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Unformatted text preview: P3-11 WorksheetThe Fiorillo Company has the following account balances on December 31, 2010 prior to any adjustments:DebitCreditDebitCreditCash$1,900 Notes payable (due March 1, 2011)1,400 Accounts receivable4,700 Unearned rent1,200 Allowance for doubtful accounts$60 Mortgage payable (dueInventory8,700 January 1, 2015)7,300 Prepaid insurance600 Capital stock (2,000 shares)10,000 Land4,100 Retained earnings (January 1, 2010)18,075 Buildings38,000 Dividends distributed1,300 Accumulated depreciation:Sales revenue49,355 buildings11,500 Cost of goods sold27,185 Equipment10,700 Salaries expense4,080 Accumulated depreciation:Utilities expense2,000 equipment3,100 Office supplies expense770 Accounts payable4,300 Delivery expense1,275 Other expenses980 Additional adjustment information: (a) depreciation on buildings, $1,100; on equipment, $600; (b) bad debts expense, $240;(c) interest accumulated but not paid: on note payable, $50; on mortgage payable, $530 (this interest is due during the nextaccounting period); (d) insurance expired, $175; (e) salaries accrued but not paid $370; (f) rent that was collected in advanceand is now earned at year-end, $800; (g) office supplies on hand at year-end, $230 (expensed when originally purchased earlierin the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2011.Required1. Transfer the account balances to a 10-column worksheet and prepare a trial balance.2. Complete the worksheet.3. Prepare the company’s income statement, retained earnings statement, and balance sheet.4. Prepare (a) adjusting and (b) closing entries in the general journal.P3-11 WorksheetName:Joey D. Finley Unit 4 Project WorksheetAn asterisk (*) wil appear next to an incorrect amount(s) in the outlined cel (s). If you are stil gettinga red asterisk, and think the answer is correct, but used a formula in the cel try manual y typingin the answer according to the rounding instructions.Required1. Transfer the account balances to a 10-column worksheet and prepare a trial balance.2. Complete the worksheet.FIORILLO COMPANYWorksheetFor Year Ended December 31, 2010Retained EarningsTrial BalanceAdjustmentsIncome StatementStatement Balance SheetAccount TitlesDebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCash1,900 1,900 Accounts receivable4,700 4,700 Al owance for doubtful accounts60 240 300 Inventory 8,700 8,700 Prepaid Insurance600 175 425 Land4,100 4,100 Buildings 38,000 38,000 Accumulated depreciation: buildings11,500 1,100 12,600 Equipment10,700 10,700 Accumulated depreciation: equipment3,100 600 3,700 Accounts payable4,300 4,300 Notes payable (due 3/1/11)1,400 1,400 Unearned rent1,200 800 400 Mortgage payable (due 1/1/2015)7,300 7,300 Capital stock (2,000 shares)10,000 10,000 Retained earnings (1/1/10)18,075 18,075 Dividends distributed1,300 1,300 Sales revenue49,355 49,355 Cost of goods sold27,185 27,185 Salaries expense4,080 370 4,450 Utilities expense2,000 2,000 Of ice supplies expense...
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This note was uploaded on 11/21/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.
- Spring '10