Reference no: EM13862483
The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer.
Yorkis Perez, consulting engineer (trial balance December 31, 2014)
Cash dr. $29,500
Accounts Receivable dr. $49,600
Allowance for Doubtful Accounts cr. $750
Inventory dr. $1,960
Prepaid Insurance dr. $1,100
Equipment dr. $25,000
Accumulated Depreciation - Equipment cr. $6,250
Notes Payable cr. $7,200
Owner's Capital cr. $35,010
Service Revenue cr. $100,000
Rent Expense dr. $9,750
Salaries and Wages Expense dr. $30,500
Utilities Expenses dr. $1,080
Office Expense dr. $720
Given information
1. Fees received in advance from clients $6,000
2. Services performed for clients that were not recorded by December 31, $4,900
3. Bad debt expense for the year is $1,430
4. Insurance expired during the year $480
5. Equipment is being depreciated at 10% per year.
6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2014
7. Rent of the building is $750 per month. The rent for 2014 has been paid, as has that for January 2015.
8. Office salaries and wages earned but unpaid December 31, 2014, $2,510
Instructions
(a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2014
(b) Prepare an income statement for 2014, a statement of owner's equity, and a classified balance sheet. York is Perez withdrew $17,000 cash for personal use during the year.
|
Long-term loans are the only external debt arrangement
: Adrian Lee is a recent AMME graduate. A few years ago he launched his new incorporated business, “Meter Marshall”. Adrian is a keen inventor and entrepreneur. Assuming that long-term loans are the only “external debt” arrangement, what is the gearing..
|
|
Determine the required mole fractions of the nitrogen
: Determine the required mole fractions of the nitrogen and carbon dioxide to produce this mixture. From Chapter 17, the speed of sound is given by.
|
|
How the change in obtaining a competitive edge is reflected
: how the change in obtaining a competitive edge is reflected in the change of organizational theory over the last century?
|
|
Determine the number of contacts
: Determine the number of contacts for each instrument that you want to go long or short and indicate which instrument you are buying and shorting. Show calculations. Verify that if the speared moves in your favor by 20 basis points you will make $1 ..
|
|
Trial balance and the other information
: The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2014. Prepare an income statement fo..
|
|
Discuss the signing of a lease prior to having the money
: Discuss the signing of a lease prior to having the money. What was the risk? Discuss her fundraising and valuation. If you were an equity investor, what return expectations would you have?
|
|
What is the basis of the truck for determining?depreciation
: Carrie owns a truck costing $13,000 and used for personal activities. The truck has a $9,900 FMV when it is transferred to her?business, which is operated as a sole proprietorship. What is the basis of the truck for determining?depreciation? What is ..
|
|
What problem do you believe is the most pressing
: What problem do you believe is the most pressing, and why would you address that problem first? What are the expectations that you would share with the inmates and the guards about your plan
|
|
Using the effective interest method
: On 1/1/2014 the Jackson Co. has a $40,000 debt outstanding which matures on 12/31/16. Interest which is payable on Dec. 31 of each year, was last paid on 12/31/13. Using the effective interest method. how much interest expense is recognized on the de..
|