Reference no: EM131191205
(Adjusting Entries and Financial Statements) Mason Advertising Agency was founded in January 2010. Presented below are adjusted and unadjusted trial balances as of December 31, 2014.
MASON ADVERTISING AGENCY
Trial Balance
December 31, 2014
Unadjusted Adjusted
Debit Credit Debit Credit
Cash $11,000 $11,000
Accounts Receivable 20,000 23,500
Supplies 8,400 3,000
Prepaid Insurance 3,350 2,500
Equipment 60,000 60,000
Accumulated Depreciation - Equipment $28,000 $33,000
Accounts Payable 5,000 5,000
Interest Payable 0 150
Notes Payable 5,000 5,000
Unearned Service Revenue 7,000 5,600
Salaries and Wages Payable 0 1,300
Common Stock 10,000 10,000
Retained Earnings 3,500 3,500
Service Revenue 58,600 63,500
Salaries and Wages Expense 10,000 11,300
Insurance Expense 850
Interest Expense 350 500
Depreciation Expense 5,000
Supplies Expense 5,400
Rent Expense 4,000 4,000
Totals: $117,100 $117,100 $127,050 $127,050
Instructions:
(a) Journalize the annual adjusting entries that were made. (Omit explanations.)
(b) Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014 and an unclassified balance sheet at December 31.
(c) Answer the following questions:
(1) If the note has been outstanding 3 months, what is the annual interest rate on that note?
(2) If the company paid $12,500 in salaries and wages in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013.
|
Stemplot of the data and briefly describe its center
: Make a stemplot of the data and briefly describe its center, shape and spread
|
|
Which accounting principle justifies given treatment
: A business reports its own office stationery on the balance sheet at its $ 400 cost, although it cannot be sold for more than $ 10 as scrap paper. Which accounting principle and/ or assumption justifies this treatment?
|
|
Compute and display the average of all four tests
: write an algorithm that gets four numbers corresponding to scores received on three semesters tests and a final examination . your algorithm should compute and display the average of all four tests weighting the final exam twice s heavily as a reg..
|
|
Explain of the importance of medical informatics
: Define and explain of the importance of medical informatics. What impact does medical informatics have on the quality of care of patients?
|
|
Journalize the annual adjusting entries that were made
: Journalize the annual adjusting entries that were made. Prepare an income statement and a statement of retained earnings for the year ending December 31, 2014 and an unclassified balance sheet at December 31.
|
|
Confidence affect the sample size required
: (a) How many subjects are needed to estimate the HDL cholesterol within 2 points with 99% confidence assuming σ=14.2? (b) Suppose the doctor would be content with 90% confidence. (c) How does the decrease in confidence affect the sample size require..
|
|
Is the cost of hiring the band a fixed or a variable cost
: What are the total band cost and the cost per person if concert attendance is 2,000, 2,500, 3,000, 3,500, or 4,000?- Is the cost of hiring the band a fixed or a variable cost?
|
|
Normally distributed with a standard deviation
: The mean incubation time for a type of fertilized egg kept at 100.5°F is 23 days. Suppose that the incubation times are approximately normally distributed with a standard deviation of 1 day.
|
|
What is the probability that those three horses finish first
: A horse race has 10 entries and one person owns 3 of those horses. Assuming that there are no ties, what is the probability that those three horses finish first, second and third (regardless of order)? (Round to four decimal places as needed.)
|