EAdbeede chPrepare adjusting entriesfrom analysis of trialbalances.(LO 5, 6, 7)E3-13 The trial balances before and after adjustment for Matusiak Company OAO at theend of its fiscal year are presented below.MATUSIAK COMPANY OAOTrial BalanceAugust 31, 2017BeforeAfterAdjustmentCr.AdjustmentDr.Dr..Cr..CashAccounts Receivable€ 10,400€10,4008,8002,3004,00014,00010,000700SuppliesPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableUneamed Rent RevenueShare Capital-OrdinaryRetained EarningsService RevenueRent RevenueSalaries and Wages ExpenseSupplies ExpenseRent ExpenseInsurance ExpenseDenreciation Exoens2,50014,000€ 3,6005,800-0-€ 4,9005,8001,1001,50012,0003,60034,00011,00080012,0003,60035,20011,70017,000-0-18,1001,60015,0001,500Windows bu15,000Windows ala J-0-1300ENG ADA IAdebe Reade TechuppnenddnoPrepaid InsuranceEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries and Wages PayableUnearned Rent Revenue4,00014,0002,50014,000€ 3,6005,800-0-€ 4,9005,8001.1001,50012,0003,60034,00011,000800Share Capital-OrdinaryRetained EarningsService RevenueRent RevenueSalaries and Wages ExpenseSupplies ExpenseRent ExpenseInsurance ExpenseDepreciation Expense12,0003,60035,20011,70017,000-0-18,1001,60015,0001 50015,000-0-1,5001,300-0-€71,500 €71,500 €75,100€75,100InstructionsPrepare the adjusting entries that were made.E3-14 The adjusted trial balance for Matusiak Company OAO is given in E3-13.Prepare financial statementsfrom adjusted trial balance.(LO 7)InstructionsPrepare the income and retained eamings statements for the year and the statement offinancial position at August 31.WindowsWindows la JENG 4DA

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E3-13 The trial balances before and after adjustment for Matusiak Company OA0 at the end of its fiscal year are presented below. Prepare adjusting emtries from analysis of trial balances. MATUSIAK COMPANY OAO (LO S, 6, 7) Trial Balance August 31, 2017 Before After Adjustment Adjustment Dr. Cr. Dr. Cash Accounts Receivable €10,400 8,800 2,300 4,000 14,000 €10,400 10,000 700 2.500 14,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Share Capital-Ordinary Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense € 3,600 5,800 € 4,900 5,800 1,100 1.500 12,000 3,600 34,000 11,000 800 12,000 3,600 35,200 11,700 17,000 18,100 1,600 15,000 1,500 Windows 15,000

E3-13 The trial balances before and after adjustment for Matusiak Company OA0 at the end of its fiscal year are presented below. Prepare adjusting emtries from analysis of trial balances. MATUSIAK COMPANY OAO (LO S, 6, 7) Trial Balance August 31, 2017 Before After Adjustment Adjustment Dr. Cr. Dr. Cash Accounts Receivable €10,400 8,800 2,300 4,000 14,000 €10,400 10,000 700 2.500 14,000 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Share Capital-Ordinary Retained Earnings Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense € 3,600 5,800 € 4,900 5,800 1,100 1.500 12,000 3,600 34,000 11,000 800 12,000 3,600 35,200 11,700 17,000 18,100 1,600 15,000 1,500 Windows 15,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 10P: Balance Sheet The following is a list (in random order) of KIP International Products Companys...

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Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Some selected balances of DD Co. for year ended Dec-31-2019 are as follows with theirnormal balances before adjustments:Cash and Cash Equivalent Br 20,000 Owners’ Capital 40,000Notes Receivables45,000Retained Earnings75,000Office Supplies12,000Sales Revenues640,000Prepaid Insurance72,000Interest Income12,000Inventory (Average Cost)24,000Cost of Goods Sold320,000Fixed Assets120,000Selling Expenses21,000Accum. Depr- Fixed assets36,000Salary and Wages Expense105,000Unearned Rent (Liability)56,000Rent Expense15,000Requireda. Prepare the necessary adjusting entries for the following items as not yet recorded on Dec-31-2019:i. The office supplies consumed during the year is Br 8,000ii. The Unexpired part of insurance is only Br 26,000iii. Br 30,000 is earned sales revenues from the unearned advance collectioniv. Salary and wages accrued as on 31-Dec-2019 amounts to be Br 18,000v. Depreciation Expenses allocated for the year amounts to be Br 15,000vi. There are accrued interest of Br 8,000 on…
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000Refer to Question 10. Using the aging-of-receivables method, the balance of the Allowanceaccount after the adjusting entry at year-end 2018 would bea. $1,260.b. $2,160.c. $360.d. $9,260
Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO.Income Statementchoose the…
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…
Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,507 Accounts Receivable 7,955 Prepaid Rent 3,315 Equipment 19,085 Accumulated Depreciation-Equipment $5,930 Notes Payable 6,735 Accounts Payable 6,507 Common Stock 21,035 Retained Earnings 12,345 Dividends 4,035 Service Revenue 12,625 Salaries and Wages Expense 7,875 Rent Expense 2,182 Depreciation Expense 223 Interest Expense 161 Interest Payable 161 $65,338 $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.