Westeros Car Wash Trial Balance December 31, 2015 Account Cash Notes Receivable Accounts Receivable Allowance for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Westeros Car Wash Trial Balance December 31, 2015 Account Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Debit $52,000 Credit 31,000 85,000 $2,200 34,000 Merchandise Inventory 142,300 Supplies 2.020 Office Equipment 340,040 Accumulated Depreciation-Office Equipment 82,510 Building 2,044,000 Accumulated Depreciation-Building 204,400 Land 2,400,000 Uncamed Revenue 64,000 Accounts Payable 34,000 Common Stock 2,500,000 Retained Earnings 1.583,670 Dividends 50,000 Sales 1,200,000 Sales Returns and Allowances 3,420 Sales Discounts 3,000 Cost of Goods Sold 220,000 Salaries Expense 150,000 Utilities Expense Interest Expense 103,000 11,000 $5,670,780 $5,670,780 Page 2 Question 1 (cont'd) Other data: 1. $600 of supplies have been used during the month. 2. Insurance expires at the rate of $4,000 per month. 3. Annual deprecation is $4,400 on office equipment and $3,000 on the building. There has been no adjustment to account for depreciation for the year to date. 4. Unearned revenue of $2,000 was earned prior to December 31, 5. Salaries of $20,000 were unpaid and unrecorded at December 31. 6. The note receivable interest rate is 10%. The note was taken out December 1. 7. Income tax of $5,000 is due but has not yet been reconded Required: a. Journalize any relevant adjusting entries for the month of December [15] b. Prepare a multiple-step income statement for the year ended December 31, 2015. c. Prepare a retained earnings statement for the year ended December 31, 2015 d. Prepare a classified balance sheet as at December 31, 2015. [10]] [5] [15] Westeros Car Wash Trial Balance December 31, 2015 Account Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Debit $52,000 Credit 31,000 85,000 $2,200 34,000 Merchandise Inventory 142,300 Supplies 2.020 Office Equipment 340,040 Accumulated Depreciation-Office Equipment 82,510 Building 2,044,000 Accumulated Depreciation-Building 204,400 Land 2,400,000 Uncamed Revenue 64,000 Accounts Payable 34,000 Common Stock 2,500,000 Retained Earnings 1.583,670 Dividends 50,000 Sales 1,200,000 Sales Returns and Allowances 3,420 Sales Discounts 3,000 Cost of Goods Sold 220,000 Salaries Expense 150,000 Utilities Expense Interest Expense 103,000 11,000 $5,670,780 $5,670,780 Page 2 Question 1 (cont'd) Other data: 1. $600 of supplies have been used during the month. 2. Insurance expires at the rate of $4,000 per month. 3. Annual deprecation is $4,400 on office equipment and $3,000 on the building. There has been no adjustment to account for depreciation for the year to date. 4. Unearned revenue of $2,000 was earned prior to December 31, 5. Salaries of $20,000 were unpaid and unrecorded at December 31. 6. The note receivable interest rate is 10%. The note was taken out December 1. 7. Income tax of $5,000 is due but has not yet been reconded Required: a. Journalize any relevant adjusting entries for the month of December [15] b. Prepare a multiple-step income statement for the year ended December 31, 2015. c. Prepare a retained earnings statement for the year ended December 31, 2015 d. Prepare a classified balance sheet as at December 31, 2015. [10]] [5] [15]
Expert Answer:
Answer rating: 100% (QA)
Address each criterion stepbystep Journalize the Adjusting Entries for December 2015 Supplies Used Subtract 600 from Supplies Expense and credit it to ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Prepare Carissa Communications multi-step income statement for the year ended July 31, 2016. Carissa Communications reported the following figures from its adjusted trial balance for its first year...
-
Prepare Honeyglazed Hams, Inc's income statement for the year ended December 31 2012 and its balance sheet on that date. Let's start with the income statement. Honeyglazed Hams, Inc. Adjusted Trial...
-
Prepare Camilia Communications's multi-step income statement for the year ended July 31, 2018. Camilia Communications reported the following figures from its adjusted trial balance for its first year...
-
In a task assignment situation, in how many different ways can five jobs be assigned to five machines if each job must be assigned to each machine and each machine must be assigned one job? Multiple...
-
1. Compute Wins Companies current ratio at May 31, 2015 and 2014. 2. Did Wins Companies current ratio improve, deteriorate, or hold steady during 2015? Wins Companies, a home improvement store chain,...
-
On 1 October 2019, Dallas Lucas and Suzanne Foreman formed a partnership. Some business assets and the liabilities of Lucas were assumed by the partnership; these are listed below at both carrying...
-
A contract is created to refurbish a luxury yacht: new color schemes, new furniture, new wall and floor coverings, new light fixtures, and window treatmentsthe whole works. Of course, it is not just...
-
A variety of routine maintenance checks are made on commercial airplanes prior to each takeoff. A particular maintenance check of an airplanes landing gear requires an average of 15 minutes of a...
-
Suppose the Texas legislature wants to deal with concerns about college affordability. They pass a law that gives every resident in Texas two free years of college education at public colleges and...
-
A car is moving with a velocity of 20 m/s when the brakes are applied and the wheels lock (stop spinning). The car then slides to a stop in 40 m. Find the coefficient of kinetic friction between the...
-
A business has these opening balances: Cash $15,000 Unearned revenue $5,000 Share capital $10,000 The business then recorded the following transactions: 1. Sold $28,751 in products to customers...
-
Define P(n) to be the assertion that: (a) Verify that P(3) is true. (b) Express P(k) (c) IM- n(n + 1)(2n+1) 6 Express P(k + 1). (d) In an inductive proof that for every positive integer n...
-
How to calculate a 3-month spot rate as an annual rate with monthly compounding. Zero coupon bond Maturity Month Bond Price 3 99.194 6 98.225 9 97.454 12 95.807 15 94.238 18 92.873 21 90.236 24 88.096
-
2. From the items listed below, what amount of allowable deductions can be subtracted from the gross estate? Funeral expenses $4,000 Executor's fees 5,800 Mortgage on tenants in common property (20%...
-
a. If you are comparing three or more groups what nonparametric test statistics is more to use and why? b. what procedures we are going to do if we want to know which pair groups are different?
-
A capacitor is built of two non-parallel, rectangular metallic plates. In a cross-sectional view the capacitor is composed of two right-angled triangles with differently sized sides (a,>a,), but they...
-
Sindy has a capital amount of R800 000. He wants to withdraw an amount of R77 000 from the fund on 1 January and 1 July each year. He earns interest of 9.6% per annum on the money in the investment....
-
What services are provided by the provincial and territorial governments?
-
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal...
-
The following trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance. Investigation of the accounting records reveals that the bookkeeper: a. Recorded a $400 cash revenue...
-
Canyon Canoe Company has experienced rapid growth in its first few months of operations and has had a significant increase in customers renting canoes and purchasing T-shirts. Many of these customers...
-
Suppose that in September 2013 a company takes a long position in a contract on May 2014 crude oil futures. It closes out its position in March 2014. The futures price (per barrel) is \($88.30\) when...
-
Explain how the control variate technique is implemented.
-
A company wishes to hedge its exposure to a new fuel whose price changes have a 0.6 correlation with gasoline futures price changes. The company will lose $1 million for each 1 cent increase in the...
Study smarter with the SolutionInn App