Module 6 Assignment (1)

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Sistema Universitario Ana G. Méndez *

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202

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Accounting

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Feb 20, 2024

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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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