acct220 homework 3 latest 2017

Question

acct220 homework 3 latest 2017

Question # 00496162 Posted By: rey_writer Updated on: 03/06/2017 06:46 AM Due on: 03/06/2017

Subject Accounting Topic Accounting Tutorials:

Question

Homework 3

Question 1 The following is the Bravo Unlimited unadjusted Trail Balance.

Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	6,255
Prepaid Rent	11,000
Equipment	295,285
Accumulated Depreciation		$224,260
Accounts Payable		72,555
Wages Payable		0
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		893,105
Interest Income		1,500
Rent Expense	60,500
Wages Expense	527,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	144,000
Interest Expense	6,840	_______
Totals	$1,522,565	$1,522,565

Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017 rents.

2. December depreciation on equipment is $11,000 per month.

3. At year end Wages of $10,000 were earned but unpaid.

Use this information to determine the adjusted account balances for the following:

1. Cash

2. Prepaid Rent

3. Equipment

4. Accumulated Depreciation

5. Wages Payable

6. Rent Expense

7. Wages Expense

8. Depreciation Expense

Question 2 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	15,255
Prepaid Rent	9,000
Equipment	295,285
Accumulated Depreciation		$235,760
Accounts Payable		73,555
Wages Payable		12,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		902,105
Interest Income		1,500
Rent Expense	63,500
Wages Expense	539,260
Supplies Expense	42,520
Utilities Expense	8,595
Depreciation Expense	155,500
Interest Expense	6,840	_________
Totals	$1,556,065	$1,556,065

Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 3 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	333,700
Supplies	15,255
Prepaid Rent	9,000
Equipment	295,285
Accumulated Depreciation		$235,760
Accounts Payable		73,555
Wages Payable		12,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		902,105
Interest Income		1,500
Rent Expense	63,500
Wages Expense	539,260
Supplies Expense	42,520
Depreciation Expense	164,095
Dividends	5,000	_________
Totals	$1,556,065	$1,556,065

Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 4 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	333,700
Supplies	15,255
Prepaid Rent	9,000
Equipment	295,285
Accumulated Depreciation		$235,760
Accounts Payable		73,555
Wages Payable		12,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		902,105
Interest Income		1,500
Rent Expense	63,500
Wages Expense	539,260
Supplies Expense	42,520
Depreciation Expense	164,095
Dividends	5,000	_________
Totals	$1,556,065	$1,556,065

Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 5 The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	333,700
Supplies	15,255
Prepaid Rent	9,000
Equipment	295,285
Accumulated Depreciation		$235,760
Accounts Payable		73,555
Wages Payable		12,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		902,105
Interest Income		1,500
Rent Expense	63,500
Wages Expense	539,260
Supplies Expense	42,520
Depreciation Expense	164,095
Dividends	5,000	_________
Totals	$1,556,065	$1,556,065

Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."

Question 6 The following is the Alpha Dog Company adjusted Trail Balance.

Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	157,700
Supplies	35,255
Stock Investment	158,250
Equipment	295,285
Accumulated Depreciation		$235,260
Accounts Payable		47,555
Wages Payable		30,000
Capital Stock		200,000
Retained Earnings		136,145
Service Revenue		897,105
Interest Income		1,500
Rent Expense	63,250
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	163,595
Dividends	6,000	________
Totals	$1,547,565	$1,547,565

What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)

1. Total Current Assets

2. Total Long Term Investments

3. Total Assets

4. Total Liabilities

5. Total Equity

Question 7 The following is the Devil Dog Company adjusted Trail Balance.

The following is the Devil Dog Company adjusted Trail Balance.

Devil Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	157,700
Supplies	35,255
Stock Investment	158,250
Equipment	295,285
Accumulated Depreciation		$235,260
Accounts Payable		47,555
Wages Payable		30,000
Capital Stock		200,000
Retained Earnings		136,145
Service Revenue		897,105
Interest Income		1,500
Rent Expense	63,250
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	163,595
Dividends	6,000	________
Totals	$1,547,565	$1,547,565

What are Devil Dog Company's ratios for the following: (Round all non dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)

1. Current Ratio

2. Quick Ratio

3. Working Capital

Rating:

4.9/5

Tutorials for this Question

Recent Feedback

Rated By	Feedback	Comments	Rated On
J...ier		Affordable service	12/12/2018

Get the Solution

Great! We have found the solution of this question!

score 3 · Accepted Answer · 03/06/2017 06:47 AM

Solution: acct220 homework 3 latest 2017

Tutorial # 00492698 Posted By: rey_writer Posted on: 03/06/2017 06:47 AM

Puchased By: 3

Tutorial Preview

The solution of acct220 homework 3 latest 2017...

Get the Solution

Attachments

homework_3_answer.docx (45.06 KB)

acct220 homework 3 latest 2017

Solution: acct220 homework 3 latest 2017

Related Questions and Answers

Whatsapp our consultant to discuss your concerns happy to help :)

Lisa