Reference no: EM131788546

Assignment

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	12,000
Equipment	295,285
Accumulated Depreciation		$224,260
Accounts Payable		73,555
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	$1,523,565	$1,523,565

Required

Question 1

Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017 rents.
2. December depreciation on equipment is $11,500 per month.
3. At year end Wages of $12,000 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

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

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

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

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

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

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 do not use a minus sign.)

1. Current Ratio
2. Quick Ratio
3. Working Capital.