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Q1 Kelly consulting Q2 Woods adjusting entries Q 3 M & D Q4 Harvest Financial statements Q5 EZ inc Answer_Answer

Q1 Kelly consulting Q2 Woods adjusting entries Q 3 M & D Q4 Harvest Financial statements Q5 EZ inc Answer_Answer

Q1 Kelly consulting Q2 Woods adjusting entries Q 3 M & D Q4 Harvest Financial statements Q5 EZ inc Answer_Answer

Q1 Kelly consulting Q2 Woods adjusting entries Q 3 M & D Q4 Harvest Financial statements Q5 EZ inc Answer_Answer

Q1 Kelly consulting Q2 Woods adjusting entries Q 3 M & D Q4 Harvest Financial statements Q5 EZ inc Answer_Answer


Q1 Kelly consulting

Use the following information to complete the income statement and the balance sheet

Harvest incorporated Harvest incorporated Harvest Incorporated
Adjusted Trial Balance Balance Sheet Income Statement
31-Dec-14 As of December 31, 2014 For the year ended December 31, 2014

Assets Revenues
Account Debit Credit $
Cash $6,700 Current Assets Expenses
Accounts Receivable 600 $ $
Supplies 1,000
Prepaid rent 900
Equipment 15,000
Accumulated depreciation 850
Notes Payable 5,000
Accounts Payable 1,510
Unearned rent revenue 500 Total current assets
Salaries & wages payable 400 Total expenses $
Interest payable 50 Property, plant and equipment Net income (loss) $
Owner’s capital 14,000 $
Owner’s drawing 600
Service revenue 14,200
Salaries & wages expense 9,400
Supplies expenses 200 Total assets $
Rent expense 1,500
Utilities expense 510
Interest expense 50
Depreciation expense 850
Rent revenue 800
$37,310 $37,310 Liabilities and Owner’s Equity

Current liabilities
$

Total current liabilities

Owner’s equity
$

Total liabilities and owner’s equity $

Q2 Woods adjusting entries

Journalize the following adjusting entries for Woods corporation as of December 31, 2014 (Assume that adjustments are made on a monthly basis)
Woods Inc.
Unadjusted Trial Balance
December 31, 2014

Account Debit Credit
Cash 18,570
Accounts Receivable 11,900
Supplies 1,820
Prepaid rent 750
Equipment 12,000
Accumulated depreciation 1100
Accounts Payable 1050
Unearned Fees 2800
Capital Stock 10000
Retained earnings 27800
Dividends 1,400
Fees earned 51450
Wages Expense 28210 q
Rent expense 2,250
Utilities expense 16040
Miscellaneous Expenses 1260
Total 94,200 94,200

A) The equipment was purchased on January 1 of this year with an expected life of 10 years. There is no salvage value. Use the straight line method
B) The amount of supplies on hand as of December 31 is $1000.00
C) Fees earned and unbilled $ 1,200
D) Additional fees earned ( collected in prior periods) $ 800.00
E)Wages incurred and not paid $ 700
F) Rent was prepaid on February 1 of this year for one year

Account Title Debit Credit
A

B

C

D

E

F

Q 3 M & D

M&D Inc
Adjusted Trial Balance 31/12/2014

Income Statement Balance Sheet
Account Debit Credit Debit Credit Debit Credit

Cash 15200
Accounts Receivable 200
Supplies 1000
Prepaid insurance 550
Equipment 5000
Accumulated depreciation 40
Notes Payable 5000
Accounts Payable 2500
Unearned Service revenue 800
Salaries & wages payable 1200
Interest payable 50
Owner’s capital 10000
Owner’s drawing 500
Service revenue 10600
Salaries & wages expense 5200
Supplies expenses 1500
Rent expense 900
Insurance expense 50
Interest expense 50
Depreciation expense 40

$30, 190 $30, 190

Complete the income statement and balance sheets columns of the worksheet.

Q4 Harvest Financial statements

Use the following information to complete the income statement and the balance sheet

Harvest incorporated Harvest incorporated
Adjusted Trial Balance Balance Sheet
31-Dec-14 As of December 31, 2014

Assets
Account Debit Credit
Cash $6,700 Current Assets
Accounts Receivable 600 $
Supplies 1,000
Prepaid rent 900
Equipment 15,000
Accumulated depreciation 850
Notes Payable 5,000
Accounts Payable 1,510
Unearned rent revenue 500 Total current assets
Salaries & wages payable 400
Interest payable 50 Property, plant and equipment
Owner’s capital 14,000 $
Owner’s drawing 600
Service revenue 14,200
Salaries & wages expense 9,400
Supplies expenses 200 Total assets $
Rent expense 1,500
Utilities expense 510
Interest expense 50
Depreciation expense 850
Rent revenue 800
$37,310 $37,310 Liabilities and Owner’s Equity

Current liabilities
$

Total current liabilities

Owner’s equity
$

Total liabilities and owner’s equity $

Q5 EZ inc

Using the information provided below to prepare closing entries at Dec 31 of 2014 and then prepare the post-closing trial balance

EZ Inc Closing entries
Income Statement EZ Inc
For the year ended December 31, 2014 Date Account Debit Credit Post-Closing Trial Balance
Revenues 31/12/2014 December 31, 2014
Service revenue $19,000
Expenses
Supplies expense $500 31/12/2014
Salaries expense 4,000
Rent expense 1,500 Account Title Debit Credit

Cash
Total expenses $6,000 Accounts receivable
Net income 13,000 Supplies
Prepaid insurance
EZ Inc Equipment
Balance Sheet Accumulated depreciation
As of December 31, 2014 31/12/2014 Notes payable
Accounts payable
Assets Interest payable
Salaries payable
Current Assets Owner’s capital
Cash $2,000 Service revenue
Accounts receivable 1,300 Supplies expense
Supplies 600 Salaries expense
Prepaid insurance 500 Rent expense

Total current assets 4,400

Property, plant and equipment
Equipment $5,000
Less: Accumulated depreciation-Equipment 500 4,500

 

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