Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 13,200 Accounts Receivable 29,300 Supplies 1,850 Equipment 130,550 Accumulated Depreciation - Equipment 43,560 Accounts Payable 15,840 Salaries Payable 1,450
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| Security Services Co. Post-Closing July 31, 2018 |
||||
| Debit Balances | Credit Balances | |||
| Cash | 13,200 | |||
| 29,300 | ||||
| Supplies | 1,850 | |||
| Equipment | 130,550 | |||
| Accumulated |
43,560 | |||
| Accounts Payable | 15,840 | |||
| Salaries Payable | 1,450 | |||
| Unearned Rent | 5,940 | |||
| Common Stock | 13,500 | |||
| 94,610 | ||||
| 215,950 | 133,850 |
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- Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions Prepare a statement of cash flows for the year ended December 31. 20Y8.Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8. are as follows: a. Wages accrued but not paid at December 31. $2150 b. Depreciation of equipment during the year. $12500 c. Laundry supplies on hand at December 31. $1,500 d. Insurance premiums expired. $4600 Instructions 2. Prepare an income statement and statement of stockholders equity for the year ended December 31. 20Y8. The common stock balance as of January 1. 20Y8. was $25000. The retained earnings balance as of January 1, 20Y8, was $101,500.Cornerstone Exercise 1-18 Balance Sheet An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common stock, $7,000; and retained earnings, 9,800. Required: Prepare a balance sheet for Cavernous Homes Inc. at December 31 , 2019.
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- (Appendix 3.1) Cash-Basis Accounting Puntarelli Contracting keep its accounting records on a cash basis during the year. At year end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2018, Puntarelli reported the following balance sheet items. It is now the end of 2019. The companys checkbook shows a balance of 4,700, which includes cash receipts from customers of 51,300 and cash payments of 49,300. An examination of the cash payments shows that: (1) 30,600 was paid to suppliers, (2) 12,700 was paid for other operating costs (including 7,200 paid on January 1 for 2 years annual rent), and (3) 6,000 was withdrawn by T. Puntarelli. On December 51, 2019, (1) customers owed Puntarelli Contracting 55,900, (2) Puntarelli owed suppliers and employees 7,000 and 900, respectively, and (3) the ending inventory was 6,300. Puntarelli is depreciating the equipment using straight line depreciation over a 10-year life (no residual value). Required: 1. Using accrual based accounting, prepare a 2019 income statement (show supporting calculations). 2. Using accrual-based accounting, prepare a December 31, 2019, balance sheet (show supporting calculations).Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.Security Services Co.Post-Closing Trial BalanceJuly 31, 20Y0 Debit Balances Credit Balances Cash 15,600 Accounts Receivable 34,630 Supplies 2,180 Equipment 154,280 Accumulated Depreciation—Equipment 51,480 Accounts Payable 18,720 Salaries Payable 1,720 Unearned Rent 7,020 Common Stock 13,500 Retained Earnings 114,250 255,200 158,180 Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct. If an amount box does not require an entry, leave it blank. Security Services Co.Post-Closing Trial BalanceJuly 31, 20Y0
