Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 3, Problem 3.10.1AAMCP
To determine
Introduction: The users of financial statements review the financial statements of the company and perform appropriate analysis to take appropriate decisions, whenever required.
To prepare:
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The trial balance columns of the worksheet for Oriole Roofing at March 31, 2022, are as follows.
Oriole RoofingWorksheetFor the Month Ended March 31, 2022
Trial Balance
Account Titles
Dr.
Cr.
Cash
4,300
Accounts Receivable
3,000
Supplies
2,170
Equipment
11,000
Accumulated Depreciation—Equipment
1,250
Accounts Payable
2,110
Unearned Service Revenue
620
Owner’s Capital
12,620
Owner’s Drawings
1,020
Service Revenue
6,700
Salaries and Wages Expense
1,470
Miscellaneous Expense
340
23,300
23,300
Other data:
1.
A physical count reveals only $700 of roofing supplies on hand.
2.
Depreciation for March is $250.
3.
Unearned revenue amounted to $190 at March 31.
4.
Accrued salaries are $700.
T. Oriole made an additional investment in the business of $9,720 in March. Prepare an owner’s equity statement for the month of…
After you prepare journal entries, prepare an August 31 trial balance for Pose for Pic. (Use the working papers Template in canvas to setup the trial balance)2. Carmen Camry operates a consulting firm called Help Today, which begin operations on August 1. On August 31, the company records show the following accounts and amounts for the month of August. Use this information to prepare an August income statement, Statement of Owner’s Equity, and Balance sheet for the business. The owner invested $102,000 in the company on August 1st.Cash$25,360C. Camry, Withdrawals$6,000Accounts Receivables22,360Consulting Fee Earned27,000Office Supplies5,250Rent Expense9,550Land44,000Salaries Expense5,600Office Equipment20,000Telephone Expense860Accounts Payable10,500Miscellaneous Expenses520
Preparing a worksheet
The unadjusted trial balance of Data Solution at November 30, 2018, follows:
Additional information at November 30, 2018:
a. Accrued Service Revenue, $800.
b. Depreciation, $350.
c. Accrued Salaries Expense, $650.
d. Prepaid Rent expired, $700.
e. Office Supplies used, $550.
Requirements
Complete Data Solution’s worksheet for the month ended November 30, 2018.
How much was net income for November?
Chapter 3 Solutions
Using Financial Accounting Information
Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10E
Ch. 3 - Prob. 3.11MCECh. 3 - Prob. 3.12MCECh. 3 - Prob. 3.13MCECh. 3 - Prob. 3.14MCECh. 3 - Prob. 3.15MCECh. 3 - Prob. 3.16MCECh. 3 - Prob. 3.17MCECh. 3 - Prob. 3.18MCECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2.1PCh. 3 - Prob. 3.2.2PCh. 3 - Prob. 3.2.3PCh. 3 - Prob. 3.2.4PCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.2PCh. 3 - Prob. 3.3.3PCh. 3 - Prob. 3.3.4PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5.1MCPCh. 3 - Prob. 3.5.2MCPCh. 3 - Prob. 3.5.3MCPCh. 3 - Prob. 3.6.1MCPCh. 3 - Transaction Analysis and Financial Statements Blue...Ch. 3 - Prob. 3.6.3MCPCh. 3 - Prob. 3.6.4MCPCh. 3 - Prob. 3.7.1MCPCh. 3 - Prob. 3.7.2MCPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.8MCPCh. 3 - Prob. 3.9.1MCPCh. 3 - Problem 3-9 Transaction Analysis and Journal...Ch. 3 - Prob. 3.10.1MCPCh. 3 - Prob. 3.10.2MCPCh. 3 - Prob. 3.10.3MCPCh. 3 - Prob. 3.10.4MCPCh. 3 - Prob. 3.11MCPCh. 3 - Prob. 3.12.1MCPCh. 3 - Prob. 3.12.2MCPCh. 3 - Prob. 3.13.1MCPCh. 3 - Prob. 3.13.2MCPCh. 3 - Prob. 3.14.1MCPCh. 3 - Prob. 3.14.2MCPCh. 3 - Prob. 3.14.3MCPCh. 3 - Prob. 3.14.4MCPCh. 3 - Prob. 3.14.5MCPCh. 3 - Prob. 3.15.1MCPCh. 3 - Prob. 3.15.2MCPCh. 3 - Prob. 3.15.3MCPCh. 3 - Prob. 3.15.4MCPCh. 3 - Prob. 3.1AAPCh. 3 - Prob. 3.2.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.4AAPCh. 3 - Prob. 3.4AAPCh. 3 - Prob. 3.5.1AAMCPCh. 3 - Prob. 3.5.2AAMCPCh. 3 - Prob. 3.5.3AAMCPCh. 3 - Prob. 3.6.1AAMCPCh. 3 - Prob. 3.6.2AAMCPCh. 3 - Prob. 3.7.1AAMCPCh. 3 - Prob. 3.7.2AAMCPCh. 3 - Prob. 3.8AAMCPCh. 3 - Prob. 3.9.1AAMCPCh. 3 - Prob. 3.9.2AAMCPCh. 3 - Prob. 3.10.1AAMCPCh. 3 - Prob. 3.10.2AAMCPCh. 3 - Prob. 3.10.3AAMCPCh. 3 - Prob. 3.10.4AAMCPCh. 3 - Prob. 3.11AAMCPCh. 3 - Prob. 3.12.1AAMCPCh. 3 - Prob. 3.12.2AAMCPCh. 3 - Prob. 3.13.1AAMCPCh. 3 - Prob. 3.13.2AAMCPCh. 3 - Prob. 3.14.1AAMCPCh. 3 - Prob. 3.14.2AAMCPCh. 3 - Prob. 3.15.1AAMCPCh. 3 - Prob. 3.15.2AAMCP
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- Provided below is a trial balance for Bills Delivery Service. Use this trial balance for Exercises 3-10B, 3-1 IB, and 3-12B. BALANCE SHEET From the information in the trial balance presented for Bills Delivery Service on page 80, prepare a balance sheet for Bills Delivery Service as of September 30, 20--.arrow_forwardProvided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11 A, and 3-12A. BALANCE SHEET From the information in the trial balance presented for Juanitas Delivery Service on page 76, prepare a balance sheet for Juanitas Delivery Service as of September 30, 20--.arrow_forwardFINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13B and to the analysis of the change in owners equity in Problem 3-14B. REQUIRED 1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--. 2. Prepare a statement of owners equity for Jantz Plumbing Service for the month ended August 31, 20--. 3. Prepare a balance sheet for Jantz Plumbing Service as of August 31, 20--.arrow_forward
- Provided below is a trial balance for Bills Delivery Service. Use this trial balance for Exercises 3-10B, 3-11B, and 3-12B. INCOME STATEMENT From the information in the trial balance presented above, prepare an income statement for Bill's Delivery Service for the month ended September 30, 20--.arrow_forwardTRIAL BALANCE The following accounts have normal balances. Prepare a trial balance for Bettys Cleaning Service as of September 30, 20--.arrow_forwardProvided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11A, and 3-12A. INCOME STATEMENT From the information in the trial balance presented above, prepare an income statement for Juanitas Delivery Service for the month ended September 30, 20--.arrow_forward
- FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohls Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owners equity for Kohls Home Repair for the month ended May 31, 20--. 3. Prepare a balance sheet for Kohls Home Repair as of May 31, 20--.arrow_forwardCornerstone Exercise 2-26 Preparing a Trial Balance Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances. Required: Prepare a trial balance for Borges at December 31. 2019.arrow_forwardDuring the first month of operations, Landish Modeling Agency recorded transactions in T account form. Foot and balance the accounts. Then prepare a trial balance, an income statement, a statement of owners equity, and a balance sheet dated March 31, 20--.arrow_forward
- Supplies were purchased on January 1, to be used throughout the year, in the amount of $8,500. On December 31, a physical count revealed that the remaining supplies totaled $1,200. There was no beginning of the year balance in the Supplies account. Based on the information provided: A. Create journal entries for the original transaction B. Create journal entries for the December 31 adjustment needed to bring the balances to correct C. Show the activity, with ending balancearrow_forwardComplex Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September. Instruction: Using the information given, prepare the adjusting entries that should be made by Complex Company on September 30. Complex COMPANY Trial Balance (Selected Accounts) September 30, 2010 Debit Credit Office Supplies....................................................................................$ 2,700 Prepaid Insurance..............................................................................$4,200 Office Equipment............................................................................. $16,200 Accumulated Depreciation—Office…arrow_forward*Journalize the transactions for the month of July. *Create a Trial Balance and an adjusted trial balance using the data below as your adjustments: Data for the adjustments are as follows: Insurance expired during the month, $1,020. Depreciation of building for the month, $480. Depreciation of pool/slide facility for the month, $675. Depreciation of pool furniture for the month, $220. Wages accrued at July 31, $920. July 1 Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called “tubes”)—one children’s slide, an inner tube run, and a looping extreme slide. 2 Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. 2 Received and paid the bill for a…arrow_forward
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