Details of this Paper

accounting problems with all solutions-SAFIN COMPANY and others

Description

solution


Question

Question;[Problem 1];A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following.;SAFIN COMPANY;ADJUSTED TRIAL BALANCE;JANUARY 31, 2012;Debit;Credit;Supplies;$1,020;Prepaid Insurance;3,120;Salaries and Wages Payable;$920;Unearned Revenue;870;Supplies Expense;950;Insurance Expense;520;Salaries and Wages Expense;1,920;Service Revenue;2,120;Answer the following questions, assuming the year begins January 1.;(a) If the amount in Supplies Expense is the January 31 adjusting entry, and $850 of supplies was;purchased in January, what was the balance in Supplies on January 1?;Beginning balance of;supplies;$;(b) If the amount in Insurance Expense is the January 31 adjusting entry, and the original;insurance premium was for one year, what was the total premium and when was the policy;purchased?;Total;premium;$;The policy was purchased on;August 31, 2011 July 31, 2011 August 1, 2011;(c) If $2,820 of salaries and wages was paid in January, what was the balance in Salaries and;Wages Payable at December 31, 2011?;Beginning balance of salaries and wages;payable;$;(d) If $1,720 was received in January for services performed in January, what was the balance in;Unearned Service Revenue at December 31, 2011?;Beginning unearned service revenue December 31;2011;$;[Problem 2];Selected accounts of Leno Company are shown below.;Supplies;Beg. Bal.;710;10? 31;520;Salaries and Wages Expense;10?15;880;10?31;800;Unearned Service Revenue;10?31;570;10?20;760;Service Revenue;10?17;3,280;10?31;2,610;10?31;570;Accounts Receivable;10? 17;3,280;10?31;2,610;Salaries and Wages Payable;10?31;800;Supplies Expense;10?31;520;From an analysis of the T-accounts, reconstruct the October transaction entries.(Credit account;titles are automatically indented when amount is entered. Do not indent manually.);Date;Account Titles and Explanation;Debit;Credit;10/1;5;10/1;7;10/2;0;From an analysis of the T-accounts, reconstruct the adjusting journal entries that were made on;October 31, 2012.(Credit account titles are automatically indented when amount is entered.;Do not indent manually.);No.;Account Titles and Explanation;Debit;Credit;1.;(To record the use of supplies during;October);2.;(To record revenue for services performed;for which;payment has not yet been received);3.;(To record liability for accrued payroll);4.;(To record service revenue earned);[Problem 3];Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below;is the adjusted trial balance as of December 31, 2012.;FLYNN DESIGN AGENCY;ADJUSTED TRIAL BALANCE;DECEMBER 31, 2012;Debit;Credit;Cash;$11,116;Accounts Receivable;22,616;Supplies;6,116;Prepaid Insurance;3,616;Equipment;61,116;Accumulated Depreciation?Equipment;$36,116;Accounts Payable;9,116;Interest Payable;210;Notes Payable;7,000;Unearned Service Revenue;6,716;Salaries and Wages Payable;1,555;Common Stock;11,116;Retained Earnings;4,616;Service Revenue;59,616;Salaries and Wages Expense;13,416;Insurance Expense;1,105;Interest Expense;560;Depreciation Expense;9,000;Supplies Expense;3,400;Rent Expense;4,000;$136,06;1;$136,06;1;Warning;Don't show me this message again for the assignment;Ok;Cancel;(a1;Prepare an income statement for the year ending December 31, 2012.;FLYNN DESIGN AGENCY;Income Statement;For the Year Ended December 31, 2012;Dividends Expenses Net Income / (Loss);Retained Earnings, January 1 Retained Earnings;December 31 Revenues Total Expenses Total;Revenues;$;Dividends Expenses Net Income / (Loss);Retained Earnings, January 1 Retained Earnings;December 31 Revenues Total Expenses Total;Revenues;$;Dividends Expenses Net Income / (Loss);Retained Earnings, January 1 Retained Earnings;December 31 Revenues Total Expenses Total;Revenues;Dividends Expenses Net Income / (Loss);Retained Earnings, January 1 Retained Earnings;December 31 Revenues Total Expenses Total;Revenues;$;[Problem 4];Presented below are selected account balances for Alistair Co. as of December 31, 2012.;Inventory 12/31/12;$61,010;Cost of Goods Sold;$227,220;Common Stock;76,240;Selling Expenses;17,030;Retained Earnings;46,020;Administrative Expenses;39,950;Dividends;19,950;Income Tax Expense;33,720;Sales Returns and Allowances;13,700;Sales Discounts;15,500;Sales Revenue;412,730;Prepare closing entries for Alistair Co. on December 31, 2012.(Credit account titles are;automatically indented when amount is entered. Do not indent manually.);No.;Account Titles and Explanation;Debit;Credit;1.;(To close accounts with credit;balances);2.;(To close accounts with debit;balances);3.;(To close net income / (loss));4.;(To close dividends);[Problem 5];Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The;following selected events and transactions occurred during March.;Mar. 1;Invested $64,430 cash in the business in exchange for common stock.;3;Purchased Michelle Wie?s Golf Land for $39,080 cash. The price consists of land;$10,370, building $22,650, and equipment $6,060. (Make one compound entry.);5;Advertised the opening of the driving range and miniature golf course, paying;advertising expenses of $1,740.;6;Paid cash $1,550 for a one-year insurance policy.;10;Purchased golf equipment for $2,710 from Young Company, payable in 30 days.;18;Received golf fees of $1,280 in cash.;25;Declared and paid a $1,390 cash dividend.;30;Paid wages of $860.;30;Paid Young Company in full.;31;Received $860 of fees in cash.;Journalize the March transactions. (Use Service Revenue account to record fees.)(Credit account;titles are automatically indented when amount is entered. Do not indent manually.);Date;Account Titles and Explanation;Debit;Credit;Mar. 1;Mar. 3;Mar. 5;Mar. 6;Mar.;10;Mar.;18;Mar.;25;Mar.;30;Mar.;30;Mar.;31;[Problem 6];When the accounts of Constantine Inc. are examined, the adjusting data listed;below are uncovered on December 31, the end of an annual fiscal period.;1.;The prepaid insurance account shows a debit of $6,912, representing;the cost of a 2-year fire insurance policy dated August 1 of the current;year.;2.;On November 1, Rent Revenue was credited for $3,096, representing;revenue from a subrental for a 3-month period beginning on that date.;3.;Purchase of advertising supplies for $900 during the year was recorded;in the Advertising Expense account. On December 31, advertising;supplies of $350 are on hand.;4.;Interest of $770 has accrued on notes payable.;Prepare the following in general journal form.(Credit account titles are;automatically indented when amount is entered. Do not indent manually. If no;entry is required, select "No entry" for the account titles and enter 0 for the;amounts.);(a) The adjusting entry for each item.;No.;Account Titles and;Explanation;Debit;Credit;1.;2.;3.;4.;(b) The reversing entry for each item where appropriate.;No.;Account Titles and;Explanation;Debit;Credit;1.;2.;3.;4.;[Problem7];Complete the worksheet. (Solve Highlighted Debits and Credits);MADRASAH CO.;Worksheet (Partial);For the Month Ended April 30, 2012;Adjusted Trial Balance;Income Statement;Balance Sheet;Account;Titles;Dr. Cr. Dr. Cr. Dr. Cr.;Cash 29,619;Accounts Receivable 9,567;Prepaid Rent Expense 2,526;Equipment 20,697;Accum. Depreciation;?Equip;5,141;Notes Payable;8,347;Accounts Payable;7,119;Owner?s Capital;37,607;Owner?s Drawings 6,650;Service Revenue;15,237;Salaries and Wages 9,487;Expense;Rent Expense 2,760;Depreciation Expense 145;Interest Expense;329;Interest Payable;329;Totals 73,780;73,780;Net Income;Totals

 

Paper#43580 | Written in 18-Jul-2015

Price : $32
SiteLock