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ROSE COMPANY INC Worksheet For the Year Ended December 31, 2017 Adjusted Trial Balance Account No. Account Titles 101 Cash 12 Accounts Receivable 126 Supplies 130 Prepaid Insurance 151 Office Equipment 152 Accum DepreciationOffice Equipment 200 Notes Payable 201 Accounts Payable 212 Salaries Payable 230 Interest Payable 311 Common Stock 320 Retained Earnings 332 Dividends 400 Service Revenue 610 Advertising Expense 631 Supplies Expense 711 Depreciation Expense 722 Insurance Expense 726 Salaries Expense 905 Interest Expense 8,100 10,800 1,500 2,000 24,000 5,600 15,000 6,100 2,400 600 10,000 5,800 7,000 61,000 8,400 4,000 5,600 3,500 31,000 600 Totals 106,500 106,500 Instructions (a) Complete the worksheet by extending the balances to the financial statement columns. (b) Prepare an income statement, a retained earnings statement, and a classified balance sheet. (Note: $9,000 of the notes payable become due in 2018.) (c) Prepare the closing entries. Use J14 for the journal page (d) Post the closing entries. Use the three-column form of account. Income Summary is No. 350 (e) Prepare a post-closing trial balance.
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Answer #1

Since adjusted trial balance is given,it is assumed that no more adjustments in regards trial balance are required. Further financial columns are prepared.

(a)Rose company Inc

Worksheet For the year ended December 31,2017Rose company Inc Worksheet For the year ended december 31,2017 Adjusted Trial balance Income Statement debit Balance Sheet debit credit Account name credit debit credit Cash Accounts receivable supplies prepaid 8100 10800 1500 2000 24000 8100 10800 1500 2000 24000 repaid insurance office equipment accumulated depreciation notes pavable accounts pavable salaries pavable interest pavable common stock retained earnings dividends revenue advertising expense supplies expense depreciation expense insurance expense salaries expense interest expense 5600 15000 6100 2400 600 10000 5800 5600 15000 6100 2400 600 10000 5800 7000 61000 61000 8400 4000 5600 3500 31000 600 8400 4000 5600 3500 31000 600 Totals 106500 106500 53100 61000 Net Income Total 900 61000 900 46400 61000 46400

(b) In the vast majority of cases, companies can't pay dividends that exceed their retained earnings. .So,the dividedns are not shown as paid in retained earnings.there is one situation in which a company can pay a dividend even with negative retained earnings. If the company is wrapping up its operations, then it can make dissolution or liquidation dividend payments to shareholders regardless of the condition of its balance sheet.

Anyways,dividends dont appear in balance sheet and income statement

Rose company Ind Worksheet For the year ended december 31,2017 Balance sheet Assets Cash Accounts receivable supplies - prepaid ncome Statement Revenues Service revenues Expenses advertising expense supplies expense depreciation expense nsurance expense salaries expense interest expense 61000 8100 10800 1500 2000 8400 4000 5600 3500 31000 600 repaid insurance office equipment 24000 -560018400 Total assets 40800 Liabilities Net income 900 notes pavable accounts payable salaries pavable interest pavable 15000 6100 2400 600 Statement of retained Earnings beginning retained earnings Plus: net income 5800 900 6700 Total liabilities stock holders equit common stock retained earnings 24100 10000 6700 40800

(c) , (d) , (e) preparation of closing entries and post closing trial balance

Post closing trial balance Account titles Cash Accounts receivable supplies prepaid prepaid insurance office equipment accumulated depreciation notes pavable accounts pavable salaries pavable interest pavable Closing Entries Account titles debit credit debit credit 8100 10800 1500 2000 24000 Service revenue 61000 Income summary 61000 Income summar 53100 advertising expense supplies expense depreciation expense insurance expense salaries expense interest expense 8400 4000 5600 3500 31000 600 5600 15000 6100 2400 600 16700 Owners capital account Income summar 7900 Total 46400 46400 Owners capital account 7900

Classified balance sheet is given below

Classified Balance sheet Assets Current assets Cash Accounts receivable supplies prepaid 8100 10800 1500 2000 repaid insurance Intangible assets 0 Long term investments 0 Plant property and equipment office equipment (accumulated depreciation Total assets 24000 56001 18400 40800 Liabilities Current liabilities notes payable accounts payable salaries payable interest payable 15000 6100 2400 600 Long term liabilities 0 Total liabilities stock holders equity common stock retained earnings 24100 10000 6700 Total liabilities and stock holders equity 40800

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