Problem 4 Demonstrationp_1a_sol(1)

Problem 4 Demonstrationp_1a_sol(1) - Name: Instructor:...

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FileName: d05a4e9bcd72dd52a6a118f14890cc73af52eb3f.xls, Tab: Problem P4-1A, Page 1 of 7, 05/13/2009, 02:26:56 Name: Date: Instructor: Course: THOMAS MAGNUM, P.I. Work Sheet For the Quarter Ended March 31, 2008 Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash $11,400 Accounts Receivable 5,620 Supplies 1,050 Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 T. Magnum, Capital 20,000 T. Magnum, Drawing 600 Service Revenue 13,620 Salaries Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 $55,970 $55,970 Supplies Expense Depreciation Expense Accumulated Depreciation Interest Expense Interest Payable Insurance Expense Totals Net Income Totals Key: (a) Supplies Used; (b) Depreciation Expense; (c) Accrued Interest on note; (d) Insurance Expired; (e) Service Revenue Earned but unbilled. Accounting Principles , Eighth Edition by Weygandt, Kieso, and Kimmel Solving Accounting Principles Problems Using Microsoft Excel for Windows by Rex A Schildhouse P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the work sheet for Thomas Magnum, P.I. at March 31 are as follows:
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FileName: d05a4e9bcd72dd52a6a118f14890cc73af52eb3f.xls, Tab: Problem P4-1A, Page 2 of 7, 05/13/2009, 02:26:56 Name: Date: Instructor: Course: Other data: $380 $1,000 $300 $200 per month. $530 Instructions: THOMAS MAGNUM, P.I. THOMAS MAGNUM, P.I. Income Statement Balance Sheet For the Quarter Ended March 31, 2008 March 31, 2008 Revenues Assets Account title Amount Current assets Expenses Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Account title Amount Total current assets Formula Account title Amount Property, plant, and equipment Account title Amount Account title Amount Account title Amount Less: Account title Amount Formula Account title Amount Total assets Formula Total expenses Formula Net income Formula Liabilities and Owner’s Equity Current liabilities Account title Amount THOMAS MAGNUM, P.I. Account title Amount Owner’s Equity Statement Account title Amount For the Quarter Ended March 31, 2008 Total current liabilities Formula S. Holmes, Capital, Jan 1 Amount Owner’s equity Add: Investment T. Magnum Amount Account title Amount Title Amount Formula Total liabilities and owner’s equity Formula Formula Title Amount T. Magnum, Capital, March 31 Formula 1. Supplies on hand total 2 . Depreciation per quarter is 3. Interest accrued on 6-month note payable, issued January 1,
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This note was uploaded on 04/06/2008 for the course ENG 101 taught by Professor N/ during the Spring '08 term at ASU.

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Problem 4 Demonstrationp_1a_sol(1) - Name: Instructor:...

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