skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Question 1
Question 1
The following are the unadjusted balances in the accounts of (Name of Student) Trading Ltd. for the fiscal year ended 9/30/2011
                                                                            $                 
Cash                                                                                       28,750             Accounts receivable                    32,900
Prepaid insurance                                                              4,800             Stores supplies                               12,400
Inventory                                                                             36,000             Stores equipment                          32,300
Acc. Depreciation – Stores equipment                           9,300             Manufacturing equipment              98,500
Acc. Depreciation – Manufacturing equipment            23,850             Accounts payable                            15,430
Notes payable                                                                    50,000             Unearned revenue                          33,000
Common stock                                                                   90,000             Dividends paid                                15,000
Retained earnings                                                                    ?                 Sales                                              185,700           
Dividend received on investment                                    6,450             Sales discounts                               10,100
Sales returns and allowances                                          2,095             Purchases                                        98,000
98,000
Purchases returns and allowances                                 9,250             Transportation-in                            3,250
Transportation-out                                                           1,820             Salaries expense                             30,425
Rent expense                                                                     18,000             Advertising expense                      7,600
Utilities expense                                                                 5,900
(The company uses a periodic inventory system).

Required:
1. Prepare the adjusting entries to reflect the items below, using a work sheet.
    a) Stores supplies still available at the year end is $3,800
    b) Expired insurance for the year is $3,600
    c) Depreciation expense on store equipment is $2,550 for the year.
    d) Depreciation expense for manufacturing equipment is 12.5% of the book balance.
    e) A physical check reveal that $21,000 of inventory is in warehouse at fiscal year end.
    f) $20,000 of the balance in unearned income was earned in the fiscal year.
   g) Interest on notes payable is 12% per annum. The $50,000 note was a bank loan taken on 2/15/2011 to be repaid  in full in twelve months.
(You may need to add some more accounts).
2. Prepare closing entries, a multi-step income statement and a statement of retained earnings for the company.
3. Prepare a balance sheet, in classical form, as at 9/30/2011

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top