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No extensions possible. I tried and its not ba...

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Question

No extensions possible. I tried and its not balancing, please help.. If you can send it to me in excel that would be great. PROBLEM A Below is the Trial Balance for Clay Employment Services, year ending December 31, 2011. Previous period?s information were as follows: net receivables, $290,000 and inventory, $82,000. Total revenues were $350,000 for 2010, 360,000 for 2009, and 295,000 for 2008. Requirements: 1) Prepare the income statement, statement of retained earnings, and balance sheet. 2) Calculate the following ratios: current ratio, quick ratio, debt ratio, accounts receivable turnover, and inventory turnover. Briefly explain your answers. 3) Calculate the vertical analysis for total current assets. 4) Calculate the horizontal analysis on total revenues from 2008 thru 2011. Cash 198,000 Accounts receivable 300,000 Inventories 78,000 Prepaid insurance expense 4,000 Supplies 2,000 Furnitures 100,000 Accumulated depreciation, furnitures 60,000 Building 250,000 Accumulated depreciation, building 140,000 Accounts payable 310,000 Salaries payable 5,000 Unearned service revenue 13,000 Notes payable ($12,000 due in the current year) 40,000 Mortgage payable (1/3 is due in the current year) 30,000 Retained earnings 293,000 Dividends 65000 Service revenue 300,000 Professional fees revenue 30,000 Salary expense 170,000 Supplies expense 4,000 Depreciation expense, furnitures 20,000Depreciation expense, building 11,000 Rent expense 9,000 Interest expense 7,000 Utilities expense 3,000 (Please check and let me know) Income Statement Revenue Service Revenue $300,000.00 Unearned Service Revenue $13,000.00 Professional Fee revenue $30,000.00 Total Revenue $343,000.00 Expenses Prepaid Insurance $4,000.00 Expense $170,000.00 Supplies Expense $4,000.00 Rent $9,000.00 Interest $7,000.00 Utilities $3,000.00 Depreciation Expense Furniture $20,000.00 Depreciation Expense Building $11,000.00 Total Expense $228,000.00 Net Income 115,000 Statement of Retained Earning Retained Earnings 293,000 Net Income 115,000 Less Dividends -65000 Owner equity (Total retained earnings) 343,000 Balance Statement Assets Cash 198000 Account Receivable 300,000 Prepaid 4000 Inventories 78,000 Supplies 2000 Total Current Assets 582000 Fixed Assets Building 250,000 Furnitures 100,000 Depreciation Furnitures -60,000 Totalof Fixed Assetes 290,000 Total Assets 872,000 Liabilities Current Account Payable 310,000 Salaries Payable 5000 Note Payable 12,000 Mortgage Payable 10,000 Current Total Liabilities 337,000 Long term Liabilities Notes Payable 40,000 Mortgage Payable 30,000 Total Long Term 70,000 Owner's Equity 343,000 Total Liabilities & Owner's equity 750,000 "

 

Paper#3509 | Written in 18-Jul-2015

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