Module 6 Assignment (1)
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AGM University
ACCO 201-0 Intermediate Accounting I
Instrruction
Instructor: José R. Alvarez Carrasquel
a. Prepare b. Prepare Module 6 Assignment
c. Prepare Exercise 1
(30 Points)
Harbor Realty
Trial Balance 07-31-2016
Accounts Debit
Credit
Cash
$ 3,425.00 Accounts receivable/ Cuentas por Cobrar
8,000.00 Supplies/ Suministros
380.00 Prepaid insurance/ Seguro Prepagado
305.00 Office equipment/ Equipamiento de Oficina
51,650.00 $ 14,650.00 Accounts payable/ Cuentas a pagar
925.00 Unearned revenues / Ingresos no devengados
750.00 Wages payable / Salarios aPagar
440.00 Owner's equity /Patrimonio Neto del Propietario
29,000.00 Owner's drawing
5,200.00 Fees earned/ Honorarios devengados
60,625.00 Wages expenses / Gastos Salariales
22,855.00 4,950.00 Rent expense / Gastos de Alquiler
4,200.00 Utilities expense/ Gastos de Servicios publicos
2,715.00 Supplies expense / Gastos de Suministros
890.00 Insurance expense / Gastos de seguro
315.00 Miscellaneous expense/ Gastos varios
1,505.00 Total
$ 106,390.00 $ 106,390.00 At July 31, 2016, the end of the fiscal year, the Trial Balance was prepared/ Balance de Comprobacion
Accumulated depreciation - Office equipment/ Depreciacion acumulada-Material de Oficina
Depreciation expense - Office equipment/ Gastos de depreciacion-equipo de oficina
ns single step income statement/ Estado de Resultado de un Solo paso
multiple step income statement / Estado de resultado de varios pasos
balance sheet / un Balance General
Harbor Realty
Trial Balance 07-31-2016
sales
AGM University
ACCO 201-0 Intermediate Accounting I
Instructor: José R. Alvarez Carrasquel
Module 6 Assignment
At July 31, 2016, the end of the fiscal year, the Trial Balance was prepared
Exercise 2
(30 Points)
ABC Company
Trial Balance 07-31-2016
Accounts Debit
Credit
Cash
$ 10,800.00 Accounts receivable/ Cuentas por cobrar
43,900.00 Supplies/ suministros
550.00 Prepaid insurance/ Seguro prepagado
1,050.00 Land/ tierra
98,000.00 Building/ edificio
400,000.00 $ 217,300.00 Equipment /Equipo
101,000.00 $ 89,900.00 Accounts payable/ Cuentas a pagar
15,700.00 Unearned revenues / Ingresos no Devengados
1,200.00 Wages and salaries payable / Sueldos y salarios a pagar
4,100.00 Owner's equity/ Patrimonio neto del propietario
212,100.00 Owner's drawing / giro o retiro de propietario
10,000.00 Fees earned / Honorarios devengados
430,900.00 Wages and salaries expenses / Gastos de sueldos y salarios
223,500.00 Advertising expense / gastos de publicidad
30,700.00 Depreciation expense - Building / Gastos de depreciacion- Edificio
12,000.00 Depreciation expense - Equipment / Gastos de Depreciacion- Equipo 4,800.00 Utilities expense / Gastos de servicios publicos
16,400.00 Repairs expense / Gastos de reparacion
8,850.00 Supplies expense / Gastos de suministros
2,180.00 Insurance expense / Gastos de Seguro
3,150.00 Miscellaneous expense / Gastos varios 4,320.00 Total
$ 971,200.00 $ 971,200.00 Instrructions
a. Prepare single step income statement
b. Prepare multiple step income statement
Accumulated depreciation - Building / Depreciacion acumulada-
Edificio
Accumulated depreciation - Equipment/ Depreciacion acumulada-
Equipos
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c. Prepare balance sheet
Instrructions a. Prepare single step income statement/ Estado de Resultado de un Solo paso
b. Prepare multiple step income statement / Estado de resultado de varios pasos
c. Prepare balance sheet / un Balance General
ABC Company
Balance Sheet 07-31-2016
Current assets / pasivo circulante
Cash / efectivo
$ 10,800.00 Accounts receivable / cuentas por cobrar
43,900.00 Supplies/ suministros
550.00 Total Current assets
$ 55,250.00 Land/ tierra
98,000.00 Building/ edificio
400,000.00 $ 217,300.00 182,700.00 Equipment /Equipo
101,000.00 $ 89,900.00 11,100.00 total fixed assets / total activo fijos
291,800.00 Prepaid insurance/ Seguro prepagado
1,050.00 total deferred assets/ Total activos diferidos
total assets/Total Activos
$ 348,100.00 Accumulated depreciation - Building / Depreciacion acumulada-Edificio
Accumulated depreciation - Equipment/ Depreciacion acumulada-Equipos
ABC Company
Balance Sheet 07-31-2016
Current assets / pasivo circulante
Accounts payable / cuentas a pagar
15,700.00 Salaries payable / salarios a pagar
4,100.00 Total Current assets
19,800.00 Unearned revenues / Ingresos no Devengados
1,200.00 Total liabilities / Total pasivos
21,000.00 PATRIMONIO
Owner's equity/ Patrimonio neto del propietario
212,100.00 Owner's drawing / giro o retiro de propietario
10,000.00 Total Equilty
202,100.00 223,100.00 Total deferred liabilities/ Total pasivos diferidos
Total liabilities + Equilty / Total Pasivos + Patrimonio
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AGM University
ACCO 201-0 Intermediate Accounting I
Instrructions Instructor: José R. Alvarez Carrasquel
a. Prepare single
b. Prepare multi
Module 6 Assignment
Exercise 3
(20 Points)
At July 31, 2016, the end of the fiscal year, the Trial Balance was prepared
Miami Company
Trial Balance 07-31-2016
Accounts Debit
Credit
Cash
$ 162,500.00 Accounts receivable
304,500.00 Supplies
5,000.00 Prepaid insurance
Land
1,400,000.00 Building
850,000.00 Accumulated depreciation - Building
$ 72,000.00 Equipment
Accumulated depreciation - Equipment
Accounts payable
36,500.00 Unearned revenues
Payroll payable
18,500.00 Owner's equity
1,960,000.00 Owner's drawing
30,000.00 Services revenue
1,675,000.00 Payroll expenses
950,000.00 Depreciation expense - Building
12,800.00 Repairs expense
15,000.00 Supplies expense
32,200.00 Total
$ 3,762,000.00 $ 3,762,000.00 $ - Instrructions
a. Prepare single step income statement
b. Prepare multiple step income statement
e step income statement/ Estado de Resultado de un Solo paso
tiple step income statement / Estado de resultado de varios pasos
AGM University
ACCO 201-0 Intermediate Accounting I
Instructor: José R. Alvarez Carrasquel
Module 6 Assignment
Exercise 3. Define the following terms:
(20 points)
1. Raw Material Inventory
2. Work in Process Inventory
3. Finished Goods Inventory.
4. Allowance for doubtful accounts
5. Perpetual System Inventory
6. Periodic System Inventory
7. Cost of Goods Sold 8. FOB shipping point
9. FOB destination.
10. Sales return and allowances.
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Balance Sheet
Trial Balance
Debit
40,000
50,000
30,000
10,000
20,000
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Debit
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Cash on Hand
Cash in Bank
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30,000
10,000
20,000
15,000
Accounts Receivable
Note Receivable
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Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 133 a-b
On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
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Cash receipts journal
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Exercise 7-05 a-d (Part Level Submission)
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What is the January 1 balance in the Valdez Company subsidiary account?
Balance in the Valdez Company subsidiary account $
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Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
Help | System Announcements
Exercise 133 a-b
CALCULATOR
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On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
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Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31.
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