Patron Week2 Lab2 - (40-50 min.) P 4-1B Roadster Tune...

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(40-50 min.) P 4-1B Roadster Tune Center Work Sheet Month Ended June 30, 20X3 ACCOUN T TITLE TRIAL BALANC E ADJUST MENTS ADJUSTE D TRIAL BALANC E INCOME STATEME NT BALANCE SHEET DEBIT CREDI T DEBIT DEBIT CREDIT DEBIT CREDI T DEBIT CREDI T Cash 21,200 21,200 21,200 Accounts receivable 37,800 (h) 1,100 38,900 38,900 Supplies 17,600 14,300 14,300 Prepaid insurance 2,300 1,800 1,800 Equipment 32,600 32,600 32,600 Accumulated depr.— equipment 26,200 26,800 26,800 Building 42,800 42,800 42,800 Accumulated depr.— building 10,500 10,800 10,800 Land 28,300 28,300 28,300 Accounts payable 22,600 22,700 22,700 Interest payable 100 100 Wages payable 200 200 Unearned service revenue 10,500 (f) 4,900 5,600 5,600 Note payable, long-term 22,400 22,400 22,400 Dan Runyan, capital 79,100 79,100 79,100 Dan Runyan, withdrawals 4,200 4,200 4,200 Service revenue 20,100 26,100 26,100
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Depreciation expense— equip. (a-1) 600 600 600 Depreciation expense— building (a-2) 300 300 300 Wage expense 3,200 (b) 200 3,400 3,400 Insurance expense (d) 500 500 500 Interest expense (e) 100 100 100 Utilities expense 1,100 1,100 1,100 Advertising expense 300 (g) 100 400 400 Supplies expense (c) 3,300 3,300 3,300 191,40 0 191,400 11,100 193,800 193,800 9,700 26,100 184,10 0 167,70 0 Net income 16,4 00 16,40 0 26,100 26,100 184,10 0 184,10 0
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(50-60 min.) P 4-2B Req. 1 Lake Air Studio Work Sheet Year Ended December 31, 20X6 ACCOUNT TITLE TRIAL BALANCE ADJUSTM ENTS ADJUSTE D TRIAL BALANCE INCOME STATEME NT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Cash 15,000 15,000 15,000 Accounts receivable 36,000 (e) 2,000 38,000 38,000 Supplies 9,000 (b) 8,000 1,000 1,000 Equipment 99,000 99,000 99,000 Accumulated depreciation 13,000 (c) 9,000 22,000 22,000 Accounts payable 6,000 6,000 6,000 Salary payable (d) 1,000 1,000 1,000 Unearned service revenue 5,000 (a) 5,000 Note payable, long-term 60,000 60,000 60,000 Betsy Willis, capital 36,000 36,000 36,000 Betsy Willis, withdrawals 62,000 62,000 62,000 Service revenue 182,000 (a) 5,000 189,000 189,000 (e) 2,000 Salary expense 53,000 (d) 1,000 54,000 54,000 Supplies expense (b) 8,000 8,000 8,000 Depreciation expense (c) 9,000 9,000 9,000 Interest expense 6,000 6,000 6,000 Rent expense 15,000 15,000 15,000 Insurance expense 7,000 _______ _____ _____ 7,000 7,000 ______ _______ _______ 302,000 302,000 25,000 25,000 314,000 314,000 99,000 189,000 215,000 125,000 Net income 90,000 ______ _______ 90,000 189,000 189,000 215,000 215,000
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(continued) P 4-2B Req. 2 Lake Air Studio Income Statement Year Ended December 31, 20X6 Revenues: Service revenue $189,000 Expenses: Salary expense $54,000 Rent expense 15,000 Depreciation expense 9,000 Supplies expense 8,000 Insurance expense 7,000 Interest expense 6,000 Total expenses 99,000 Net income $ 90,000 Lake Air Studio Statement of Owner’s Equity Year Ended December 31, 20X6 Betsy Willis, capital, December 31, 20X5 $ 36,000 Add: Net income 90,000 126,000 Less: Withdrawals (62,000 ) Betsy Willis, capital, December 31, 20X6 $ 64,000
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(continued) P 4-2B Req. 2 Lake Air Studio Balance Sheet December 31, 20X6 ASSETS LIABILITIES Current assets: Current liabilities: Cash $ 15,000 Accounts payable $ 6,000 Accounts receivable 38,000 Salary payable 1,000 Supplies 1,000 Total current liabilities 7,000 Total current assets 54,000 Long-term liabilities: Plant assets: Note payable 60,000 Equipment $99,000 Total liabilities 67,000 Less Accum. deprec. (22,000 ) 77,000 OWNER’S EQUITY Betsy Willis, capital 64,000 Total liabilities and Total assets $131,000 owner’s equity $131,000 Req. 3
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Lake Air had a profitable year during 20X6. The income statement reports net income of $90,000.
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(30 min.) P 4-3B Req. 1 Journal DATE ACCOUNTS AND EXPLANATI ONS POST.
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This note was uploaded on 02/28/2012 for the course ECON EC311 taught by Professor Zahid during the Spring '12 term at ITT Tech San Dimas.

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Patron Week2 Lab2 - (40-50 min.) P 4-1B Roadster Tune...

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