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A = = = = = 8 , AaBbCcD AaBbCcDdl Aa Heading 3 Heading 5 Financial Statement Homework #1 Name Insert Unadjusted Trial Balance HERE: Colton Company Unadjusted Trial Balance December 31, 2018 140,000 23,000 6,500 36,000 106,000 17,000 72,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment / Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 45,000 8,000 16,900 7,000 45,000 48,000 64,600 5,000 489,000 T 11,000 40,000 I 53,000 12.000 145,000 12,000 5,000 35,000 723,500 I 723,500 Page 1 of Part 1: Prepare adjusting journal entries using the unadjusted trial balance provided to you in Question 1 of the Financial Statement Homework quiz on D2L and the information provided below. The Unadjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. When preparing the adjusting journal entries, use only the account names provided in the Unadjusted Trial Balance (do not create any new account names and do not abbreviate account names). 1. The prepaid insurance balance reflects a 12-month insurance policy which started on Sept. 1. 2018, and no adjustments were made from Sept. 1 - Dec. 31, 2018. Write the adjusting journal entry for Dec. 31, 2018. 2. Additional depreciation expense of $15,000 needs to be recorded for the year ended 2018. 3. Wages due to employees of $8,000 need to be recorded at year end. These wages will be paid to employees on January 9, 2019. (next month) 4. The company has completed $12,900 of the amount in unearned revenue as of Dec. 318. 5. In Dec, the company provided services worth $8,000 to clients that were not yet billed or recorded by Dec. 31. Record the additional revenue. 6. On Dec 31" the company completed a physical count of their supplies and determined that only $4,000 of supplies are still on hand. Page 2 of 8 Focus - A - E - F - Heading 3 Heading 5 Part 2: Post the adjusting journal entries to t-accounts: (Hints on getting started: Above each T-account, write the account name of each account affected by an adjusting journal entry (you may not need to use all of the Ta accounts). Write in the unadjusted balance for each of these accounts from the Unadjusted Trial Balance provided in question 1 of your D2L quiz (the unadjusted balance might be a debit, a credit, or zero balance). Now you are ready to post your adjusting lournal entries from Part 1 to the corresponding T-accounts and calculate adjusted balances. Page 3 of 8 Focu Heading 3 Heading 5 Heading Part 3: Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted) (Company Name) (Date) Adjusted Trial Balance Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total Page 4 of 8 Focus Part 4: Based on the Adjusted Trial Balance provided in Question 2 of the Financial Statement Homework quiz on D2L, prepare in proper format the Income Statement, the Retained Earnings Statement, and a Classified Balance Sheet (in this order). Include all appropriate headings, dates, titles, subtotals and totals. (You may not use all the lines provided in the statement formats below). The Adjusted Trial Balance can be downloaded from the D2L quiz by right clicking on the image and saving it to your computer. DO NOT USE THE ADJUSTED TRIAL BALANCE CREATED IN PART 3 Insert Adjusted Trial Balance Image HERE: Jax Company Adjusted Trial Balance December 31, 2018 119,500 23,000 11,000 28,000 107,500 20,000 74,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 35,000 7,500 14,400 6,000 55,000 40,000 52,100 5,000 482,500 12,000 38,000 16,000 50,000 12,000 131.000 12.000 1 3.500 30,000 692,500 692,500 Page Sofa Focus = = = = Heading 3 Heading Heading (Company Name) Income Statement _(Date) (Company Name) Statement of Retained Earnings (Date) Page 6 of 8 Focus Heading 3 Heading 5 (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2 for a Classified Balance Sheet. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) _(Company Name) Balance Sheet (Date) LT Page 7 of 8 = = = = EU Heading 3 Heading 5 Head Part 5: Answer the following questions using the above completed financial statements: What is the dollar amount for Net Income or Net Loss? What is the dollar amount for Ending Retained Earning? What is the dollar amount for Total Current Assets? What is the dollar amount for Total Current Liabilities? What is the dollar amount for Total Stockholders Equity? What is the dollar amount for Total Assets? Page 8 of 8 Focus