f02mid1 - NAME mm SIGNATURE TA FALL DH ‘02 TEST 1 39 The...

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Unformatted text preview: NAME mm SIGNATURE TA FALL DH ‘02 TEST 1 39. The December 31. mm pub-claing ll'iiel bIIlrbce Fur anu'ar Emtiun Co, I: presented below. - 3 m oi. Cash “.5130 Shun-team hm 32.5w _ _ Amount: reeeielble 90. f6 Miewenee Eur mlleclibie “mum: 10mg. Cunalruelian in plugrnu .001] Prepiid eaqeemm Ififlm ___ )1 Lind 31m 5 r a“! Building: 150',“ A 5 J ' Accumulated depleeiilion - building. golfing. (- . Equipmenl 131.500 Ammuluad dlpflfliialiUD — nqlu' $0M Accounts pay-ah}: TEEN Amd expenses 12.501] Hum plyible, due 54mm Biiliny an no on warm WTJEHJ “We! earn? 125m; Common stock 50.1100 Main-m mines __ _‘Lfiflfl Tamb- 560.091} $0.001} Premier Emeline-Tim CD. Required: Prepare a c] Hulame Sheet 20m. At December 311 1:100 Assets Cum-mt Easels: flash 1 -i | .SDD Sheri-tum investments 32.500 Amounts receivable 590.“ L355: Allan-mpg fm'uncullecflhle aeeuunla m slum Consfi'ufliun in progress ISMJOD Lesa: Billings Dr. eunmefim contract iii—Ell 4215'” Prepaid exp-ems m Tm] cement assets 212,500 , lam, and ujpment: :1?” p nq 37,5011 Buildings :52.” ‘ e I _3 .JE Equlpm I1 33mm Leas: Au:de depreeietiun Jiilfll‘l Net property, plum, and equipunent IE w Tulil assets 5401.5“) Liabilities and Slimminbdefi' Equityr Current liabilities: Antenna payable 3 H.500 Nate: payable some Ann-Md expenses 11m Tatal eun'eni liabilities [49:00“ Lung-m liablliljes: Mortgage payable Dim Shamimlden' equity: Common ml: 55mm immined earnings. EL“! Tulal shareholders' equity _iltm Tnenl Hal-main m1 eharehnldien' enlriw 541321509 . 10?. Prepare adjusting entries for the iollouing items on December 31. the end of the fiscal year for Cleaner Carpets. a} Depreciation on equipmem. 152.500 to} Services performed but unbiiled, $3.500 c) Salaries owed to employees at year-end. $2.500 d} Unearned ser-rice revenue earnedI $5,500 e} Supplies used during the yearr $3.200 deco @ E} Prepaid rent expired during the year, $1500 GEN ERAL JGU HHAL HATCHIHG a} hi 40 d) B) 0 E) h} ii 1} account trial balance debit journaiizing journal chart of accounts credit posting normal balance ledger The basic summary device of acouunting The left-hand side of an account The right-hand side of an account The book of accounts The chronological record of an entity's transactions Transferring the amount from the journal to the ledger A list of all an entity's accounts and their account numb: A list of all the ledger accounts with their balances The process of entering transactions into the journal The side of the account where increases are record- 114. Following is a random list of some of the accounts and their December 31, 20345, balances for graphen Potts Leather Company. Stephen Potts Leether uses a periodic inventory system and all account balances are normal. Purchases $320030 Sales revenue 460,000 Interest revenue 23,000 Salary expense 45,000 Freight in 1?,000 Purchase discounts 31.000 Sales returns and allowances 35,000 Interest expense 13,000 Delivery expense 24,000 Sales discounts 2.7.000 insurance eapen se 16.000 3- l? Purchase returns and allowances 46,000 Potts, capital 30,000 Utilities expen se 14.000 0e rcciation expense-equipment 10,000 Polls, withdrawals 15,ooo 139w iii, e00 at “it?” General Journal Interest Revenue - 31 C05! of Goods Sold 395 000 — Purchases _ Imm— _ a: _ — — — — _ — _ — an _ —. 31 _! — ' 112. Based on the fellwring adjusted trial balancer prepare an income statement for Walters Company for the year ended December 31, 20354. Debit Credit Cash HELEN: Accounts receivable mime Supplies 2300 Office furniture 10,000 Accum. depn.ctfice furniture $ 4,351} Salary payable rec Unearned service revenue 11140 J. Walters. capital 12.55:} J. Walters. withdrawals 2,300 Service re'renue BREED Salary.r expense 3.360 Flent expense 2.350 Depn. expen se-ctl'ice iurn. 350 Eu pplies expense Jag; ._ Total W mare / ' Walters Corn pang.I fill J Inccme Etatement L For the trear Ended December 311, 29x4 Revenue: Service revenue Expenses: Salary expanse $ Blah-fl Fte nt expen ca 2350 Supplies expense L300 Depraclmtifln fiXPenfie-Ulfiee furniture 33 Total expenses Net income Walters Company Adjusted Trial Balance December 31. acre TRIVIA— BMW A W DF SILIECE‘J VALLEY. THIS TEST WAS; $30,060 Wed liL‘SL'IJ'mL “H‘J‘mircompmmauflummuu It“qu Pwflfiioumalmmmhm a”, “bona- Eh: m ab“? mm fur June. w d '1'“! Answer June 5 mm 3,503 f 3 Freight in m H .F Cash m ’37:” 35;?! fj 5' 9 Accounts- Payable gm Furdtase Eat. a: wow. m 11 Acct-1mm Emmbm 559 Sales Rivenue 55D 15 Slim-Rat. 11f Mlow. 2m Accuufita Receivable m 13 Mtnrums Payable 23m. Purchase Uismunts 54 Cash 2,716 20 cash 45. Listed beinw arm tan terms ratio-wed h}- : list ul'phmcs Mdzmrihtm elm-mm [in fifth! mum. Match aach phflu with me nun-nut harm by placing [lie letlm designating um bust term in th: space pmvided by the plum. firm: A. Amounfingh‘insiplufimrd B. AICPA C. Comervatiam D. Financiaihcmumlngswndards B-nard E. Full-disclaim“ principl: . F. Him-i511 can princip]: (6, G. Harding primich H. Mamdaiity |. Rui'lntiml primipi: J. Saturn-in: and Emhangc Cummiaslun FETISH: F- L. Basis of measurement fiat fixed mats. 2. Rmugnitiun nah-em mly afict certain trim-in an: satisficd. 3. Guide to expats: umpirim. ?-t. chnrtlng urali infurmntian that maid affect dmisium. 1 , Short Manufacturing Ce. Balance Sheet at December 31. tees Assets Iflurrth assets Bash Accounts recehreble Lesa: ellowenoe for unoollactible amounts lntrerrlorlea Prepaid insurance Total current aseete Investments Property. plant and equlpment: Land Elulttllrtga Equipment Less: emumulated depreciatlern Nat property plant and equipment Intanglblee Patent Total assets Llabtllliea end Shareholders? Equity Current Hebllltlea homunta payable Nelee payable Interest payable Total current liabilities Lena-term Ilaoilitiae Bonds payable. due 2015 Stlarechololatrar equity Common stock Retained earnings Total aharahotdara‘ equity Total liabilities and ehsrehdders' equity Interment-t Mounting. U11 145 $ 22.500 360.000 lilfl 22.500 100.000 4500 ,. $140,500“ 50.000 0 45,000 140,000 3% 0111.500 50 000 201500 _a000 5%“ 5 31500 00,000 M 0112.500 120000 $150,000 54 500 mam W ...
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This note was uploaded on 10/26/2009 for the course ECON 10A taught by Professor Gusarson during the Fall '07 term at UCSC.

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f02mid1 - NAME mm SIGNATURE TA FALL DH ‘02 TEST 1 39 The...

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