ACC 310F Lecture Notes - Lecture 6: Accounts Payable, Retained Earnings, Net Income

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amethystkangaroo179

18 Feb 2017

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Wyco park, a public camping ground near the four corners national recreation area, has compiled the following financial information as of december 31, 2015. Nimbus flying school, a company that provides flying lessons, was started on may 1 with an investment of ,000 cash in the business. The following list shows the assets and liabilities of the company on. May 31, 2015, and the revenues and expenses for the month of may. No additional investments were made in may, but the company paid dividends of during the month. You need to help elena sort through her messy notes and receipts. Sheet and how, using the following questions as a guideline. At the end of the quiz, you will be provided with a balance sheet template. You will need to download the excel spreadsheet before moving on to the next quiz called evaluating the balance sheet. Elena needs to account for her meat purchases.

Related Questions

PQR Inc. owns acompany that operates in France. Account balances in francs for thesubsidiary are shown below:

2015

January 1 December31

Accounts Receivables& Cash	12000	13000
Supplies	500	250
Property, Plant, and Equipment	26250	24500
Accounts Payable	-5750	-2750
Long-term Notes Payable	-9500	-5500
Common Stock	-15000	-15000
Retained Earnings	-8500	-8500
Dividends-Declared & Paid on Dec 31	0	1500
Revenues	0	-15000
Operating Expenses	0	7500

Exchange rates for 2015 were as follows:

January1 $0.22

Average for theyear 0.19

December31 0.18

Revenues were earned and operating expenses, except fordepreciation and supplies used, were incurred evenly throughout theyear. No purchases of supplies or plant assets were made during theyear.

Prepare a schedule to compute the translation gain or loss,assuming the subsidiary's functional currency is the U.S.dollar.

blackporcupine572

Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, appears below (amounts are rounded to thousands of dollars to simplify).

Account Titles	Debit		Credit
Cash	$	5
Accounts Receivable		4
Supplies		3
Equipment		6
Accumulated Depreciation			$	0
Software		12
Accumulated Amortization				3
Accounts Payable				7
Notes Payable (long-term)				0
Salaries and Wages Payable				0
Interest Payable				0
Income Tax Payable				0
Unearned Revenue				0
Common Stock				15
Retained Earnings				5
Service Revenue				0
Supplies Expense		0
Depreciation Expense		0
Salaries and Wages Expense		0
Amortization Expense		0
Interest Expense		0
Income Tax Expense		0

Totals	$	30	$	30

Transactions during 2015 (summarized in thousands of dollars) follow:
1.	Borrowed $28 cash on July 1, 2015, signing a six-month note payable.
2.	Purchased equipment for $16 cash on July 1, 2015.
3.	Issued additional shares of common stock for $4.
4.	Earned revenues for 2015 in the amount of $71, including $8 on credit and $63 received in cash.
5.	Recognized salaries and wages expenses for 2015 of $42, paid in cash.
6.	Purchased additional equipment, $4 cash.
7.	Collected accounts receivable, $7.
8.	Paid accounts payable, $10.
9.	Purchased on account supplies for future use, $9.
10.	Received a $3 cash deposit on work to start January 15, 2016.

Data for adjusting journal entries:

11.	Amortization for 2015, $3.
12.	Supplies of $5 were counted on December 31, 2015.
13.	Depreciation for 2015, $1.
14.	Accrued interest on notes payable of $1.
15.	Wages earned since the December 24 payroll not yet paid, $2.
	Income tax for 2015 was $3 and will be paid in 2016 Prepare balance sheet. Prepare the closing journal entry. Post the closing entry and prepare a post-closing trial balance

pucecrocodile46

On December 31 adjusting entries for the following transactions.1. Fees accrued but not billed, $6,300. 2. The Supplies accountbalance on December 31, $4,750; Supplies on hand, $960. 3. Wagesaccrued but not paid, $2,700. 4. Depreciation of office equipment,$1,650. 5. Rent expired during year, $10,800.

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

CHARTOF ACCOUNTS

General Ledger

	ASSETS
11	Cash
12	Accounts Receivable
13	Supplies
14	Prepaid Rent
16	Office Equipment
17	Accumulated Depreciation

	LIABILITIES
21	Accounts Payable
22	Notes Payable
23	Unearned Revenues
24	Wages Payable
25	Interest Payable

	EQUITY
31	Common Stock
32	Retained Earnings
33	Dividends

	REVENUE
41	Fees Earned

	EXPENSES
51	Advertising Expense
52	Insurance Expense
53	Interest Expense
54	Wages Expense
55	Supplies Expense
56	Utilities Expense
57	Depreciation Expense
58	Rent Expense
59	Miscellaneous Expense

General Journal

Prepare the December 31 adjusting entries for each transactions.Refer to the Chart of Accounts for exact wording of accounttitles.

PAGE 1

JOURNAL

	DATE	DESCRIPTION	POST.REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10					need help with a general journal

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ACC 310F Lecture Notes - Lecture 6: Accounts Payable, Retained Earnings, Net Income

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