f00mid1 - Olive Carpal-mien gathered. Lugflher :hc...

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Unformatted text preview: Olive Carpal-mien gathered. Lugflher :hc Fulluw'mg information regarding 1m: 5592!, naming, mud-mm“... equity, T‘E‘n'fil'l-UE1 and expel-15:: acmunti as of the end ol‘ its first year in wpcmt'mns, June 3th, 1915'. Sol-Alon; - Olive Emrpnraflun Bethune Sheet 7"“:‘1 June 3U. 19x3 {4' 5"/ Ass-315 Liabilitics Cash 3203-31] Accounts payabll: Tia Gfi'flfl Accounts mutivulfle 3.2M No1: payable, 1 LEIUIJ Supp'lies 21513-3 3:11am; payable _]_2fl-fl 'E'Iuck Jififlfl Tami Habilities 133% Smukholderf equily Common stock 2mm £96“) Retained earnings _3,’.fll* Total. mockholdurs' equity 21mm Tutal HahiluiLLes and 'T'tnta'l 455th; @611 DE Stfimkhtfldcm: equity WEED-P! = $1) + 519.14% {net anmc] - EMBED NL-i inmmc —' 545.5% - S'I'jUU — 1319.400 - Siflffl'll - 31,290 fiifficuh PH 3:: 2?- LO. 5 3 Speedy Explcfis Entgrpriscs gaflmmd tugelher 1h»: fofiuwing infmmnfion regarding L113 asset, “ability. fitDfi'fihflldtrE‘ cquity. rwmuc, and upcnsc atnounts as oft'hu and of its first yrs-d: in upcrn'tions. Jun: 'J- RI, '| 3X5: Rum expmsl'. S '.',5|]'L} Divitficnds SWEBU Truck 14,6EII} Act-21mm cunyahlt: EJUU Suqmpfins 115W Servic: rtvcnuu 315ij fialary expense 19,5190 Saiary paynhle 111m) Accounts receivah'lc 311W iJfilitich' :xpc rm: 5,030 I Nun: pnya'n'i: ILE-EHJ Inscrust CIIKJRSE- 4.500 42"“ Comma-u stuck 25,003 Cash EUJSUIJ T‘scp are an iucnme siaiemcm “Eur 35):ch Faxpiltfifi Emma-misc}: lor Lime yum prided Jung 313: LUKE. Sn'mtion'. Spcndy ExpL'CSS anrplizzts hame 311mm :111 /""‘x For L'ne Yeas Endfid June 3th 19315 I 9—" .r If}; I_.:f/ Ruv BI'ILLtS'. ' Service mum-mu $455M Expenws: Salm' Exp-Cris: SWAU'FI Rant expat-1w 15:10 Utilities expense 5.0% Interest expanse, _5 MI jam Nat 'mmml: :11 45331 Model-all: Punt: H LL). 4 Anewu: Prepare the pnstelnsmg trial balance Analyze and iururnaJize tmnSuL-tluns as they more: Prepare finemzial smtemems Pofit jam-net emu-ice to me ledger Cnmplele the werk sheet anmlize and pest chasing mtrjfi Prepare flu: unadjusted trial balm-I: Imamah'ze and Feet adjustmg en'lrler. a-lm. Gil-en. the adiusled trial balance for 'Ll'lE Bedferd L‘nmpany. pie-pare the interm- etaleme'nt and statement ef owner's equity fer the year ended July 31, 1996. 'I'here were no ewnex investments during the year. Lied Eurd Company Adjusted Trial Balance Cash Arte-urns Remix-Ebb? Supplies Prep-Md Insurance 1 .encl Bu L'L'Lthg Jul}: 31, l'J‘Efi Accum. I'.Ie pn. - Building Equipment Accmn. Depn. - Equlpment Amrmnts Payable Salariaq Payable Uneame-cl RLW'EI'IIIF! Mortgage Payable Capital Win-.drawals Revenue Salaries EKPEFIEIF' Utili'iE Expmlse lnfiurance Expense Supplies Expet'ée Depreciafinn Expense Tull-1.15- Iled ford Company Income Shtumunl Fur the “fear Ended July 31.. 1995 $233303 I Revenue Exp-en est-1; Salaries geium I lltil'it'iELfi 2.1.0:"! Insurance 14,ULIU Hupplies 'llrllliIJ LJep reclatznn IKE-UL? _'|3:lJ|J.JLII Net anume 5.1253“ i 5 1.2. 1530:] I’lfllfl HiFII'CI fillflflfl lEfl.3Efl $ 1111,0011 IfiJJE‘J 8510:] 135,031"? E'flm 11,mn lflflrUCU SEEM E’Jflll I’Sfiflm 65.1103 23.000 14.303 11.|.'§"J|3I J3EE Edi-LG“ fling“. | Bedfnrd Company Ehfiemsmr :Jf Ow ner's Equity FEII 111C Yuar Endml Iuly 31. 19% Capilfllrfiflfg'fi 5 53.m3 Add NHL II‘IL‘nII'IL‘I. $113; $1 4.91030 Lesa Wiihd rawalfi _1§,'T|_l'fl C apital. 'flrfil fer, Ellifilfl LG. 2 Difficulty: Modemte 1-113. 1-111. FelJeerLg is an alphabetical list of the assets, |.i.-|l:uilttil.ler revenues, and m: penal-y. ur Housemate Interiors. Prepare- un manna statement [or the year ended Eta-lttumlwl- 30. 19MB. nee-Junta Payable 5 3,100 Nate Payable $15.UUU Acme-t3 Retelvehle 4,501] Rent ExpenSe 11.330 Advertising Expeny: 5.1331] Salary Expenee ".Ir-1I'Il'tl Cash 13,43Efl Salary Payable l.’.-"[I] Flln‘tltun: [firfllIID Service Revenue 42,330 Interest Expense 1.1m Supplies 2.3m Anew-er: Housemate Interier'a Inmme Stemment FDI' 'IIII.‘ Year Ended September 30, 191(6- Revenues: HEI'VEL‘E‘. lie-chqu Siltfll: Expenses: Advertising Expense $ 5,303 tntereet t-II penee 1.1:"? Rent Expense 12,593 Salary Expense fl E'Q Elfin: Net [Hearse E 3' .| ES LG. 5 II} [Pet] | ty: hicdurebe imfijfitle RL'tlltUl'S- PZL'FI-EIJIEd the following I'endnm Ital nl’ esteem, lie'nitttiee, revenues, 3112‘: EKPFI‘Ibfifi- {rum th-‘fir December 31. 199% eeenLnttng :ernnds. The beginning cap- ital Elfi m‘ Jar-UHF}! 1, lS'XE was $43,233 and the owner. Real Deal, withdrew 511.633 {II-1' permnal L'fie EEUI'iI‘tf', ilt-fr ylrnr- Prepare the balance sheet let lmeyne Realtors ate: at December 31,1033. Ameu-‘I t5 Reee wu'u le 513.11] Hetvtee Ste-venue S-iEj-EICI Interest meet-me LLEFJLII {hell 22.3% Supplies [AIIIJ Nate Payable 15-.L'IIJU Ammt Payable 5,103 Battery Expense H.203 1L't'tl'tti.ll.'ei Expense dfiflfl Internet F'mgeta'le 116W) Furniture 1? .EIL'III Rent Expfitee Er-1III Salary Payable 1.33:] Autnm nhile mean Angwer: E111-Igine Reulteee Ha]. I I we Shetl- Demmber 3'1. 193:6 hie-sets Lie'fl'llitifi Citiwlit 511,37”? Aftlhutlh “tl'f-tble 3 5.1.03 Herein-nuts Reuflveble HEB-II ane Rene-1.: Imam finpplim 1,-‘JJ'CI litherest 11.13- ::ble LIE-DJ Lend elem;- lieler}: {Jaye-m we F-.1L'L'.iI-.m'- 15',er ’[tte E.'I.=.'.'.I':|iI-'|ee EE-Lllfjfl r‘LLIlne‘I-nh'lle 1‘1, En] {2|an r's Equity Cepltel ‘-1-"-..'.I'_IIIrI'I 'l'nle'. E.i::!_1i|Lt:r:_i and C'hnL'r": "Tr-tel JEN-1": 5-33”:le Equil ;' if}? '.-'|'|'.| 'fi-flfllfl I EldfiiU-L'I [Net lutrrmm‘”, --2{~Z?,fif'll'f- "Ntrl llleume - LH-‘I . 3'13] 545,5[921— FIRITIIJ - lu'..-','.’-.'lf fl-ll'fiL'u _:i'.\-_;I.-|_i_:L:I = 31.1139 “HLHM. HERE“ 2:» ___...”EEth m3...me HRH Hanna...“ ".9 __.:u __.m_..:n_un_ H3335? nnmfinnm “3m nrfimafiu #35:? 13mm" P... am FE... B. mem. .313 _..n_u_..._ fins: .93?“an 41$ 554nm _:_w..£.. ...". nut, 1.2355 5213er mcflfimnv dun—.1: :_.w:_m_:_m WEE mcbflnfi Inn.._H_ 55m”... - fizzflzm Hr—ETEEZ .9354... Urflg. - Hg SUE?" #qqarufi damnan mun“. 15m dwwfiEfl Czwmqumn— Emcnnsn . E. _mwmm E Main fiuuzfl ripaiflfimfi 5.....EEm WEEK,“ wasmnmm C5356 mnfimnmm F3353 mxflmsmm .x acutsnm my nmzmm Umflgfiflas mun—van .33.? mung L5 DEE... a GE: ER: .53 3.3 3%: 55”: m EEG Ema: .. #3: HS: 93: 52.: “8.30 58: 5.98 NEED 5:3 \\ HHS ___ w; FEE 2.;pr .. E.E.r_ | EE E EHEEE hum: P3521,“ finn.....:m__u_m Erma???“ Fund”: . . 35.5.an E5: 3 :EfiFFF .7351 m::...:_u_m Baum” 5552:. Umfi: ML. _m 3.35: finmu” hank"... Emmi. .5” EH .Pmnflnm n...:HHHE.3_.FEm Tnnnflzi Hum”??? mwpmnwfi. jump—“___.” H5333 wmcEEm Du m...__..nB Em . .. m u. r... 33$st 1m??? ___». _ 435.. SEE—EH _HmHuwfi Ha...”— rfiguqfim Ea. USAEHJ I353... mam—.mnzh _.|.,n”_H_.H.._x:U._. mmfisnm $52 :5. E: 55.4 bummfl m. EEG 533 .er FEE a FEE m. mpg—fl. mSPnflu Id CE m. 3953 “mobs mwhE ENE DEE 33.5% 5325 E2 E m .33 LEEE m: “FE OS. :me USES. .399” E3 Ruiz, Cnmpanj had. the Fullnme mmflmm durh-Lg August (Eur. 5 Purchafied SEND-m merchandise an mnunt. terms 3" 15,. nfifl FOE shipping paint. ‘3 T’-.1.'u:| tmua'lrrar'latifln finat of flu- J'UJELLEJ: 5 E11IEL‘I'HBEE. $3103. 11] [lutuI-Imd {HUI} DE deiL'cLi'lu'E merchnrldififi purchaued rm August 5. ‘11-'- |."a'u:l. far the Aufiust 5 pumlmse, 1:55 11": return and. 1m d'uicnunt. Heuulrncl: .-‘.fifiuml|1E_ lhE: purpelual invent-aw symum if- used. prepare Ihfi: - mum-.11 unlri-ar. tu rem-rd H11: uLI-IJ-UIP. Tramattiuhs. F-LHSW-L': Aug. F5 IL'I1.'£':rLtn:u'I,r 3.51m flCCDUE‘Itfi Payahip 3m.” ‘3? [In-untur}: 1.1:.” cm?"- 200 NJ Arcnunm P:15a.=|_1_al._- {£35 Invmtaq- 4”“ 15 J'LUIUUIILH Payable 3mm Envemmy TB flash 3. 521 ES LO. 1 I)“ lirI-Jl'f: Mmlum ,m adj Listing unifies. dam timber 31. 19X5.bascd an the following. data. U613 rcciaticrn an office aquime n1 I'ur L1“: 3131' '15 341.1%. The balance in supplies before: adjumenl 15 $2,943]. A physiuai mum rfl'calri 3450 DFSUFF‘H'JS '3'” hand (:11 Dcmmhcr 3 5 . 19315. charncd sun-inc. rnvcnue has a balance of $3,000 bcf'nr: adjuslmcnt. Rmurds show 1haL 3} SW of that amnunt has hat.“ mmcd by Dune-mum '51, 193(5. It. rum-yum insurance, fiflliey cufling $1 .3121!) was pulclmsed on October 31, 1936. Ram-ins nqu to empiaycns nn Ductmbcr '51, HRS, amount to “.4503 Suhalinni Dru. 3] Depmciaiiun Expensc-fll'fice Equipment 4,201} Accumulated Dcpmniatinn-Ufficc Equipment 4,2LIIU 31 Suppflins Expense ZlflbCl Supplies 1,4 51.} 11 Llur: amud Service Revenue [Jun Emu-ice Rum: nun: dd 1.7Llll'3 .'.'1 Inaurance Ex gunfire: 13¢] Pnepaid Tn Eilll'fll'lCE | 511 3] Sula}: Expcna: LUSH} Salary Payable | :ifiL'I Mndcrm: t’flgn: ‘. L2 LL}. 3 BONES QIES'I'JUN- KEMP. 'I'I-[i-I 'HIG 5‘ hCCC'Lfile'NCi I'D-3'15. -—.'°' 'I'I ' Ih' ||-'5I'T ‘-"."-"un' 3-102. KaulfL135 15:. Kids. had the [nun-wing summed trims-actinns during June: 31m: 1 Purchased il Lwn-}'-aar iusmance pull-2y, mam. SI Performed a zit-wire nn autumn. $4330. 16 Paid wages tn employ-ans, 3350. L? l'fiirchased $i,ELlJ LEE office equip-[HEM run accuu nt. 13 Cumpleted ELij fur a Custnrmer and cn'llectud $FTH1G51'I. 2 Cntlucteczl 5-1.0!) of flu.- amt-aunt awed [mun fun: 9. 26 Paid 5330 Hi the Hmmmt awed from June 'J'F. EIEI FIE-pared I'm: animating entqf for insurame I'r'm'n lune 1. 3|} Antiuad. wage: of 5950. Enquired'. Shuw I'm: ammmt ui rci'E'E'ILlE m- expense recugn'lzed Eur earh trans-afl- liun under buth t':113- mash basis- and. accrual basis of amounting. 1.153 the fnliuw in”r Format En'r yum mmmr. 13m mutant Myriam-Ham me Cash Bum Accrual Basis Ana-WET: Dane Emmuniflflfiifinufliflfiiflflm Jun: Cash Basis Accrual Hams. lune 1 BEAM] 41- 9 —u-- arm 15 Leann} {850} 1.? —0— -CI- 15 TED ml] 23 92"] —-LI— 25 [3003 4::— EIEI —€f-— {103} II ~0— [95D] LU. J. Uiffimlty: Modflrate 52 3-139- ThE UREth 31, 1'J'J‘FI lrlAI [reliance DE T'ate] [telly-fly Service included the fulluw-- M AmnunI-ng a-e Terr [fem Fv-‘F. mg: ME Accounts Receivable 5t Tfiflm Unearned. Revenue Prepaid Rem fi-LLUD Prepaid [mutant-4: 33,6111! Equipment 2401MB Accumulated. Depreciatiwr Equipment Sahiies Expense IKE-Jim] Addiliun 11 data: 1. 2. tr- $5,103. 3. 31. 4. IS. Required: Answer: 1. 2. 3. 4. 5. HS Lil :5 ("r 1; in 524,039 EDLUU Tfifl LilLLLPJI'fl'lt has an estimated lite GE 12 years. no expected value at the end GE its lite, and the etraighl—Ijj‘.e method. is- med. Del-WEI? Eflvlctfi perfnrmeri but rmbilled aural urreedctted at year-end amnunl THU-Hunk Elt— the revenue nteived 3': advance has been earned by December The prepaid renl retake-s to acne-half at a year beginning on October 1,1996. The prepaid insurance represenm L'ne armuel premium en a. pplzcy prrr‘:idiu‘.g cevera ee starting September 1. 1996. Him-“E it'll: lust Payday, Plhpklywe have earned an add:tienal 52,410“ wltiu‘h has. nnt FBI been paid or recur-:1 ed. Prepare the necessary year-mu] ilrtjllbtfilg entries as of Deemnber 3], 5'9 5- (Kale: All revenue-s earned rel-ate :0 Delwery Sitt‘r'jtfii} Th“. Depreciation 1-5.1 peruse Cr. Accumulated Degradation ~Etluipment Ur. ficcuunte Reeeivmlj‘n: Cr. Delivery Service Tie '\-":.'I'.'.lL‘ Dc. Unearned Revenue Cr. 12Ir=rlivr|rfpr Sen-ice Revenue Dr. Rent Ea: penee Cr. Prepaid Kent fir. Tnsrrrnnue Expense Cr. Prepaid insrrrurrce Dr. 5.15.3 ring Expense Fl“. Helm-lee Payable Uiiiiculty: Difficult 2-3.5":(1 6.4UL'I 1mm 32.033- 11,2lIJ 2.4m 20,1111". 5, .1 m 16.0Efl Lilli“! 11.20:] 2,400 ...
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f00mid1 - Olive Carpal-mien gathered. Lugflher :hc...

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