Solution-Negative dollar value the number must be enclosed

Negative dollar value the number must be enclosed in bracket

Assignment Help Accounting Basics

Reference no: EM131814435

Question 1

The following is the Bravo Unlimited unadjusted Trail Balance.

Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	6,255
Prepaid Rent	14,000
Equipment	295,285
Accumulated Depreciation		$224,260
Accounts Payable		75,555
Wages Payable		0
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		893,105
Interest Income		1,500
Rent Expense	60,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	144,000
Interest Expense	6,840	________
Totals	$1,525,565	$1,525,565

Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017 rents.

2. December depreciation on equipment is $12,500 per month.

3. At year end Wages of $14,000 were earned but unpaid.

Use this information to determine the adjusted account balances for the following:

1. Cash

2. Prepaid Rent

3. Equipment

4. Accumulated Depreciation

5. Wages Payable

6. Rent Expense

7. Wages Expense

8. Depreciation Expense

Question 2

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	10,255
Prepaid Rent	8,250
Equipment	295,285
Accumulated Depreciation		$235,260
Accounts Payable		72,555
Wages Payable		10,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		897,105
Interest Income		1,500
Rent Expense	63,250
Wages Expense	537,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	155,000
Interest Expense	6,840	________
Totals	$1,547,565	$1,547,565

Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 3

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	330,000
Supplies	9,255
Prepaid Rent	12,000
Equipment	295,285
Accumulated Depreciation		$238,760
Accounts Payable		78,555
Wages Payable		15,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		895,105
Interest Income		1,500
Rent Expense	64,500
Wages Expense	542,260
Supplies Expense	42,520
Depreciation Expense	167,095
Dividends	8,700	_________
Totals	$1,560,065	$1,560,065

Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 4

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	333,700
Supplies	15,255
Prepaid Rent	9,000
Equipment	295,285
Accumulated Depreciation		$235,760
Accounts Payable		73,555
Wages Payable		12,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		902,105
Interest Income		1,500
Rent Expense	63,500
Wages Expense	539,260
Supplies Expense	42,520
Depreciation Expense	164,095
Dividends	5,000	_________
Totals	$1,556,065	$1,556,065

Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 5

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	11,255
Prepaid Rent	5,500
Equipment	295,285
Accumulated Depreciation		$236,260
Accounts Payable		72,555
Wages Payable		10,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		898,105
Interest Income		1,500
Rent Expense	66,000
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	164,595
Dividends	6,840	________
Totals	$1,549,565	$1,549,565

Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 6

The following is the Bravo Unlimited adjusted Trail Balance.

Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	150,000
Supplies	29,255
Stock Investment	172,000
Equipment	295,285
Accumulated Depreciation		$238,760
Accounts Payable		43,555
Wages Payable		35,000
Capital Stock		200,000
Retained Earnings		146,145
Service Revenue		895,105
Interest Income		1,500
Rent Expense	64,500
Wages Expense	542,260
Supplies Expense	42,520
Depreciation Expense	167,095
Dividends	8,700	_________
Totals	$1,560,065	$1,560,065

What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)

1. Total Current Assets

2. Total Long Term Investments

3. Total Assets

4. Total Liabilities

5. Total Equity

Question 7

The following is the Devil Dog Company adjusted Trail Balance.

Devil Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	157,700
Supplies	35,255
Stock Investment	158,250
Equipment	295,285
Accumulated Depreciation		$235,260
Accounts Payable		47,555
Wages Payable		30,000
Capital Stock		200,000
Retained Earnings		136,145
Service Revenue		897,105
Interest Income		1,500
Rent Expense	63,250
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	163,595
Dividends	6,000	________
Totals	$1,547,565	$1,547,565

What are Devil Dog Company's ratios for the following: (Round all non-dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and does not use a minus sign.)

1. Current Ratio

2. Quick Ratio

3. Working Capital

Reference no: EM131814435

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Negative dollar value the number must be enclosed in bracket

Reference no: EM131814435

Reference no: EM131814435

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