Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem E4.16E
E4−16 Preparing the financial statements
The adjusted
| GREEN ADVERTISING SERVICES Adjusted Trial Balance December 31, 2018 |
||
| Balance |
||
| Account Title |
Debit |
Credit |
| Cash |
$ 14,000 |
|
| 15,800 |
||
| Office Supplies |
6,500 |
|
| land |
18,400 |
|
| Building |
47,900 |
|
| 36,100 |
||
| Furniture |
19,600 |
|
| Accumulated Depreciation—Furniture |
14,100 |
|
| Accounts Payable |
10,600 |
|
| Salaries Payable |
7,200 |
|
| Unearned Revenue |
16,000 |
|
| Green, Capital |
61,400 |
|
| Green, Withdrawals |
18,300 |
|
| Service Revenue |
49,800 |
|
| Salaries Expense |
28,600 |
|
| Supplies Expense |
8,400 |
|
| Depreciation Expense—Building |
2,900 |
|
| Depreciation Expense—Furniture |
1,300 |
|
| Advertising Expense |
13,500 |
|
| Total |
S 195,200 |
S 195,200 |
Requirements
- Prepare the income for the year ending December 31, 2018.
- Prepare the statement of owner’s equality for the year ending December 31, 2018. Assure that there were no contributions made by the owner during the year.
- Prepare the classified
balance sheet as of December 31, 2018. Use the report form.
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The trial balance of Mabilis Repair Shop appears below the end of its calendar year:
MABILIS REPAIR SHOP
Trial Balance
December 31, 2020
Debit
Credit
Cash on Hand
10,000
25,000
P
Accounts Receivable
Estimated Uncollectible Accounts
750
Notes Receivable
7,000
30,000
Shop Equipment
Accumulated Depreciation – Shop Equipment
Furniture and Fixture
2,000
8,000
Accumulated Depreciation - Furniture and Fixture
Accounts Payable
Notes Payable
Leynes, Capital
Leynes, Drawing
Service Income
Sa
Rent Expense
Supplies Expense
5,00
11,000
12,000
44,750
1,000
30,000
8,000
8,000
4,000
1,500
3,000
P 105,500
Expense
Taxes and Licenses
Light and Water Expense
Total
P
105,500
Additional Infommation:
1. Unpaid taxes, P600.
2.
Accrued salaries, P3,000
3. Accrued interest on notes payable, P200.
4. Unpaid light and water, P500.
5. Supplies on hand, P1,000.
Bad debts expense is estimated to be 5% of Accounts Receivable.
6.
Required:
1. Prepare the adjusting entries.
2. Prepare a 10-column worksheet. Arrange the…
The trial balance of Mabilis Repair Shop appears below the end of its calendar year:
MABILIS REPAIR SHOP
Trial Balance
December 31, 2020
Debit
Credit
Cash on Hand
P
10,000
25,000
Accounts Receivable
Estimated Uncollectible Accounts
750
Notes Receivable
7,000
30,000
Shop Equipment
Accumulated Depreciation - Shop Equipment
Furniture and Fixture
2,000
8,000
Accumulated Depreciation - Furniture and Fixture
Accounts Payable
Notes Payable
Leynes, Capital
Leynes, Drawing
Service Income
Salaries Expense
Rent Expense
Supplies Expense
Taxes and Licenses
5,00
11,000
12,000
44,750
1,000
30,000
8,000
8,000
4,000
1,500
3,000
P 105,500
Light and Water Expense
Total
P
105,500
Additional Information:
1. Unpaid taxes, P600.
2. Accrued salaries, P3,000
3.
Accrued interest on notes payable, P200.
4. Unpaid light and water, P500.
5. Supplies on hand, P1,000.
Bad debts expense is estimated to be 5% of Accounts Receivable.
6.
Required:
7. Prepare a 10-column worksheet. Arrange the accounts according to…
Required information
Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)
[The following information applies to the questions displayed below.]
On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Inventory
Land
Equipment
Accumulated Depreciation.
Accounts Payable
Notes Payable (6%, due April 1, 2025)
Common Stock
Retained Earnings
Totals
Debit
$26,000
48,000
20,900
55,000
19,500
$169,400
January 23 Receive $126,300 from customers on accounts receivable.
January 25 Pay $99,000 to inventory suppliers on accounts payable.
January 31 Pay cash for monthly salaries, $52,900.
Credit
During January 2024, the following transactions occur:
January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase
date.
on account. The cost of the units sold is $84,000.
$5,100
January 6 Purchase additional inventory on…
Chapter 4 Solutions
Horngren's Accounting (12th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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