Ch04_corrected - Student Name: Class: Problem 04-04...

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Student Name: Class: Problem 04-04 ZIMMERMAN COMPANY Requirement 1: (a) (b) (c) (d) (e) (f) (g) (h) Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (b) (c) (d) (e) (f) (g) (h)
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Given Data P04-04: ZIMMERMAN COMPANY 2011 adjusting entries to be considered: (a) Collected six months rent on storage space. $8,400 (b) Principal (plus 12% interest) on note due 9/30/12. . $18,000 (c) Depreciation on service truck. $2,500 Cost of service truck purchased July 1, 2011. $15,000 (d) Cash collected 11/1/2011, to be spread evenly over next twelve months. $3,000 (e) One year insurance premium paid on 11/1/2011. $9,000 (f) Service revenue earned but not collected. $4,000 (g) Employee wages earned but not paid. $14,000 (h) Estimated property tax not yet billed or paid. $500
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Student Name: Class: Problem 04-05 BRAYDEN TOWING COMPANY Requirement 1: (a) (b) (c) (d) (e) (f) (g) (h) Requirement 2: Balance Sheet Income Statement Stockholders' Net Transaction Assets Liabilities Equity Revenues Expenses Income (a) (b) (c) (d) (e) (f) (g) (h)
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Given Data P04-05: BRAYDEN TOWING COMPANY Transactions to be considered: (a) Purchased new hauling van 24,600 Estimated depreciation for year 4,000 (b) Office supplies purchased for cash 1,000 Beginning office supplies inventory 400 Ending office supplies inventory 250 (c) Truck repair completed, not yet paid 1,200 (d) Estimated property tax on land 1,500 (e) Contract completed 6,000 (f) Prepaid insurance paid $1,200 (g) Bank loan 11,000 Interest rate on loan 14% (h) Income before adjustments or taxes $30,000 Income tax rate 30%
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Student Name: Class: Case 04-08 CRYSTAL'S DAY SPA, INC. Income Statement For the Year Ended December 31, 2012 Cash Basis Per Crystal's Corrected Items Statement Explanation of Changes Basis Revenues: Spa fees $1,215,000 Expenses: Office rent 130,000 Utilities 43,600 Telephone 12,200 Salaries 562,000 Supplies 31,900 Miscellaneous 12,400 Depreciation 0 Total expenses 792,100 Net income $422,900
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Given Data CP04-08: CRYSTAL'S DAY SPA, INC. Statement of Profits 2012 Spa fees collected $1,215,000 Expenses paid: Rent for office space $130,000 Utilities expense 43,600 Telephone expense 12,200 Salaries expense 562,000 Supplies expense 31,900 Miscellaneous expenses 12,400 Total expenses 792,100 Profit for the year $422,900 Additional data: a. Spa fees collected for services performed prior to 2012 (total collected $1,215,000) $142,000 b. Uncollected spa fees $29,000 c. Office equipment cost $205,000 Estimated annual depreciation $20,500 d. Office supplies on hand $5,200 Office supplies on hand at end of 2011 $3,125 e. Secretary's annual salary; one month unpaid $18,000 f. Unpaid phone bill $1,400 December 2011 bill paid in January, 2012 (included $1,800 in Statement of Profits above) g. Office rent for 13 months, including January, 2013 $130,000
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CP4-3 Comparing Companies within an Industry Required: 1. What was advertising expense for each company for the most recent year? Where did you find the information?
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This note was uploaded on 11/05/2011 for the course AEM 2210 at Cornell University (Engineering School).

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Ch04_corrected - Student Name: Class: Problem 04-04...

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