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sangriaporcupine510Lv1

28 Sep 2019

Income statement preparation ââUSING FORMULAS IN EXCEL.Adam and Arin Adams have collected their personal income and expense information and have asked you to put together an income and expense statement for the year ended Decemberâ 31, 2015. The following information is received from the Adams family

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a. Create a personal income and expense statement for the period ended Decemberâ 31, 2015. It should be similar to a corporate income statement.

b. Did the Adams family have a cash surplus or cashâ deficit?

c. If the result is aâ surplus, how can the Adams family use thatâ surplus?

a. Create a personal income and expense statement for the period ended Decemberâ 31, 2015. It should be similar to a corporate income statement.

Adam's salary

$ 44 comma 800$44,800

Utilities

$ 3 comma 220$3,220

âArin's salary

30 comma 40030,400

Groceries

2 comma 2502,250

Interest received

490490

Medical

1 comma 5201,520

Dividends received

200200

Property taxes

1 comma 6611,661

Auto insurance

610610

Incomeâ tax, Social Security

13 comma 40013,400

Home insurance

720720

Clothing and accesories

2 comma 0002,000

Auto loan payment

3 comma 3103,310

Gas and auto repair

2 comma 1202,120

Mortgage payment

13 comma 80013,800

Entertainment

2 comma 0202,020

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Irving HeathcoteLv2

30 Sep 2019

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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. need help with ageneral journal The balances for the accounts listed below appearedin the Adjusted Trial Balance columns of the work sheet. Indicatewhether each balance should be extended to (a) the Income Statementcolumns or (b) the Balance Sheet columns. 1. Salaries Payable 2.Fees Earned 3. Accounts Payable 4. Common Stock 5. Supplies Expense6. Unearned Rent 7. Retained Earnings 8. Equipment 9. AccountsReceivable 10. Accumulated Depreciation 11. Salary Expense 12.Depreciation Expense The following accounts were taken from theAdjusted Trial Balance columns of the end-of-period spreadsheet forApril 30, for Finnegan Co.: Accounts Amount AccumulatedDepreciation $32,000 Fees Earned 78,000 Depreciation Expense 7,250Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 SuppliesExpense 1,800 Required: Prepare an income statement. Be sure tocomplete the statement heading. Refer to the lists of Accounts inthe information given, Labels, and Amount Descriptions for theexact wording of the answer choices for text entries. You will notneed to enter colons (:) on the income statement. On January 1,Hannah's Pool Service Company had a retained earnings balance of$252,000. During the year Hannah's stockholders bought anadditional $32,000 in common stock and received dividends of$52,200. For the year ended December 31 Hannah's Pool ServiceCompany reported a net income of $73,200. Required: Prepare aretained earnings statement for the year ended December 31. Referto the Instructions and the lists of Labels and Amount Descriptionsfor the exact wording of the answer choices for text entries.âLessâ or âPlusâ will automatically appear if it is required. Besure to complete the statement heading. The following data weretaken from the Adjusted Trial Balance columns of the end-of-periodspreadsheet for April 30 for Abigail Company: Accounts AmountAccumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850Unearned Fees 7,310 Trucks 49,300 Cash 3,400 Common Stock 2,000Retained Earnings ? Required: Prepare a classified balance sheet.Be sure to complete the statement heading. Refer to the lists ofAccounts in the information given, Labels, and Amount Descriptionsfor the exact wording of the answer choices for text entries. Youwill not need to enter colons (:) on the Balance Sheet. On thebasis of the following data taken from the Adjusted Trial Balancecolumns of the work sheet for the year ended March 31 for BanesDomino's Corporation. Banes Domino's Corporation ADJUSTED TRIALBALANCE December 31, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash30,000.00 2 Accounts Receivable 45,200.00 3 Supplies 5,000.00 4Equipment 169,900.00 5 Accumulated Depreciation 32,000.00 6Accounts Payable 12,500.00 7 Common Stock 51,600.00 8 RetainedEarnings 20,000.00 9 Dividends 47,000.00 10 Fees Earned 510,000.0011 Salary Expense 244,500.00 12 Rent Expense 48,000.00 13Depreciation Expense 25,000.00 14 Supplies Expense 9,500.00 15Miscellaneous Expense 2,000.00 16 Totals 626,100.00 626,100.00Required: Journalize the four closing entries. Refer to the Chartof Accounts for exact wording of account titles.

ultramarineswan830

I have already answered questions 1 and 2, I don't need help with those. I posted those for the information in case you need it for the other questions.

[The following information applies to the questions displayed below.]

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2015, VGCâs income statement accounts had zero balances and its balance sheet account balances were as follows:


Cash	$	2,360,000
Accounts Receivable		152,000
Supplies		19,100
Equipment		948,000
Land		1,920,000
Building		506,000
Accounts Payable		109,000
Unearned Revenue		152,000
Notes Payable (due 2018)		80,000
Common Stock		2,200,000
Retained Earnings		3,364,100

In addition to the above accounts, VGCâs chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense.

Required:

1.	Analyze the effect of the January transactions (shown below) on the accounting equation, and indicate the account, amount, and direction of the effect (+ for increase and â for decrease) of each transaction. (Enter any decreases to account balances with a minus sign.)

a.	Received $52,250 cash from customers for subscriptions that had already been earned in 2014.
b.	Received $235,000 cash from Electronic Arts, Inc. for service revenue earned in January.
c.	Purchased 10 new computer servers for $41,900; paid $12,000 cash and signed a three-year note for the remainder owed.
d.	Paid $15,600 for an Internet advertisement run on Yahoo! in January.
e.	Sold 10,100 monthly subscriptions at $10 each for services provided during January. Half was collected in cash and half was sold on account.
f.	Received an electric and gas utility bill for $5,900 for January utility services. The bill will be paid in February.
g.	Paid $310,000 in wages to employees for work done in January.
h.	Purchased $5,100 of supplies on account.
i.	Paid $5,100 cash to the supplier in (h).

	Assets		=	Liabilities		+	Stockholdersâ Equity
a.	Cash	52,250
	Accounts Receivable	(52,250)
b.	Cash	235,000					Service Revenue	235,000
c.	Equipment	41,900
	Cash	(12,000)		Notes Payable (long-term)	29,900
d.	Cash	(15,600)					Advertising Expense	(15,600)
e.	Cash	50,500					Service Revenue	101,000
	Accounts Receivable	50,500
f.				Accounts Payable	5,900		Utilities Expense	(5,900)
g.	Cash	(310,000)					Salaries and Wages Expense	(310,000)
h.	Supplies	5,100		Accounts Payable	5,100
i.	Cash	(5,100)		Accounts Payable	(5,100)

2.	Prepare journal entries for the January transactions listed in part 1, using the letter of each transaction as a reference. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

No	Transaction	General Journal	Debit	Credit
1	a	Cash	52,250
1		Accounts Receivable		52,250

2	b	Cash	235,000
2		Service Revenue		235,000

3	c	Equipment	41,900
3		Cash		12,000
3		Notes Payable (long-term)		29,900

4	d	Advertising Expense	15,600
4		Cash		15,600

5	e	Cash	50,500
5		Accounts Receivable	50,500
5		Service Revenue		101,000

6	f	Utilities Expense	5,900
6		Accounts Payable		5,900

7	g	Salaries and Wages Expense	310,000
7		Cash		310,000

8	h	Supplies	5,100
8		Accounts Payable		5,100

9	i	Accounts Payable	5,100
9		Cash		5,100

3.	Create T-accounts, enter the beginning balances shown above, post the journal entries to the T-accounts, and show the unadjusted ending balances in the T-accounts.

4.	Prepare an unadjusted trial balance as of January 31, 2015.

VANISHING GAMES CORPORATION
Unadjusted Trial Balance
At January 31, 2015
Account Name	Debit	Credit
Cash
Accounts Receivable
Supplies
Equipment
Buildings
Land
Accounts Payable
Unearned Revenue
Notes Payable (long-term)
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages Expense
Advertising Expense
Utilities Expense
Total	$0	$0

5.	Prepare an Income Statement for the month ended January 31, 2015, using unadjusted balances from part 4.

VANISHING GAMES CORPORATION
Income Statement
For the Month Ended January 31, 2015
Revenues

Service Revenue
Total Revenues
Expenses
Salaries and Wages Expense
Utilities Expense
Advertising Expense

Total Expenses
Net Income

Prepare a Statement of Retained Earnings for the month ended January 31, 2015, using the beginning balance given above and the net income from part 5. Assume VGC has no dividends.

VANISHING GAMES CORPORATION
Statement of Retained Earnings
For the Month Ended January 31, 2015
Retained Earnings, January 1, 2015
Add: Net Income
Less: Dividends
Retained Earnings, January 31, 2015	$0

blackpug639

FNEC 1600

Comprehensive Problem â Due Date: December 1, 2017

Fall 2017

Your score on the following problem will carry a weight of 13% in determining your overall course grade. A hard copy of your solution must be submitted by December 1^st. Any submission after the beginning of class on that date is subject to a 10 point per day late point reduction.

Description:

You have been charged with preparing year-end adjusting entries along with a multiple-step income statement and a classified balance sheet for Fat Tire, Inc., a wholesaler of bicycles and bicycle parts. The financial statements will cover the year ended December 31, 2016. A December 31 bank reconciliation, an unadjusted trial balance, and other information to help with the adjusting entries follow.

Fat Tire, Inc.
Bank Reconciliation
31-Dec-16
Balance per Bank Statement				$297,000
Deposits in Transit		$4,500
Bank Error (See note 1 below)		1,200
Outstanding Checks		(2,000)		3,700
Adjusted Balance				$300,700

Balance per Fat Tire's Books				$300,000
Interest Earned per bank statement		$450
Book Error (See note 2 below)		1,170
NSF Check (See note 3 below)		(500)
December bank service charges		(420)		700
Adjusted Balance				$300,700

*note 1:* The bank incorrectly charged Fat Tire's account for a fee
that belonged to another client of the bank.
*note 2:* A check for $130 to pay a cash miscellaneous operating
expense was incorrectly recorded as $1,300 on Fat Tire's books.
*note 3:* The bank returned a bad check deposited by Fat Tire
that represented a receipt of payment from one of Fat Tire's
customers.
Fat Tire, Inc.
Unadjusted Trial Balance
December 31, 2016
	Debit		Credit
Accounts Payable			50,000
Accounts Receivable	425,700
Accumulated Depreciation (Equip)			4,305
Accumulated Depreciation (F & F)			23,600
Advertising Expense	18,000
Allowance for Doubtful Accounts			$1,500
Cash	$300,000
Common Stock			180,000
Cost of Goods Sold	2,613,000
Depreciation Expense	6,455
Equipment	10,000
Furniture & Fixtures	50,000
Income Tax Expense	228,323
Insurance Expense	7,500
Interest Revenue			5,200
Inventory	325,000
Miscellaneous Operating Expense	2,500
Note Payable			35,000
Payroll Tax Expense	23,680
Prepaid Insurance	10,500
Rent Expense	168,000
Rent Revenue			4,000
Retained Earnings			242,553
Salary Expense	264,500
Sales Discounts	42,000
Sales Returns	30,000
Sales Revenue			4,020,000
Supplies	2,000
Supplies Expense	17,000
Unearned Rent			2,000
Utilities Expense	24,000
Totals	4,568,158		4,568,158

Information related to adjusting entries:

No entries have been made for the December 31 bank reconciliation. Use the bank reconciliation provided to prepare the necessary entries.

Fat Tire pays employees and all payroll related liabilities semi-monthly. Each payment of payroll related liabilities is for the previous pay period. Thus, Fat Tire needs to accrue salaries and payroll related expenses for the December 16^th-31^st pay period. The following information was obtained for the last pay period of the year.

Gross Pay = $12,000
Federal Income Tax withholding rate = 20%
FICA rate for employees and employers = 8%
State unemployment taxes for the pay period = $250
Federal unemployment taxes for the pay period = $75

Fat Tire maintains a liability account for federal income tax withheld from employees and a separate liability account for its own corporate income taxes.

Based on a count taken on December 31^st, the amount of supplies that remain on hand is $500.

Unbilled sales as of December 31 totaled $5,000. The cost of those bikes sold was $2,000.

The Allowance for Doubtful accounts is adjusted at the end of each year using the percentage of sales method. Fat Tires estimates that 1% of adjusted net sales will go uncollected.

The Prepaid Insurance balance represents an $18,000 one-year policy that began on July 1. The company adjusts any prepaid items on a monthly basis.

Fat Tire decided to sublease some of its rental space. On October 1, the company received $6,000 in advance from a neighboring business for 3 monthâs rent. The lease period began on October 1. Fat Tire adjusts rent related accounts on a monthly basis.

Furniture and Fixtures were acquired on January 2, 2012 at a cost of $50,000. Management selected a 10 year life and a $2,000 residual value. Fat Tire depreciates Furniture and Fixtures on a monthly basis using the straight-line method of depreciation.

The Equipment was purchased on January 2, 2015 at a cost of $10,000. Management selected a productive life of 6,000 hours and a $1,000 residual value. Fat Tire depreciates Equipment on a monthly basis using the units-of-production method. The equipment was used 200 hours in December.

The Note Payable was issued on December 1, 2016. The terms of the note state that the principal and interest is to be paid two years from the issuance date. The interest rate stated on the note is 6 percent.

Accrued advertising expenses incurred but not yet paid totaled $1,000 on December 31.

Fat Tire makes quarterly payments for its income taxes. No entry has been made for the fourth quarter income taxes of 2016 which will be paid in 2017. To make this entry, you will have to determine the Income Before Tax for the year. One-fourth of that amount represents income earned in the fourth quarter. Fat Tireâs corporate tax rate is 40%.

Required:

Prepared the adjusting journal entries required on December 31, 2016.

Prepared a multiple-step income statement for the year ended December 31, 2016. Make sure your operating expenses are listed in descending order. Use the Income statement example that I provided as supplemental notes to chapter 6 as a guide.

Prepare a classified balance sheet as of December 31, 2016. List your current assets in order of liquidity.

Note: If it helps, prepare a supplemental schedule like we completed in problem 4.6A. It may help organize your data prior to preparing the financial statements.

Appropriate Use of Office Hours:

Office hours are held so that students can ask questions about assignments and/or concepts. For assignments that are to be submitted for a grade, it is unreasonable for you to ask âis my assignment correctâ or âcan you find my mistakesâ. That is why the assignments are graded. A reasonable request is to ask âhow toâ questions if you are stuck on a step or âcan you help me understand this data or this requirementâ. We (Iâm speaking for the TAs as well) want to help, but we are not there to complete your assignments for you.

Print Formats: Be sure to use the print preview feature in Excel and adjust your spreadsheets so that they can be easily read. Points will be deducted if I have to work just to read your printouts. Use normal size fonts and make sure that when reading left to right, you do not have sheets starting on one page and finishing on another. In other words, pretend Iâm your client.

lavenderminnow570

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