WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Cash Accounts receivable $ 48,064...
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WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Cash Accounts receivable $ 48,064 5,178 Prepaid insurance Merchandise inventory Buildings Accumulated depreciation-Buildings Equipment 16,000 8,000 133,000 $ 25,000 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable Salaries payable Unearned fees 39,500 8,600 12,500 Common stock 111,000 Retained earnings 60,000 Dividends 24,000 Sales 190,000 Cost of goods sold 38,000 Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Insurance expense 890 Supplies expense 23,958 Advertising expense Utilities expense 9,830 6,000 Totals $ 461,600 $ 461,600 Given Information: WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes WELLS MOBILE APPS AND ACCESSORIES Cash Accounts receivable Prepaid insurance S 48,064 Assets 5,178 Cash 16,000 Merchandise inventory 8,000 Buildings 133,000 Accumulated depreciation-Buildings $ 25,000 Equipment 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable 39,500 Salaries payable 8,600 Total assets Unearned fees 12,500 Liabilities Common stock 111,000 Retained earnings 60,000 Dividends 24,000 Sales 190,000 Total liabilities Cost of goods sold 38,000 Owner's Equity Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Total liabilities and equity Insurance expense 890 Supplies expense 23,958 Advertising expense Utilities expense 9,830 Totals S 6,000 461,600 $ 461,600 Given Information: WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes WELLS MOBILE APPS AND ACCESSORIES Income Statement For Year Ended December 31, 2013 Cash Accounts receivable $ 48,064 Revenues: Sales 5,178 Less: Cost of goods sold Prepaid insurance 16,000 Gross Profit Merchandise inventory 8,000 Other Expenses: Buildings 133,000 Accumulated depreciation-Buildings $ 25,000 Equipment 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable 39,500 Salaries payable 8,600 Unearned fees 12,500 Common stock 111,000 Other expenses Retained earnings 60,000 Net income Dividends 24,000 Sales 190,000 Cost of goods sold 38,000 Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Insurance expense 890 WELLS MOBILE APPS AND ACCESSORIES Statement of Retained Earnings For Year Ended December 31, 2013 Retained earnings, December 31, 2012 Supplies expense 23,958 Plus: Net income Advertising expense 9,830 Utilities expense 6,000 Totals S 461,600 $ 461,600 Total Less: Dividends Retained earnings, December 31, 2013 Given Information: Scenic had no noncash investing and financing transactions for 2013. During the year, Scenic sold equipment for $15,100 which had orginally cost $12,700 and had a book value of $10,700. Scenic did not issue any notes payable during the year. Scenic did issue common stock ANSWER: Scenic Industries, Inc. Income Statement December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes- INDIRECT METHOD Scenic Industries, Inc. Statement of Cash Flows Sales revenue Cost of goods sold $347,000 Gross profit Operating expenses: 78,000 $269,000 Salaries expense $26,500 Depreciation expense 4,900 Other operating expenses 12,500 Operating Income 43,900 $225,100 Other incomes and expenses: Gain on Sale of equipment $4,400 Interest expense 9,900 5,500 Income before taxes Income tax expense Net Income $219,600 (36,600) $183,000 Scenic Industries, Inc. Balance Sheets For Years ended December 31, 2012 and 2013 Assets Current Assets: 2013 2012 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Net cash provided by operating activities Cash flows from investing activities: Net cash used for investing activities Scenic Industries, Inc. Balance Sheets For Years ended December 31, 2012 and 2013 Net cash provided by operating activities Cash flows from investing activities: Assets Current Assets: Cash and cash equivalents Accounts receivable 2013 2012 $50,000 $23,500 Net cash used for investing activities Cash flows from financing activities: 32,100 29,100 Inventory Prepaid insurance Total current assets: 86,000 93,300 3,300 2,800 $171,400 $148,700 Net cash used for financing activities Property, plant & equipment 153,000 136,000 Less: Accumulated depreciation (30,000) (27,100) Investments 113,000 Cash balance, December 31, 2013 Total Assets $407,400 $257,600 Liabilities Current Liabilities: Accounts payable (Inventory purchases) $33,200 $36,500 Salaries payable 2,900 7,400 Interest payable 2,400 Taxes payable 5,300 Other accrued operating expenses 18,800 22,100 Total current liabilities 62,600 66,000 Bonds Payable 78,000 113,000 Total Liabilities 140,600 179,000 Stockholders' Equity Common stock 107,000 77,000 Retained earnings 159,800 1,600 Total stockholders' equity 266,800 78,600 Total liabilites and equity $407,400 $257,600 WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Cash Accounts receivable $ 48,064 5,178 Prepaid insurance Merchandise inventory Buildings Accumulated depreciation-Buildings Equipment 16,000 8,000 133,000 $ 25,000 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable Salaries payable Unearned fees 39,500 8,600 12,500 Common stock 111,000 Retained earnings 60,000 Dividends 24,000 Sales 190,000 Cost of goods sold 38,000 Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Insurance expense 890 Supplies expense 23,958 Advertising expense Utilities expense 9,830 6,000 Totals $ 461,600 $ 461,600 Given Information: WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes WELLS MOBILE APPS AND ACCESSORIES Cash Accounts receivable Prepaid insurance S 48,064 Assets 5,178 Cash 16,000 Merchandise inventory 8,000 Buildings 133,000 Accumulated depreciation-Buildings $ 25,000 Equipment 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable 39,500 Salaries payable 8,600 Total assets Unearned fees 12,500 Liabilities Common stock 111,000 Retained earnings 60,000 Dividends 24,000 Sales 190,000 Total liabilities Cost of goods sold 38,000 Owner's Equity Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Total liabilities and equity Insurance expense 890 Supplies expense 23,958 Advertising expense Utilities expense 9,830 Totals S 6,000 461,600 $ 461,600 Given Information: WELLS MOBILE APPS AND ACCESSORIES Adjusted Trial Balance December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes WELLS MOBILE APPS AND ACCESSORIES Income Statement For Year Ended December 31, 2013 Cash Accounts receivable $ 48,064 Revenues: Sales 5,178 Less: Cost of goods sold Prepaid insurance 16,000 Gross Profit Merchandise inventory 8,000 Other Expenses: Buildings 133,000 Accumulated depreciation-Buildings $ 25,000 Equipment 75,800 Accumulated depreciation-Equipment 15,000 Accounts payable 39,500 Salaries payable 8,600 Unearned fees 12,500 Common stock 111,000 Other expenses Retained earnings 60,000 Net income Dividends 24,000 Sales 190,000 Cost of goods sold 38,000 Depreciation expense-Building 13,300 Depreciation expense-Equipment 7,580 Salaries expense 52,000 Insurance expense 890 WELLS MOBILE APPS AND ACCESSORIES Statement of Retained Earnings For Year Ended December 31, 2013 Retained earnings, December 31, 2012 Supplies expense 23,958 Plus: Net income Advertising expense 9,830 Utilities expense 6,000 Totals S 461,600 $ 461,600 Total Less: Dividends Retained earnings, December 31, 2013 Given Information: Scenic had no noncash investing and financing transactions for 2013. During the year, Scenic sold equipment for $15,100 which had orginally cost $12,700 and had a book value of $10,700. Scenic did not issue any notes payable during the year. Scenic did issue common stock ANSWER: Scenic Industries, Inc. Income Statement December 31, 2013 Enter the appropriate accounts/names and numbers in the yellow boxes- INDIRECT METHOD Scenic Industries, Inc. Statement of Cash Flows Sales revenue Cost of goods sold $347,000 Gross profit Operating expenses: 78,000 $269,000 Salaries expense $26,500 Depreciation expense 4,900 Other operating expenses 12,500 Operating Income 43,900 $225,100 Other incomes and expenses: Gain on Sale of equipment $4,400 Interest expense 9,900 5,500 Income before taxes Income tax expense Net Income $219,600 (36,600) $183,000 Scenic Industries, Inc. Balance Sheets For Years ended December 31, 2012 and 2013 Assets Current Assets: 2013 2012 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Net cash provided by operating activities Cash flows from investing activities: Net cash used for investing activities Scenic Industries, Inc. Balance Sheets For Years ended December 31, 2012 and 2013 Net cash provided by operating activities Cash flows from investing activities: Assets Current Assets: Cash and cash equivalents Accounts receivable 2013 2012 $50,000 $23,500 Net cash used for investing activities Cash flows from financing activities: 32,100 29,100 Inventory Prepaid insurance Total current assets: 86,000 93,300 3,300 2,800 $171,400 $148,700 Net cash used for financing activities Property, plant & equipment 153,000 136,000 Less: Accumulated depreciation (30,000) (27,100) Investments 113,000 Cash balance, December 31, 2013 Total Assets $407,400 $257,600 Liabilities Current Liabilities: Accounts payable (Inventory purchases) $33,200 $36,500 Salaries payable 2,900 7,400 Interest payable 2,400 Taxes payable 5,300 Other accrued operating expenses 18,800 22,100 Total current liabilities 62,600 66,000 Bonds Payable 78,000 113,000 Total Liabilities 140,600 179,000 Stockholders' Equity Common stock 107,000 77,000 Retained earnings 159,800 1,600 Total stockholders' equity 266,800 78,600 Total liabilites and equity $407,400 $257,600
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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