Julio Theater Company's trial balance at the end of its current fiscal year follows. Julio Theater...

 

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Julio Theater Company's trial balance at the end of its current fiscal year follows. Julio Theater Company Trial Balance June 30, 2014 Cash Accounts Receivable 63,600 37,088 Prepaid Insurance 39,200 Office Supplies 1,560 Cleaning Supplies 7,180 Land 40,000 Building 800,000 Accumulated Depreciation-Building 78,800 Theater Furnishings 740,000 Accumulated Depreciation-Theater Furnishings 130,000 Office Equipment 63,200 Accumulated Depreciation-Office Equipment 31,120 Accounts Payable 91,012 Gift Books Liability 83,800 Mortgage Payable 600,000 P. Julio, Capital 625,296 P. Julio, Withdrawals 120,000 Ticket Sales Revenue 822,800 Theater Rental Revenue 90,400 Usher Wages Expense 314,000 Office Wages Expense 48,000 Utilities Expense 225,400 Interest Expense 54,000 2,553,228 2,553,228 REQUIRED 1. Enter Julio Theater's trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the following information: a. Expired insurance, $34,800.pos b. Inventory of unused office supplies, $488. c. Inventory of unused cleaning supplies, $936. d. Estimated depreciation on the building, $28,000. e. Estimated depreciation on the theater furnishings, $72,000. f. Estimated depreciation on the office equipment, $6,320. g. The company credits all gift books sold during the year to the Gift Books Liability account. A gift book is a booklet of ticket coupons that is purchased in advance as a gift. The recipient redeems the coupons at some point in the future. On June 30 it was estimated that $75,600 worth of the gift books had been redeemed. h. Accrued but unpaid usher wages at the end of the accounting period, $1,720. 2. Prepare an income statement, a statement of owner's equity, and a balance sheet. Assume no additional investments by the owner, P. Julio. 3. Prepare adjusting, closing, and, when necessary, reversing entries from the work sheet. Can the work sheet be used as a substitute for the finan- 4. BUSINESS APPLICATION cial statements? Explain your answer. Julio Theater Company's trial balance at the end of its current fiscal year follows. Julio Theater Company Trial Balance June 30, 2014 Cash Accounts Receivable 63,600 37,088 Prepaid Insurance 39,200 Office Supplies 1,560 Cleaning Supplies 7,180 Land 40,000 Building 800,000 Accumulated Depreciation-Building 78,800 Theater Furnishings 740,000 Accumulated Depreciation-Theater Furnishings 130,000 Office Equipment 63,200 Accumulated Depreciation-Office Equipment 31,120 Accounts Payable 91,012 Gift Books Liability 83,800 Mortgage Payable 600,000 P. Julio, Capital 625,296 P. Julio, Withdrawals 120,000 Ticket Sales Revenue 822,800 Theater Rental Revenue 90,400 Usher Wages Expense 314,000 Office Wages Expense 48,000 Utilities Expense 225,400 Interest Expense 54,000 2,553,228 2,553,228 REQUIRED 1. Enter Julio Theater's trial balance amounts in the Trial Balance columns of a work sheet and complete the work sheet using the following information: a. Expired insurance, $34,800.pos b. Inventory of unused office supplies, $488. c. Inventory of unused cleaning supplies, $936. d. Estimated depreciation on the building, $28,000. e. Estimated depreciation on the theater furnishings, $72,000. f. Estimated depreciation on the office equipment, $6,320. g. The company credits all gift books sold during the year to the Gift Books Liability account. A gift book is a booklet of ticket coupons that is purchased in advance as a gift. The recipient redeems the coupons at some point in the future. On June 30 it was estimated that $75,600 worth of the gift books had been redeemed. h. Accrued but unpaid usher wages at the end of the accounting period, $1,720. 2. Prepare an income statement, a statement of owner's equity, and a balance sheet. Assume no additional investments by the owner, P. Julio. 3. Prepare adjusting, closing, and, when necessary, reversing entries from the work sheet. Can the work sheet be used as a substitute for the finan- 4. BUSINESS APPLICATION cial statements? Explain your answer.

Answer rating: 100% (QA)

To begin lets create a worksheet based on the trial balance and the given information Julio Theater Company Worksheet For the Year Ended June 30 2014 Adjusted Trial Balance Adjustments Adjusted Trial ... View the full answer