2 prepare s tatement of s toc k holders equity at the

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Unformatted text preview: x pens e Wage ex pens e Repair ex pens e Total c os ts and ex pens es Net inc ome 4,540 ± 0% $ 860 ± 0% 3.2 Prepare s tatement of s toc k holders ’ equity at the end of the month ended February 28, 2011. (Leave no cells blank ­ be certain to enter "0" wherever required. Om it the "$" sign in your response.) BRI’S SWEETS Statement of Stoc k holders ’ Equity (unadjus ted) For the Month Ended February 28, 2011 Beginning, February 1, 2011 Additional c ontributions Net inc ome Contributed Capital $ 0 ± 0% 27,600 ± 0% Div idends 860 ± 0% Total Stoc k holders ’ Equity $ 0 ± 0% 27,600 ± 0% 860 ± 0% 0 ± 0% 0 ± 0% Retained Earnings $ 0 ± 0% Ending, February 28, 2011 $ 27,600 ± 0% $ 860 ± 0% $ 28,460 ± 0% 3.3 Prepare balanc e s heet at the end of the month ended February 28, 2011. (Be sure to list the assets and liabilities in order of their liquidity. Om it the "$" sign in your response.) BRI'S SWEETS Balanc e Sheet (unadjus ted) At February 28, 2011 Assets Current As s ets : Cas h $ 170 ± 0% 3,090 ± 0% 1,430 ± 0% 5,640 ± 0% Ac c ounts rec eiv able Inv entory Supplies Prepaid ex pens es Total Current As s ets Furniture and fix tures Equipment Total As s ets Liabilities and Stockholders’ Equity Current Liabilities : Ac c ounts pay able Total Current Liabilities Notes pay able Total Liabilities Stockholders’ Equity 23,080 ± 0% 33,410 ± 0% 8,250 ± 0% 2,750 ± 0% $ 44,410 ± 0% $ 4,950 ± 0% 4,950 ± 0% 11,000 ± 0% 15,950 ± 0% Contributed c apital 27,600 ± 0% 860 ± 0% Retained earnings Total Stoc k holders ’ Equity 28,460 ± 0% $ Total Liabilities & Stoc k holders ’ Equity 44,410 ± 0% rev: 02­23­2011 8. awar d: 0.10 out of 0.10 points M4-12 Recording Closing Entries LO5 Romney ’s Mark eting Company has the following adjus ted trial balanc e at Dec ember 31, 2012. No div idends were dec lared. Howev er, 500 s hares is s ued at the end of the y ear for $3,000 are inc luded below: Cas h Ac c ounts rec eiv able Interes t rec eiv able Prepaid ins uranc e Notes rec eiv able (long­term) Equipment Ac c umulated deprec iation Ac c ounts pay able Ac c rued ex pens es pay able Inc ome tax es pay able Unearned rent rev enue Contributed c apital (800 s hares ) Retained earnings Sales rev enue Interes t rev enue Rent rev enue Wages ex pens e Deprec iation ex pens e Utilities ex pens e Ins uranc e ex pens e Rent ex pens e Inc ome tax ex pens e Total Debit $ 1,500 2,200 100 1,600 2,800 15,000 19,000 1,800 320 700 9,000 2,700 $ 56,720 Credit $ 3,000 2,400 3,920 2,700 500 3,700 2,000 37,650 100 750 $ 56,720 Prepare the c los ing entry on Dec ember 31, 2012. (Om it the "$" sign in your response.) General J ournal Debit 37,650 100 750 Sales revenue Interest revenue Rent revenue Credit Worksheet 4,980 19,000 Wages expense Depreciation expense Utilities expense Insurance expense Rent expense Incom e tax expense Retained earnings 1,800 320 700 9,000 2,700 M4­12 Recording Closing Entries LO5 M4-12 Recording Closing Entries LO5 Romney ’s Mark eting Company has the following adjus ted trial balanc e at Dec ember 31, 2012. No div idends were dec lared. Howev er, 500 s hares is s ued at the end of the y ear for $3,000 are inc luded below: Cas h Ac c ounts rec eiv able Interes t rec eiv able Prepaid ins uranc e Notes rec eiv able (long­term) Equipment Ac c umulated deprec iation Ac c ounts pay able Ac c rued ex pens es pay able Inc ome tax es pay able Unearned rent rev enue Contributed c apital (800 s hares ) Retained earnings Sales rev enue Int...
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