Please help me with correct answer thanku concerning the company's operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31Flights (9)Revenue ($355.00q)Expenses:Wages and salaries ($3,600 + $86.009)Fuel ($31.00g)Airport fees ($860 + $30.00g)Aircraft depreciation ($8.00q)office expenses ($240 + $1.0eeq)Total expenseNet operating incomeFlightsRevenueExpenses:Wages and salariesFuelAirport feesAircraft depreciationOffice expensesTotal expenseNet operating incomeSSActualResultsThe company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for anoverflight at a discount.5616,200Required:1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicatethe effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance). Inputall amounts as positive values.)8,3841,9042,43044846413,6302,570UFActualResultsU56$ 16,200FLappl8,3841,9042,43044846413,630$ 2,570168✔ UVulcan FlyoversFlexible Budget Performance ReportFor the Month Ended July 31FlexibleBudget168 X UFlexibleBudgetU56$ 19,880✔S0 None ✔8,4161,7362,540448296*******13,436$ 6,444Answer is not complete.PlanningBudget5619,88054$ 19,1708,4161,7362,54044829613,436✔S 6,4448,2441,6742,48043229413,124$ 6,046F ✔S $UUUUUUF******0PlanningBudget5419,1708,2441,6742,48043229413,124$ 6,046

The variance is the difference between the actual and standard costs of production. The spending…

concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00g) Expenses: wages and salaries ($3,600 + $86.009) Fuel ($31.000) Airport fees ($860 + $30.009) Aircraft depreciation ($8.00q) office expenses ($240 + $1.009) Total expense Net operating income Actual Results 56 $ 16, 200 Flexible Budget 56 $ 19,880 8,384 1,904 2,430 448 464 13,630 13,436 $ 2,570 $ 6,444 8,416 1,736 2,540 448 296 Planning Budget 54 $ 19,170 8,244 1,674 2,480 432 294 13,124 $ 6,046 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an overflight at a discount.

concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Flights (q) Revenue ($355.00g) Expenses: wages and salaries ($3,600 + $86.009) Fuel ($31.000) Airport fees ($860 + $30.009) Aircraft depreciation ($8.00q) office expenses ($240 + $1.009) Total expense Net operating income Actual Results 56 $ 16, 200 Flexible Budget 56 $ 19,880 8,384 1,904 2,430 448 464 13,630 13,436 $ 2,570 $ 6,444 8,416 1,736 2,540 448 296 Planning Budget 54 $ 19,170 8,244 1,674 2,480 432 294 13,124 $ 6,046 The company measures its activity in terms of flights. Customers can buy Individual tickets for overflights or hire an entire plane for an overflight at a discount.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 4PB: The trial balance for Harris Pitch and Putt on June 30 is as follows: Data for month-end adjustments...

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The trial balance of Ortiz Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below Commplete the worksheet by making the following adjustments: supplies on hand at the end of the month, $4,200; expired insurance, $4,500; depreciation expense on equipment for the period, $1,600.
The trial balance for Harris Pitch and Putt on June 30 is as follows: Data for month-end adjustments are as follows: a. Expired or used-up insurance, 380. b. Depreciation expense on equipment, 1,950. c. Depreciation expense on repair equipment, 1,650. d. Wages accrued or earned since the last payday, 585 (owed and to be paid on the next payday). e. Supplies remaining at end of month, 120. Required 1. Complete a work sheet for the month. (Skip this step if using CLGL.) 2. Journalize the adjusting entries. 3. If using CLGL, prepare an adjusted trial balance. 4. Prepare an income statement, a statement of owners equity, and a balance sheet. Assume that no additional investments were made during June. If you are using CLGL, use the year 2020 when recording transactions.
The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066
The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.
The following accounts appear in the ledger of Sheldon Company on January 31, the end of this fiscal year. The data needed for adjustments on January 31 are as follows: ab.Merchandise inventory, January 31, 55,750. c.Insurance expired for the year, 1,285. d.Depreciation for the year, 5,482. e.Accrued wages on January 31, 1,556. f.Supplies used during the year 1,503. Required 1. Prepare a work sheet for the fiscal year ended January 31. Ignore this step if using QuickBooks or general ledger. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. Ignore this step if using CLGL. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. Check Figure Net loss, 1,737
The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.
1. Barack Company reported operating expenses in two categories namely distribution and general administrative expenses. The adjusted trial balance at year-end included the following expense and loss accounts for the current year: Accounting and legal fees P1,200,000, Advertising P1,500,000, Freight out P800,000, Interest P700,000, Loss on sale of long term investment P300,000, Officer's salaries P2,250,000, Rent for office space P2,200,000, Sales salaries and commissions P1,400,000. Additional information: One-half of the rented premises is occupied by the sales department. What amount should be reported as Total Distribution costs?
[The following information applies to the questions displayed below.] a. Wages of $13,000 are earned by workers but not paid as of December 31. b. Depreciation on the company's equipment for the year is $11,560. c. The Supplies account had a $430 debit balance at the beginning of the year. During the year, $4,599 of supplies are purchased. A physical count of supplies at December 31 shows $510 of supplies available. Saved d. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,800 of unexpired insurance benefits remain at December 31. e. The company has earned (but not recorded) $900 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. f. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company will pay the interest five days after the year-end on January…
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Journalize the adjusting entries on of the journal. 2. Prepare an adjusted trial balance. 3. Prepare a post-closing trial balance.
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Journalize the closing entries on of the journal. Then post to the general ledger in the attached spreadsheet. For a compound transaction, if an amount box does not require an entry, leave it blank.
The following additional accounts from Recessive Interiors' chart of accounts should be used: Wages Payable, 22; Income Summary, 33; Depreciation Expense-Equipment, 54; Supplies Expense, 55; Depreciation Expense-Trucks, 56; Insurance Expense, 57. The data needed to determine year-end adjustments are as follows: Supplies on hand at January 31 are $2,850. Insurance premiums expired during the year are $3,150. Depreciation of equipment during the year is $5,250. Depreciation of trucks during the year is $4,000. Wages accrued but not paid at January 31 are $900. Required: 1. Prepare an income statement. 2. Prepare a Statement of Owner's Equity (no additional investments were made during the year.) 3. Prepare a balance sheet.
Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Wages of $9,000 are earned by workers but not paid as of December 31. Depreciation on the company’s equipment for the year is $10,720. The Supplies account had a $400 debit balance at the beginning of the year. During the year, $5,607 of supplies are purchased. A physical count of supplies at December 31 shows $611 of supplies available. The Prepaid Insurance account had a $5,000 balance at the beginning of the year. An analysis of insurance policies shows that $2,300 of unexpired insurance benefits remain at December 31. The company has earned (but not recorded) $1,000 of interest revenue for the year ended December 31. The interest payment will be received 10 days after the year-end on January 10. The company has a bank loan and has incurred (but not recorded) interest expense of $4,000 for the year ended December 31. The company…