Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 3, Problem 3R
The
Adjustment information is as follows:
- a. Supplies on hand as of June 30, 2013, $450.
- b. Insurance premiums that expired during the year, $2,420.
- c. Depreciation on equipment during the year, $1,500.
- d. Included in the rent expense of $30,000 is $1,200 that is prepaid for July 2013.
- e. Salaries accrued but not paid at June 30, 2013, $1,440.
- f. Merchandise inventory on June 30, 2013, $68,864.
Complete the income statement and
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Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded:a. Depreciation on the equipment is $18,350.b. Unrecorded wages owed at December 31, 2019: $4,680.c. Prepaid rent at December 31, 2019: $9,240.d. Income taxes expense: $5,463.Required:Prepare a completed worksheet for Rapisarda Company.
The information necessary for preparing the 2021 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31.Depreciation on the equipment for the year is $7,000.Salaries earned by employees (but not paid to them) from December 16 through December 31, 2021, are $3,400.On March 1, 2021, Winter lends an employee $12,000 and a note is signed requiring principal and interest at 6% to be paid on February 28, 2022.On April 1, 2021, Winter pays an insurance company $15,000 for a one-year fire insurance policy. The entire $15,000 is debited to prepaid insurance at the time of the purchase.$1,500 of supplies are used in 2021.A customer pays Winter $4,200 on October 31, 2021, for six months of storage to begin November 1, 2021. Winter credits deferred revenue at the time of cash receipt.On December 1, 2021, $4,000 rent is paid to a local storage facility. The payment represents storage for December 2021 through March 2022, at $1,000 per month. Prepaid…
During the year ended 30 September 20X9, H recorded the following cash transactions:
(1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9.
(2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9.
What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9?
Profit Net assets
A. Decrease of $500 Increase of $500
B. Decrease of $1,000 Increase of $1,000
C. Decrease of $500 Decrease of $500
D. Increase of $1,000 Increase of $1,000
Chapter 3 Solutions
Excel Applications for Accounting Principles
Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - The trial balance of Sports Connection at June 30,...Ch. 3 - Open P2WORK4 and click the Chart sheet tab. On the...
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