AC300_Unit 4 - P3-11 WorksheetThe Fiorillo Company has the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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:An 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 expense770 230 540 Delivery expense...
View Full Document

This note was uploaded on 03/27/2012 for the course ACCT AC300 taught by Professor Reece during the Spring '12 term at Kaplan University.

Page1 / 3

AC300_Unit 4 - P3-11 WorksheetThe Fiorillo Company has the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online