Complete Problem 4-6A on page 291 and Problem 4-7A on page 292 on a piece of paper and then answer the following questions.

In Step 1 of the closing entries what was the total amount posted to the Income Summary account when closing the revenue account(s)?	Answer 1Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
What is the current portion of the Long-Term Notes Payable?	Answer 2Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
What is the opening balance of the Owners' Capital account at January 1, 2020?	Answer 3Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500
In Step 3 of the closing entries what was the amount posted to the Capital account to close out the Income Summary account?	Answer 4Choose...$0$91,940 Credit$41,500$103,440 Debit$130,040 Credit$91,940 Debit$221,980 Credit$199,480 Debit$111,240$96,040 Debit$125,000$17,640$221,980 Debit$83,500

5:26 LTE Aa 70) Q CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Problem 4-5A Financial statements LO6 CHECK FIGURES: Loss = $17,360: Total assets = $114,500 Using the information from Problem 4-4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020. There were no investments by the owner during the year. Analysis Component: MY Autobody experienced a loss during 2020. If you were one of the business's credit- ors, should this loss cause you to be concerned about being paid in 2021? Problem 4-6A Closing entries LO 2, 3 The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. Account Debit Credit Cash 101 104 126 149 $ 15,300 20,300 6.900 38,500 71,000 167 168 $ 34,500 253,000 173 174 137,500 82.500 27.500 Current Investments Supplies... Notes receivable Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building Land. Franchise Accounts payable.. Interest payable Unearned professional revenue Long-term notes payable Amar Lloyd, capital Amar Lloyd, withdrawals Professional revenue. Rent revenue... Depreciation expense, building Depreciation expense, equipment. Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals 183 193 201 203 233 251 301 302 401 406 606 612 623 633 637 16,300 120 26,300 125,000 85,640 2,300 199,480 22.500 19.300 7.300 652 688 690 63,300 540 17.300 12.100 3.700 6.500 $647.340 $ $647,340 An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $68,000 cash early in 2020. Required Prepare the closing entries made at the end of the year. 291 291 E C K Reader Contents Notebook Bookmarks Flashcards 5:26 Hi LTE Aa 70 Q a CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Problem 4-7A Financial statements LO6 CHECK FIGURES: Profit = $91,940: Total assets = $343,000 Using the adjusted trial balance in Problem 4-6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2020, and the classified balance sheet at December 31, 2020, Analysis Component: Why must liabilities be separated on the balance sheet between current and non- current? What effect would it have had on Lloyd's balance sheet if the long-term note were not separated? Problem 4-8A Adjusting entries and closing entries LO2, 3,5 Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. No. Account Debit Credit 201 103 168 300 301 101 194 167 633 623 233 141 610 402 126 637 652 203 688 612 Accounts payable and accrued liabilities. Accounts receivable ccumulated depreciation, equipment... Becky Brenner, capital Becky Brenner, withdrawals.. Cash Copyright Equipment Insurance expense. Interest expense Long-term notes payable Notes receivable, due January 1, 2023 Rent expense Revenues Supplies Supplies expense Telephone expense. Unearned revenues Utilities expense. Wages expense Totals $ 4,500 $ 6,200 6,250 44,300 40,300 10.750 11,350 23,400 2,660 525 18,500 10.900 9,800 74,070 475 2,580 2,980 13,800 2,500 37,000 $161,420 $161.420 You are the accounting manager. Your staff submitted the following trial balance for the year ended March 31, 2020. In your review, you discover the following additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $365. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,250 due April 30. c. On March 31, the company held a teen's camp for $1,840. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years. If you need to create a new account, use account number 606. 292 292 E G K Reader Contents Notebook Bookmarks Flashcards 5:26 LTE Aa 70) Q CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Problem 4-5A Financial statements LO6 CHECK FIGURES: Loss = $17,360: Total assets = $114,500 Using the information from Problem 4-4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2020, and a classified balance sheet at December 31, 2020. There were no investments by the owner during the year. Analysis Component: MY Autobody experienced a loss during 2020. If you were one of the business's credit- ors, should this loss cause you to be concerned about being paid in 2021? Problem 4-6A Closing entries LO 2, 3 The adjusted trial balance for Lloyd Construction as of December 31, 2020, follows: No. Account Debit Credit Cash 101 104 126 149 $ 15,300 20,300 6.900 38,500 71,000 167 168 $ 34,500 253,000 173 174 137,500 82.500 27.500 Current Investments Supplies... Notes receivable Equipment Accumulated depreciation, equipment Building Accumulated depreciation, building Land. Franchise Accounts payable.. Interest payable Unearned professional revenue Long-term notes payable Amar Lloyd, capital Amar Lloyd, withdrawals Professional revenue. Rent revenue... Depreciation expense, building Depreciation expense, equipment. Wages expense Interest expense Insurance expense Supplies expense Telephone expense Utilities expense Totals 183 193 201 203 233 251 301 302 401 406 606 612 623 633 637 16,300 120 26,300 125,000 85,640 2,300 199,480 22.500 19.300 7.300 652 688 690 63,300 540 17.300 12.100 3.700 6.500 $647.340 $ $647,340 An analysis of other information reveals that Lloyd Construction is required to make a $41,500 payment on the long-term notes payable during 2021. The notes receivable are due May 1, 2022. Also, Amar Lloyd invested $68,000 cash early in 2020. Required Prepare the closing entries made at the end of the year. 291 291 E C K Reader Contents Notebook Bookmarks Flashcards 5:26 Hi LTE Aa 70 Q a CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Problem 4-7A Financial statements LO6 CHECK FIGURES: Profit = $91,940: Total assets = $343,000 Using the adjusted trial balance in Problem 4-6A, prepare the income statement and statement of changes in equity for the year ended December 31, 2020, and the classified balance sheet at December 31, 2020, Analysis Component: Why must liabilities be separated on the balance sheet between current and non- current? What effect would it have had on Lloyd's balance sheet if the long-term note were not separated? Problem 4-8A Adjusting entries and closing entries LO2, 3,5 Adventure Elements provides outdoor activities including ropes courses, rock climbing, and zip-lining. The company offers a unique experience for team building activities, camps for youth, and anyone seeking outdoor adventure. No. Account Debit Credit 201 103 168 300 301 101 194 167 633 623 233 141 610 402 126 637 652 203 688 612 Accounts payable and accrued liabilities. Accounts receivable ccumulated depreciation, equipment... Becky Brenner, capital Becky Brenner, withdrawals.. Cash Copyright Equipment Insurance expense. Interest expense Long-term notes payable Notes receivable, due January 1, 2023 Rent expense Revenues Supplies Supplies expense Telephone expense. Unearned revenues Utilities expense. Wages expense Totals $ 4,500 $ 6,200 6,250 44,300 40,300 10.750 11,350 23,400 2,660 525 18,500 10.900 9,800 74,070 475 2,580 2,980 13,800 2,500 37,000 $161,420 $161.420 You are the accounting manager. Your staff submitted the following trial balance for the year ended March 31, 2020. In your review, you discover the following additional information that has not been included in the trial balance. a. On April 2, you received the telephone bill for the month of March for $365. b. On March 31, Adventure Element took a university student club zip-lining. An invoice had been sent to the student club for $4,250 due April 30. c. On March 31, the company held a teen's camp for $1,840. All tickets had been prepaid two weeks in advance. d. The equipment has an estimated useful life of 20 years. If you need to create a new account, use account number 606. 292 292 E G K Reader Contents Notebook Bookmarks Flashcards