Homework Answers
Solution:
a) Net Income = $ 109,400
b) Total Assets = $ 144,600
c) Total Liabilities(includes equity) = $ 144,600 ; Total Liabilities(excludes equity) = $24,200
d) Total Current Assets = $9,600
e) Beginning balance of owners`s equity for next year = $ 120,400
Working:
1) Income Statement
| Income statement | ||
| Revenue | ||
| Fee Earned | $ 154,900 | |
| Total Revenue (A) | $ 154,900 | |
| Expenses: | ||
| Salaries and wages expense | $ 25,000 | |
| Rent Expense | $ 12,000 | |
| Utilities Expense | $ 3,400 | |
| Depreciation Expense | $ 5,000 | |
| Miscellaneous Expense | 100 | |
| Total Expense (B) | $ 45,500 | |
| Net Income (A-B) | $ 109,400 | |
2) Equity Owners Ending Capital
| Owner`s Equity | ||
| Owner`s Equity At Beginning | $ 19,000 | |
| Add: Owner`s Investment | $ - | |
| Net Income | $ 109,400 | $ 109,400 |
| SubTotal | $ 128,400 | |
| Deduct: Owner`s Drawings | $ (8,000) | |
| Owner`s Equity At end | $ 120,400 | |
3) Balance sheet
| Balance sheet | |
| Assets | |
| Current assets: | |
| Cash | $ 6,000 |
| Accounts Receivable | $ 2,100 |
| Supplies | $ 500 |
| Prepaid Insurance | $ 1,000 |
| Total Current Assets | $ 9,600 |
| Equipment | $ 135,000 |
| Total Assets | $ 144,600 |
| Liabilities and stockholder's Equity | |
| Current liabilities: | |
| Accounts Payable | $ 6,200 |
| Unearned Fees | $ 4,000 |
| Notes payable | $ 14,000 |
| Total Liabilities | $ 24,200 |
| Owner`s Equity | $ 120,400 |
| Total liabilities and stockholder's equity | $ 144,600 |
Add Answer to:
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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
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Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
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Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest...
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
Cash $ 20,800 Accounts Receivable 30,800 Inventory 43,600 Supplies 6,200 Equipment 131,000 Accumulated Depreciation Equipment $...
Cash $ 20,800 Accounts Receivable 30,800 Inventory 43,600 Supplies 6,200 Equipment 131,000 Accumulated Depreciation Equipment $ 28,000 Notes Payable 51,500 Accounts Payable 51,300 Owner's Capital 92,000 Owner's Drawings 10,500 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,100 Salaries and Wages Expense 139,600 Advertising Expense 24,100 Utilities Expense 13,500 Maintenance and Repairs Expense 12,000 Freight-out 16,500 Rent Expense 23,500 Totals $978,000 $978,000 Freight-out 23,500 Rent Expense Totals $978,000 $978,000 djustment data: 1. Supplies on hand totaled...
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Cash 5,161 Accounts Receivable 2,312 Prepaid Expenses 722 Equipment Accumulated Depreciation 13,561 8,903 Accounts Payable ! 1,678 Notes Payable 4,368 1,000 Common Stock Retained Earnings Dividends 1,505 1,000 Fees Earned 7,824 Wages Expense 2,019 Rent Expense 700 Utilities Expense 488 Depreciation Expense 257 Miscellaneous Expense Totals 26,278 26,278 Determine the total liabilities for the period. 11
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense-Trucks Totals Debit Credit $ 8,600 12,500 6,683 153,000 $ 31,518 48,000 12,600 14,000 53,000 -25,573 140,000 19,000 122,000 20,329 56,984 12,000 10, 449 $347,545 $347,545 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts Payable 1,670 Notes Payable 4,135 Common Stock 1,000 Retained Earnings 13,418 Dividends 608 Fees Earned 6,931 Wages Expense 2,684 Rent Expense 729 Utilities Expense 387 170 Depreciation Expense Miscellaneous Expense 79 Totals 29,000 29,000 Determine the total assets. Oa. $29,000 Ob. $14,418 Oc. $24,343 Od. $22,497
Cash 5,301 Accounts Receivable 2,494 Prepaid Expenses 706 Equipment 14,927 Accumulated Depreciation 5,092 Accounts Payable 1,783 Notes Payable 4,354 Common Stock 1,000 Retained Earnings 7,744 Dividends 697 Fees Earned 8,629 Wages Expense 2,943 Rent Expense 773 Utilities Expense 494 Depreciation Expense 169 Miscellaneous Expense 98 28,602 28,602 Totals Determine the current assets. 12:22 AM
Cash 5,712 2,180 Accounts Receivable 658 Prepaid Expenses Equipment Accumulated Depreciation 15,080 2,866 Accounts Payable 1,433 Notes Payable 5,340 1,000 Common Stock Retained Earnings 11,364 Dividends 740 6,339 Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 2,512 761 460 173 66 28,342 Totals 28,342 Determine the net income (loss) for the period. e 9 @ 12:30 AM 640 un
Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation - Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks DebitCredit $ 5,400 14,000 7,948 157,000 $ 32,342 45,000 9,400 17,000 50,000 133,665 31,000 129,000 20,861 67,771 10,000 12,427 Totals $371,407 $371,407 WILSON TRUCKING COMPANY Balance Sheet December 31, 2015 Assets Liabilities Liabilities Equity
Cash $ 20,800 Accounts Receivable 30,800 Inventory 43,600 Supplies 6,200 Equipment 131,000 Accumulated Depreciation Equipment $ 28,000 Notes Payable 51,500 Accounts Payable 51,300 Owner's Capital 92,000 Owner's Drawings 10,500 Sales Revenue 755,200 Sales Returns and Allowances 8,800 Cost of Goods Sold 497,100 Salaries and Wages Expense 139,600 Advertising Expense 24,100 Utilities Expense 13,500 Maintenance and Repairs Expense 12,000 Freight-out 16,500 Rent Expense 23,500 Totals $978,000 $978,000 Freight-out 23,500 Rent Expense Totals $978,000 $978,000 djustment data: 1. Supplies on hand totaled...
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