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your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1 2) Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:  On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only.  The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.  On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31st of December 2019.  The employees are paid salaries on the 27th of each month. Prepare the adjusting entry of 4500 of the employees’ salaries that are not yet paid on the 31st of December, 2019. 3) Use the given adjusted trial balance for ABC, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31st. 4) Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content. Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December

your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1 2) Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:  On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only.  The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.  On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31st of December 2019.  The employees are paid salaries on the 27th of each month. Prepare the adjusting entry of 4500 of the employees’ salaries that are not yet paid on the 31st of December, 2019. 3) Use the given adjusted trial balance for ABC, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31st. 4) Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content. Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 20GI
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your line manager wants to assess your understanding and ability to prepare and produce the appropriate final accounts such as profit and loss account, owners’ equity statement, and balance sheet as well as how these accounts are differed under different forms and types of business. Produce the final accounts for a sole trader business (Software Programming Company) from task 1 including profit and loss account, owners’ equity statement, and balance sheet for the Period ended July 31st. using the trial balance that you have produced in problem 2/ task1 2) Make the adjustments entries for the following transactions before preparing the final accounts for LLC company:  On the 20th of October 2019, the business purchased supplies for 8000 cash. On 31st of December, 2019 the business found out that the supplies still on hand were 4000 only.  The business has a Equipment with book value of 17000, with annual depreciation rate of 10%.  On the 1st of July the business purchased a one-year insurance policy for 1500. Prepare the adjusting entry on 31st of December 2019.  The employees are paid salaries on the 27th of each month. Prepare the adjusting entry of 4500 of the employees’ salaries that are not yet paid on the 31st of December, 2019. 3) Use the given adjusted trial balance for ABC, LLC (Table 2) to prepare the final accounts including profit and loss account, retained earnings statement, and balance sheet for the Period ended December 31st. 4) Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content. Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December
Trial balance Account Debit Credit Account classification Cash 70152 Assets Сapital 100000 Equity Equipment 40000 Assets Supplies 3400 Assets A/P 3400 Liabilities Services revenue 16000 Equity A/R 5000 Assets Inventory 300 Assets Sales. Revenue 12000 Equity Sales return 1200 Equity Sales discount 648 Equity Drawings 1500 Equity Unearned. Revenue 5000 Liabilities Rent. Exp 1000 Equity Salaries. Exp 2600 Equity Utilities. Exp 1600 Equity Prepaid. Insurance 3000 Assets Cost of sales 6000 Equity Total 136400 136400
Transcribed Image Text:Trial balance Account Debit Credit Account classification Cash 70152 Assets Сapital 100000 Equity Equipment 40000 Assets Supplies 3400 Assets A/P 3400 Liabilities Services revenue 16000 Equity A/R 5000 Assets Inventory 300 Assets Sales. Revenue 12000 Equity Sales return 1200 Equity Sales discount 648 Equity Drawings 1500 Equity Unearned. Revenue 5000 Liabilities Rent. Exp 1000 Equity Salaries. Exp 2600 Equity Utilities. Exp 1600 Equity Prepaid. Insurance 3000 Assets Cost of sales 6000 Equity Total 136400 136400
Table 2 Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December Account Title Dr. Cr. Cash 110000 Accounts Receivable 15000 Supplies 4000 Prepaid Insurance 10000 Equipment 17000 Accumulated depreciation – Equipment 2000 Unearned Service Revenue 9000 Taxes Payable 2000 Salaries payable 2500 Share Capital 110000 Retained Earnings 25000 Dividends 22000 Service Revenue 39500 Insurance expenses 1500 Salaries Expense 4500 Depreciation Expense 2000 Supplies expenses 4000 Total 190000 190000
Transcribed Image Text:Table 2 Adjusted Trial Balance of the ABC, LLC for the Period ended 31st of December Account Title Dr. Cr. Cash 110000 Accounts Receivable 15000 Supplies 4000 Prepaid Insurance 10000 Equipment 17000 Accumulated depreciation – Equipment 2000 Unearned Service Revenue 9000 Taxes Payable 2000 Salaries payable 2500 Share Capital 110000 Retained Earnings 25000 Dividends 22000 Service Revenue 39500 Insurance expenses 1500 Salaries Expense 4500 Depreciation Expense 2000 Supplies expenses 4000 Total 190000 190000
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