Liabilities notes payable 240000 307950 total

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Unformatted text preview: nt Expenses 132,000 - 148,000 - Depreciation Expenses - - 28,000 - Supplies Expenses - - 17,968 - 14,000 - 20,000 - $ 3,071,436 $ 3,071,436 $ 3,203,436 $ 3,203,436 Interest expense a) b) c) d) Determine and record the apparent adjusting entries in journal entry format. Prepare an income statement for the year ending December 31, 20X9. Prepare a statement of retained earnings for the year ending December 31, 20X9. Prepare a classified balance sheet as of December 31, 20X9. Download free eBooks at bookboon.com 38 Problem 7: Worksheet Accounting Cycle Exercises IV Worksheet 7 (a) GENERAL JOURNAL Date Accounts Debit Credit Download free eBooks at bookboon.com 39 Problem 7: Worksheet Accounting Cycle Exercises IV Worksheet 7 (b) YORKSHIRE CONSULTING CORPORATION Income Statement For the Year Ending December 31, 20X9 Revenues $ Services to customers - Expenses $ Wages - Rent - Depreciation - Supplies - Interest - $ - $ Net income - YORKSHIRE CONSULTING CORPORATION Statement of Retained Earnings For the Year Ending December 31, 20X9 Beginning retained earnings Plus: Net income $ Less: Dividends - $ Ending retained earnings - e Graduate Programme for Engineers and Geoscientists I joined MITAS because I wanted real responsibili Please click the advert Maersk.com/Mitas Real work Internationa al International opportunities ree wor o ree work placements Month 16 was I was a construction supervisor in the North Sea advising and helping foremen he solve problems s Download free eBooks at bookboon.com 40 Problem 7: Worksheet Accounting Cycle Exercises IV YORKSHIRE CONSULTING CORPORATION Balance Sheet December 31, 20X9 Assets Current assets $ Cash - Accounts receivable - Supplies - Prepaid rent - $ - Property, plant & equipment $ Equipment Less: Accumulated depreciation - $ - $ - $ Total assets - Liabilities Current liabilities $ Accounts payable - Wages payable - Interest payable - Unearned revenue - Long-term liabilities Notes payable - Total liabilities Stockholders’ equity $ Capital stock Retained earnings - Total stockholders’ equity $ Total liabilities and equity - Download free eBooks at bookboon.com 41 Problem 7: Solution Accounting Cycle Exercises IV Solution 7 (a) GENERAL JOURNAL Date Dec. 31 Accounts Debit Accounts Receivable Credit 80,000 Revenues 80,000 To record earned revenues and related receivable Dec. 31 Supplies Expense 17,968 Supplies 17,968 To record supplies used ($35,968 $18,000 = $17,968) Dec. 31 Rent Expense 16,000 Prepaid Rent 16,000 To record expired rent Dec. 31 Depreciation Expense 28,000 Accumulated Depreciation 28,000 To record depreciation expense Dec. 31 Wages Expense 18,000 Wages Payable 18,000 To record accrued wages Dec. 31 Interest Expense 6,000 Interest Payable 6,000 To record accrued interest Dec. 31 Unearned Revenue 24,000 Revenues 24,000 To record earned portion of customer prepayment ($72,000 $48,000 = $24,000) Download free eBooks at bookboon.com 42 Problem 7: Solution Accounting Cycle Exercises IV Solution 7 (b)...
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This document was uploaded on 09/24/2013.

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