Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Everett Co. was organized on July 1, 2014. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.
EVERETT CO. Trial Balance September 30, 2014
Unadjusted
Adjusted
Dr.
Cr.
Cash
$ 8,620
Accounts Receivable
10,417
11,553
Supplies
1,496
670
Prepaid Rent
2,236
1,233
Equipment
18,530
Accumulated Depreciation—Equipment
$ - 0 -
$ 748
Notes Payable
9,300
Accounts Payable
2,492
Salaries and Wages Payable
- 0 -
728
Interest Payable
93
Unearned Rent Revenue
1,937
1,029
Owner’s Capital
22,200
Owner’s Drawings
1,573
Service Revenue
17,427
18,563
Rent Revenue
1,360
2,268
Salaries and Wages Expense
8,500
9,228
Rent Expense
1,866
2,869
Depreciation Expense
748
Supplies Expense
826
Utilities Expense
1,478
Interest Expense
$ 54,716
$ 57,421
Journalize the annual adjusting entries that were made. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Sept. 30
(To record accrued revenue.)
(To record prepaid rent.)
(To record supplies used.)
(To record depreciation.)
(To record interest.)
(To record unearned rent revenue.)
(To record accrued salaries.)
Prepare an income statement for the 3 months ending September 30, 2014.
EVERETT CO. Income Statement For the Quarter Ended September 30, 2014
DrawingsExpensesInvestmentNet Income / (Loss)Owner’s Capital, January 1Owner’s Capital, September 30RevenuesTotal ExpensesTotal Revenues
$
Drawings Expenses Investment Net Income / (Loss) Owner’s Capital, January 1 Owner’s Capital, September 30 Revenues Total Expenses Total Revenues
Prepare a statement of owner’s equity for the 3 months ending September 30, 2014. (List items that increase owner's equity first.)
EVERETT CO. Owner’s Equity Statement For the Quarter Ended September 30, 2014
DrawingsExpensesInvestment by ownerNet Income / (Loss)Owner’s Capital, July 1Owner’s Capital, September 30RevenuesTotal ExpensesTotal Revenues
AddLess: DrawingsExpensesInvestment by ownerNet Income / (Loss)Owner’s Capital, July 1Owner’s Capital, September 30RevenuesTotal ExpensesTotal Revenues
Prepare a balance sheet at September 30. (List assets in order of liquidity.)
EVERETT CO. Balance Sheet September 30, 2014
Assets
AddLess:
Current Assets Liabilities Expenses Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Revenues Owner’s Equity Total Assets Total Current Assets Total Current Liabilities Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and Owner’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Revenues Total Owner’s Equity
Liabilities and Owner’s Equity
Current AssetsLiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Owner’s Equity
If the note bears interest at 12%, how many months has it been outstanding?
Note has been outstanding for _________
month(s)
a retail store has three departments and does general advertising that benefits all of its departments. advertising
Assume that if students buy more than $250 of art supplies in one visit, they may put the charge on a student account with terms of 2/10 EOM. If a student makes the purchase on September 16, on what day does the 2% discount expire?
perine company has 1600 pounds of raw materials in its december 31 2012 ending inventory. required production for
martinez companys relevant range of production is 7500 units to 12500 units. when it produces and sells 10000 units its
Determine the break-even point for each alternative.
becky lewis estimates that she will need 30000 in five years for a down payment on a new home. what amount would she
sam and sue are married and age 65. sam has a full time job that pays 80000 and sues full time job pays 85000. they
drewery inc. has fixed costs of 50000 and net operating income of 17000. if sales increase by 18 by how much will noi
Compute the depreciation expense for each of the four years, 2013-2016.
How is a special journal different from a general journal?
kris inc discovered the followingerrors after the 2008 financial statements were issueda. a major supplier shipped
all sales are on account and in the past 30 of the sales were collected in the month of the sales and 70 in the month
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd