained Earnings. (Post entries in the order of journal entries presented in the previous part.) Retained Earnings choose a transaction date enter a debit amount choose a transaction date enter a credit amount choose a transaction date enter a debit amount choose a transaction date…