Using the end- of- period spreadsheet for week 2- make all appropriate closing entries and post them to the spreadsheet. Prepare the Income Statement, Balance Sheet and Statement of Retained Earnings                             Cash  2065       2065       2065         A/R 2220   (d) 500   2720       2720         Supplies 2000     (a) 1240 760       760         Prepaid Insurance 2400     (b) 200 2200       2200         Land 20000       20000       20000         Office Equipment 1800       1800       1800         A/D Equip       (f) 50   50       50       A/p   900       900       900       W/p       (e) 250   250       250       U/R   360 (c) 120     240       240       Cap Stock   25000       25000       25000       Div 4000       4000       4000         Fees   16340   (d) 500   16840   16840           Rent Rev       (c) 120   120   120           Wage Exp 4275   (e) 250   4525   4525             Supp Exp 800   (a) 1240   2040   2040             Rent Exp 1600       1600   1600             Util Exp 985       985   985             Insurance Expense   (b) 200   200   200             Depr Exp     (f) 50   50   50             Misc Exp 455       455   455               42600 42600 2360 2360 43400 43400

Question

Using the end- of- period spreadsheet for week 2- make all appropriate closing entries and post them to the spreadsheet. Prepare the Income Statement, Balance Sheet and Statement of Retained Earnings

                           
Cash  2065       2065       2065        
A/R 2220   (d) 500   2720       2720        
Supplies 2000     (a) 1240 760       760        
Prepaid Insurance 2400     (b) 200 2200       2200        
Land 20000       20000       20000        
Office Equipment 1800       1800       1800        
A/D Equip       (f) 50   50       50      
A/p   900       900       900      
W/p       (e) 250   250       250      
U/R   360 (c) 120     240       240      
Cap Stock   25000       25000       25000      
Div 4000       4000       4000        
Fees   16340   (d) 500   16840   16840          
Rent Rev       (c) 120   120   120          
Wage Exp 4275   (e) 250   4525   4525            
Supp Exp 800   (a) 1240   2040   2040            
Rent Exp 1600       1600   1600            
Util Exp 985       985   985            
Insurance Expense   (b) 200   200   200            
Depr Exp     (f) 50   50   50            
Misc Exp 455       455   455            
  42600 42600 2360 2360 43400 43400              

 

 

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Accounting Information Systems

Business Transaction Analysis

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Solve it early

A: Internal rate of return method: Internal rate of return method is one of the capital investments whi...

Q: Wesimann Co. issued 10-year bonds a year ago at a coupon rate of 8.8 percent. The bonds make semiann...

A: Current bond price: Current bond price is the present value of future payments. Future payments incl...

Q: What is meant by customer-profitability analysis? Give an example of an activity that might be perfo...

A: Customer Profitability Analysis:  It is the process of ascertaining the amount of revenue earned fro...

Q: Why do product-costing systems based on a single, volume-based cost driver tend to overcost high-vol...

A: Click to see the answer

Q: A local partnership is liquidating and is currently reporting the following capital balances: Ba...

A: Capital ratio between Barley and Carter = 50% : 30% i.e. 5:3 Desai loss shared between Barley and Ca...

Q: Closing Entries and Completing the Accounting Cycle Define the following: Accounting cycle Closin...

A: Since you have asked multiple questions we will solve the first question for you,If you want any spe...

Q: How is sensitivity analysis used to cope with uncertainty in decision making?

A: Click to see the answer

Q: A partnership has the following account balances: Cash, $84,000; Other Assets, $610,000; Liabilities...

A: Firstly, we shall calculate the losses to the partners.

Q: Hi, I am wondering if I can get some help on this problem please? Even if it is just some guidance o...

A: Under LIFO, units are firstly sold from the most recent purchase and then from the older purchase.

Q: Should actual or budgeted service department costs be allocated? Why?

A: Service department:   A service department is a division in an organization that is not involved dir...

Q: Weighted-Average Method; Transferred-in Costs Sanyo Corporation manufactures a popular model of busi...

A: Compute the total equivalent units as follows:

Q: Matthew Bell, a salesman, couldn’t have been expected to know that CPAs are explicitly prohibited fr...

A: The contingency fee is charged as a percentage of the refund obtained. In this case, Pam Williams pr...

Q: Distinguish between errors and irregularities. Which do you think concern auditors the most?

A: Click to see the answer

Q: Backwoods Mining Co. acquired mineral rights for $53,200,000. The mineral deposit is estimated at 19...

A: Depletion expense for tons = Cost of mineral right/ Estimated deposit = 53,200,000/19,000,000 = $2.8...

Q: On October 1, Black Company receives a 4% interest bearing note from Reese Company to settle a $19,4...

A: Accounts receivable = $19400 Periods remaining in the current year = 3 months Interest rate = 4% per...

Q: Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Each journal requires assembl...

A: Formulas:

Q: ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estima...

A: Concept: The liability is defined as the person or company who usually owes certain sum of money. Th...

Q: A diesel-powered tractor with a cost of $136,700 and estimated residual value of $14,500 is expected...

A: Depreciation expense per hour = (Cost of asset - Estimated residual value) / Operating life

Q: An employee receives an hourly rate of $17, with time and a half for all hours worked in excess of 4...

A: Gross pay = ($17 x 40 hours+ $17*1.5 x 9 hours) = $909.50

Q: Why is the cost of idle time treated as manufacturing overhead?

A: Click to see the answer

Q: Define the terms sunk cost and differential cost.

A: Differential cost:  Differential cost is the change in total cost due to increase or decrease in pro...

Q: Fallon Company uses flexible budgets to control its selling expenses. Monthly sales are expected to ...

A: Budgeting: Budgeting is a process of preparing budgets and the evaluation of it to see whether the b...

Q: Write the journal entries for each transaction. Post the totals for each account in the end- of- per...

A: Definition: Journal: Journal is the method of recording monetary business transactions in chronologi...

Q: Two years ago the manager of a large department store purchased new bar code scanners costing $39,00...

A: Click to see the answer

Q: Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Paper is required to produce ...

A: Paper required to produce journal = No. of journals x Paper required per journal = 403,500 journals ...

Q: Assume that a company has two processing departments—Mixing followed by Firing. Prepare a journal en...

A: Process Costing:   Process costing is a method of costing where the production is continuous and und...

Q: A $14,400, 30-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journa...

A: Notes receivable: Notes receivable refers to a written promise for the amounts to be received within...

Q: What are the arguments in favor of treating fixed manufacturing overhead costs as product costs?

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These ...

Q: If the materials price variance is favorable but the materials quantity variance is unfavorable, wha...

A: Click to see the answer

Q: Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect l...

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products o...

Q: The payroll register of Heritage Co. indicates $3,900 of social security withheld and $975 of Medica...

A: Net Salaries Payable = Total salaries for the period - Total amount withheld = $65,000 - ($3,900 + $...

Q: Accounting Question

A: Contribution Margin Per Unit: Contribution margin is the amount left after covering variable cost pa...

Q: What is the chief difference between manufacturing and service industry firms?

A: Click to see the answer

Q: Calculate the after-tax cost of debt under each of the following conditions: rdof 13%, tax rate of ...

A: 1. After tax cost of debt = Cost of debt * (1- Tax rate) After tax cost of debt = 13% * (1-0%) After...

Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, A...

A: When the common stock is issued in excess of its par value, they are said to be issued at premium. W...

Q: Record the issuance of 2,400 shares of $20 par value common stock for $43,000 of inventory, $155,000...

A:    

Q: The actual selling expenses incurred in March 2020 by Fallon Company are as follows. Variable E...

A: Flexible budget is dynamic and changes with the change in the volume of activity.  

Q: Meredith Company gathered the following reconciling information in preparing its May bank reconcilia...

A: Bank Reconciliation Bank Reconciliation Statement is a document which shows that the cash balance in...

Q: 

A: a) Cost of Goods Manufactured = Direct Material + Direct Labor + Factory Overhead + Opening WIP - Cl...

Q: A 37000 loan at 8.2% compounded semi annually is to be repaid by equal semi annual payment over 10 y...

A: Compute the payment if the loan is for 20 periods at 4.1% semi-annual rate as follows:

Q: If a fixed asset, such as a computer, were purchased on January 1st for $1,562.00 with an estimated ...

A: Straight-line method: Under the straight-line method of depreciation, the same amount of depreciati...