AC300_Unit 4 - P3-11 Worksheet The Fiorillo Company has the...

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P3-11 Worksheet The Fiorillo Company has the following account balances on December 31, 2010 prior to any adjustments: Debit Credit Debit Credit Cash $1,900 Notes payable (due March 1, 2011) 1,400 Accounts receivable 4,700 Unearned rent 1,200 Allowance for doubtful accounts $60 Mortgage payable (due Inventory 8,700 January 1, 2015) 7,300 Prepaid insurance 600 Capital stock (2,000 shares) 10,000 Land 4,100 Retained earnings (January 1, 2010) 18,075 Buildings 38,000 Dividends distributed 1,300 Accumulated depreciation: Sales revenue 49,355 buildings 11,500 Cost of goods sold 27,185 Equipment 10,700 Salaries expense 4,080 Accumulated depreciation: Utilities expense 2,000 equipment 3,100 Office supplies expense 770 Accounts payable 4,300 Delivery expense 1,275 Other expenses 980 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 next accounting period); (d) insurance expired, $175; (e) salaries accrued but not paid $370; (f) rent that was collected in advance and is now earned at year-end, $800; (g) office supplies on hand at year-end, $230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2011. Required 1. 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.
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P3-11 Worksheet Name: An asterisk (*) will appear next to an incorrect amount(s) in the outlined cell(s). If you are still getting a red asterisk, and think the answer is correct, but used a formula in the cell try manually typing in the answer according to the rounding instructions. Required 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Complete the worksheet. FIORILLO COMPANY Worksheet For Year Ended December 31, 2010 Retained Earnings Trial Balance Adjustments Income Statement Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 1,900 1,900 Accounts receivable 4,700 4,700 Allowance for doubtful accounts 60 240 300 Inventory 8,700 8,700 Prepaid Insurance 600 175 425 Land 4,100 4,100 Buildings 38,000 38,000 Accumulated depreciation: buildings 11,500 1,100 12,600 Equipment 10,700 10,700 Accumulated depreciation: equipment 3,100 600 3,700 Accounts payable 4,300 4,300 Notes payable (due 3/1/11) 1,400 1,400 Unearned rent 1,200 800 400 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 distributed 1,300 1,300 Sales revenue 49,355 49,355 Cost of goods sold 27,185
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