PLEASE ANSWER ASAP!! I REALLY NEED HELP THANK YOU INSTRUCTIONS:PREPARE A 10-COLUMNWORK SHEET FOR THE YEAR ENDED JUNE 30, 2020 USINGTHE FOLLOWING DATA FOR ADJUSTMENT:A) INSURANCE EXPENSE ON AUTOMOBILE FOR THE YEAR P14400B) RENT EXPENSE OR THE YEAR IS P72000C) DEPRECIATION EXPENSE IN OFFICE EQUIPMENT P 10800, AUTOMOBILE P48000D) SALARIES INCURRED BUT UNPAID AS OF JUNE 30 AMOUNTS TO P9990E) SUPPLIES ON HAND AS OF JUNE 30, P3000F)THE UNEARNED MANAGEMENT FEES WERE RECEIVED AND RECORDED ON APRIL 1,2021. THE ADVANCE PAYMENT COVERED SIX MONTHS MANAGEMENTOF ANAPARTMENT BUILDINGG) ACCRUED INTEREST ON NOTES PAYABLE P15000 Villar Realty had the following trial balance for June 30, 2020 as follows:VILLAR REALTYTrial BalanceJune 30, 2020cessibility: InvestigateCASHACCOUNTS RECEIVABLEPREPAID RENTPREPAID INSURANCE on AUTOMOBILESUPPLIES ON HANDOFFICE EQUIPMENTACCUMULATED DEPRECIATION-Office EquipmentAUTOMOBILEACCUMULATED DEPRECIATION-AutomobileACCOUNTS PAYABLENOTES PAYABLEUNEARNED MANAGEMENT FEEMR VILLAR CAPITALMR VILLAR DRAWINGSALES COMMISSION REVENUEMANAGEMENT SERVICE REVENUESALES EXPENSEADVERTISING EXPENSEAUTOMOBILE EXPENSEMISCELLANEOUS EXPENSETOTALDEBITP650000100000108000280009000900002400007050005994009000534006000P 2598600CREDIT21600600001080015000046800133740090000072000P2598600

Worksheet is one of the important financial document being prepared in business. Under this, first…

INSTRUCTIONS: PREPARE A 10-COLUMNWORK SHEET FOR THE YEAR ENDED JUNE 30, 2020 USING THE FOLLOWING DATA FOR ADJUSTMENT: A) INSURANCE EXPENSE ON AUTOMOBILE FOR THE YEAR P14400 B) RENT EXPENSE OR THE YEAR IS P72000 C) DEPRECIATION EXPENSE IN OFFICE EQUIPMENT P 10800, AUTOMOBILE P48000 D) SALARIES INCURRED BUT UNPAID AS OF JUNE 30 AMOUNTS TO P9990 E) SUPPLIES ON HAND AS OF JUNE 30, P3000 F) THE UNEARNED MANAGEMENT FEES WERE RECEIVED AND RECORDED ON APRIL 1, 2021. THE ADVANCE PAYMENT COVERED SIX MONTHS' MANAGEMENTOF AN APARTMENT BUILDING G) ACCRUED INTEREST ON NOTES PAYABLE P15000

INSTRUCTIONS: PREPARE A 10-COLUMNWORK SHEET FOR THE YEAR ENDED JUNE 30, 2020 USING THE FOLLOWING DATA FOR ADJUSTMENT: A) INSURANCE EXPENSE ON AUTOMOBILE FOR THE YEAR P14400 B) RENT EXPENSE OR THE YEAR IS P72000 C) DEPRECIATION EXPENSE IN OFFICE EQUIPMENT P 10800, AUTOMOBILE P48000 D) SALARIES INCURRED BUT UNPAID AS OF JUNE 30 AMOUNTS TO P9990 E) SUPPLIES ON HAND AS OF JUNE 30, P3000 F) THE UNEARNED MANAGEMENT FEES WERE RECEIVED AND RECORDED ON APRIL 1, 2021. THE ADVANCE PAYMENT COVERED SIX MONTHS' MANAGEMENTOF AN APARTMENT BUILDING G) ACCRUED INTEREST ON NOTES PAYABLE P15000

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

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...

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Kling Company was organized in late 2019 and began operations on January 2, 2020. Prior to the start of operations, it incurred the following costs: Required: 1. What amount should the company expense in 2019? In 2020? 2. Next Level What is the justification of the accounting treatment of these costs?
At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
On December 31, 2019, Vail Company owned the following assets: Vail computes depreciation and amortization expense to the nearest whole year. During 2020, Vail engaged in the following transactions: Required: 1. Check the accuracy of the accumulated depreciation balances at December 31, 2019. Round to the nearest whole dollar in all requirements. 2. Prepare journal entries to record the preceding events in 2020, as well as the year-end recording of depreciation expense. 3. Prepare an Accumulated Depreciation account for each category of assets, enter the beginning balance, post the journal entries from Requirement 2, and compute the ending balance.
Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services accounting clerk prepared the following unadjusted trial balance at July 31, 2019: The data needed to determine year-end adjustments are as follows: Depreciation of building for the year, 6,400. Depreciation of equipment for the year, 2,800. Accrued salaries and wages at July 31, 900. Unexpired insurance at July 31, 1,500. Fees earned but unbilled on July 31, 10,200. Supplies on hand at July 31, 615. Rent unearned at July 31, 300. Instructions 1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable, Rent Revenue, Insurance Expense, Depreciation ExpenseBuilding, Depreciation ExpenseEquipment, and Supplies Expense. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 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. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owners equity for the year.
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2019, follows: The following business transactions were completed by Elite Realty during April 2019: Apr. 1. Paid rent on office for month, 6,500. 2.Purchased office supplies on account, 2,300. 5.Paid insurance premiums, 6,000. 10.Received cash from clients on account, 52,300. 15.Purchased land for a future building site for 200,000, paying 30,000 in cash and giving a note payable for the remainder. 17.Paid creditors on account, 6,450. 20.Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, 325. 23.Paid advertising expense, 4,300. Enter the following transactions on Page 19 of the two-column journal: 27.Discovered an error in computing a commission; received cash from the salesperson for the overpayment, 2,500. 28.Paid automobile expense (including rental charges for an automobile), 1,500. 29.Paid miscellaneous expenses, 1,400. 30.Recorded revenue earned and billed to clients during the month, 57,000. 30.Paid salaries and commissions for the month, 11,900. 30.Withdrew cash for personal use, 4,000. 30.Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of 10,000. Instructions 1. Record the April 1, 2019, balance of each account in the appropriate balance column of a four-column account, write Balance in the item section, and place a check mark () in the Posting Reference column. 2. Journalize the transactions for April in a two-column journal beginning on Page 18. Journal entry explanations may be omitted. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance of the ledger as of April 30, 2019. 5. Assume that the April 30 transaction for salaries and commissions should have been 19,100. (a) Why did the unadjusted trial balance in (4) balance? (b) Journalize the correcting entry. (c) Is this error a transposition or slide?