ACC120 Final: sm02 Answers 2
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Expands on: E1-9 LO: 5 | |||||||
Seattle Service had thefollowing financial information at the end of 2017. | |||||||
1/1/2017 | 2017 | 12/31/17 | |||||
Accounts Payable $15,000 | 15000 | ||||||
Accounts Receivable | $1,000 | 20,000 | |||||
Advertising Expense | |||||||
Cash | 11,000 | ||||||
Owner's Capital | $21,000 | ? | |||||
Owner's Drawings | 9,000 | ||||||
Equipment | 33,000 | ||||||
Notes Payable | 20,000 | ||||||
Rent Expense | 3,500 | ||||||
Salaries and WagesExpense | 16,000 | ||||||
Serv;ce Revenue | 40,000 | ||||||
Utilities Expense | 2,500 | ||||||
Instructions: | |||||||
Prepare a 2017 incomestatement, 2017 owner's equity statement, and a 12/31/17 balancesheet for Seattle Service. | |||||||
The adjusted trial balance for China Tea Company at December 31,2013, is presented below:
Debit | Credit | |
Cash | 10,500 | |
Accounts receivable | 150,000 | |
Prepaid rent | 5,000 | |
Inventory | 25,000 | |
Equipment | 300,000 | |
Accumulated depreciation-equipment | 125,000 | |
Accounts payable | 30,000 | |
Notes payable-due in three months | 30,000 | |
Salaries payable | 4,000 | |
Interest payable | 1,000 | |
Capital stock | 200,000 | |
Retained earnings | 50,000 | |
Sales Revenue | 400,000 | |
Cost of goods sold | 180,000 | |
Salaries expense | 120,000 | |
Rent expense | 15,000 | |
Depreciation expense | 30,000 | |
Interest expense | 2,000 | |
Advertising expense | 2,500 | |
Totals | 840,000 | 840,000 |
Prepare the closing entries for China Tea Company for the yearended December 31, 2013. |
(Complete the income and balance statementcolumns).
DrewConsulting | |||||||
Worksheet (Partial) | |||||||
31-Dec-14 | |||||||
Adjusted | Income | Balance | |||||
Trial Balance | Statement | Sheet | |||||
Account Title | Debit | Credit | Debit | Credit | Debit | Credit | |
Cash | $27,460 | ||||||
Accounts Receivable | 1,000 | ||||||
Office Supplies | 150 | ||||||
Equipment | 1,500 | ||||||
Accum. Depr.ââ¬âEquip. | $25 | ||||||
Furniture | 3,900 | ||||||
Accum. Depr.ââ¬âFurn. | 65 | ||||||
Accounts Payable | 4,100 | ||||||
Unearned Revenue | 1,200 | ||||||
Salaries Payable | 567 | ||||||
Common Stock | 26,000 | ||||||
Dividends | 2,500 | ||||||
Service Revenue | 6,200 | ||||||
Rent Expense | 500 | ||||||
Utilities Expense | 340 | ||||||
Supplies Expense | 150 | ||||||
Salaries Expense | 567 | ||||||
Depr. Expenseââ¬âEquip. | 25 | ||||||
Depr. Expenseââ¬âFurn. | 65 | ||||||
$38,157 | $38,157 | ||||||
Net income or loss | |||||||