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Frank Martinez Perez E4- Adjusted Trial Balance Income Statement Statement of Financial Position Account Entries Debit Credit Debit Credit Debit Credit Cash 7,442 7, Accounts Receivable 7,840 7, Prepaid Rent 2,280 2, Equipment 23,000 23, Accum. Depreciation – Equipment
Notes Payable 5,700 5, Accounts Payable 5,672 5, Share Capital 22,000 22, Retained Earnings 4,000 4, Dividends 3,000 3, Service Revenue 12,590 12, Salaries and Wages Expense
Rent Expense 760 760 Depreciation Expense 600 600 Interest Expense 57 57 Interest Payable 57 57 TOTALS 54,819 54,819 11,257 12,590 43,562 42, Net Income 1,333 1, TOTALS 12,590 12,590 43,562 43, E4- General Journal ALBANESE COMPANY April 30, 2014 Date Account Entries Debit Credit April 30 Service Revenue $12, Income Summary $12,
April 30 Income Summary $11, Salaries and Wages Expense $9, Rent Expense $ Depreciation Expense $ Interest Expense $ April 30 Income Summary $1, Retained Earnings $1, April 30 Retained Earnings $3, Dividends $3, April 30 TOTALS $28,180 $28, a) Income Summary 11,257 12, 1, 12,590 12, a) ALBANESE COMPANY Post-Closing Trial Balance April 30, 2014 Account Entries Debit Credit Cash 7,442€ Accounts Receivable 7,840€ Prepaid Rent 2,280€ Equipment 23,000€ Accumulated Depreciation – Equipment 4,800€ Notes Payable 5,700€ Accounts Payable 5,672€ Retained Earnings 3,000 Bal. 3, 1, Bal. 2,
TOTALS 2,400 2,
MUNOZ COMPANY
Income Statement Statement of Financial Position Account Entries Debit Credit Debit Credit Accounts Receivable X Prepaid Insurance X Accu. Depreciation – Equipment X Salaries and Wages Payable X Service Revenue X Salaries and Wages Expense X Insurance Expense X Depreciation Expense X E4-
A)
LANZA COMPANY
Closing Entries June 30, 2014 Account Entries Debit Credit Service Revenue $4, Income Summary $4, Income Summary $3, Salaries and Wages Expense $1, Miscellaneous Expense $ Supplies Expense $1, Income Summary $ Retained Earnings $ Retained Earnings $ Dividends $ TOTALS $9,200 $ a) Account Entries Debit Credit Cash R$ 3, Accounts Receivable R$ 3,
2. Service Revenue $ Cash $ Accounts Receivable $ 3. Equipment $ Accounts Payable $ TOTALS $1,590 $1, E4-
- A payment on account of R$840 to a creditor was debited to Accounts Payable R$480 and credited to Cash R$480.
- The purchase of supplies on account for R$380 was debited to Equipment R$ and credited to Accounts Payable R$38.
- A R$500 cash dividend was debited to Salaries and Wages Expense R$500 and credited to Cash R$500. NATAL COMPANY Journal Entries Entry Account Entries Debit Credit
- Accounts Payable (R$840 – R$480) R$ 360 Cash R$ 360
- Supplies R$ 380 Equipment R$ 38 Accounts Payable R$ 342
- Dividends R$ 500 Salaries and Wages Expense R$ 500 TOTALS R$ 1,240 R$ 1, E4-
a) ASSETS Property, plant and equipment Land $67, Buildings $128, Less: Acc. Depreciation – Buildings $42,600 $85, Equipment $62, Less: Acc. Depreciation – Equipment $18,720 $43,680 $196, Current Assets Prepaid Insurance $4, Accounts Receivable $7, Cash $18,040 $30, TOTAL ASSETS $226, EQUITY AND LIABILITIES Equity Share Capital $80, Retained Earnings ($28,000 + $8,400) $36,440 $116, Non-current Liabilities Note Payable $80, Current Liabilities Current portion of Note Payable $15, Accounts Payable $12, Interest Payable $2,600 $29, TOTAL EQUITY AND LIABILITIES $226, b) Liquidity = Current Assets – Current Liabilities Liquidity = $30,260 - $29, Current assets exceed current liabilities. The company’s liquidity appears to be reasonably good, but some caution is needed.
b) Income Statement July 31, 2014 Revenues Service Revenue $62, Rent Revenue $8, TOTAL REVENUES $70, Expenses Salaries and Wages Expense $50, Utilities Expense $22, Depreciation Expense $2, TOTAL EXPENSES $75, NET LOSS $5, Net Loss = Revenues – Expenses = $70,500 – $75,800 = $5, Retained Earnings Statement Retained Earnings – August 1, 2013 $22, Less: Net Loss $5, Dividends $3,000 $8, Retained Earnings – July 31, 2014 $14, a)
ASSETS
Property, Plant & Equipment Equipment $30, Less: Acc. Depreciation Equipment $6,000 $24, Current Assets Accounts Receivable $9, Cash $14,200 $23, TOTAL ASSETS $47, EQUITY AND LIABILITIES Equity Share Capital $25, Retained Earnings $14,400 $39, Non-current Liabilities Note Payable $1, Current Liabilities Accounts Payable $4, Salaries and Wages Payable $2,080 $6, TOTAL EQUITY AND LIABILITIES $47,
