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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Instructions X Income Statement Balance Sheet Journal spreadsheet, a part of which follows: 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure 2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. Finders Investigative Services statement heading. Refer to the Chart of Accounts and the list of Labels and Amount to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact CNOW joumals do not use lines for joumal explanations. Every line on a joumal page used for debit or credit entries. CNOW joumals will automatically Descriptions for the exact wording of the answer choices for text entries. Enter amounts as wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet, indent a credit entry when a credit amount is entered. End-of-Period Spreadsheet positive numbers unless the amount is a calculation that results in a negative amount. For they will automatically insert where necessary. Enter all values as positive amounts. For the Year Ended June 30, 20Y3 example: Net loss should be negative. Expenses should be positive. You will not need to enter PAGE 11 colons () on the income statement. - Adjusted Trial Balance JOURNAL Finders Investigative Services ACCOUNTING FOUATION Account Title Dr. Cr. Balance Sheet DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LUABILITIES EQUITY Finders Investigative Services (Label) Closing Entries Income Statement Cash 29,500 2 1 Assets (Label) Accounts Receivable 70,200 3 2 (Label) 1 (Label) 4 Supplies 4,700 2 Prepaid Insurance 2,500 Building 438,500 4 Accumulated Depreciation-Building 42,200 5 (Label) Accounts Payable 11,700 9 8 Label) Salaries Payable 3,400 7 10 Unearned Rent 1,900 11 10 11 Stacy Tanner, Capital 372,600 11 10 13 Stacy Tanner, Drawing 12,000 12 11 14 Service Fees 723,600 13 Liabilities 12 14 (Label) Rent Revenue 12,000 13 15 Statement of Owner's Equity Salaries Expense 524,300 14 16 1. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were made Rent Expense 48.000 15 17 during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions Supplies Expense 10,800 for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or 18 Depreciation Expense-Building 7,500 Owner's Equity negative numbers use a minus sign. 19 Final Question Utilities Expense 7.200 Repairs Expense 2,900 21 Finders Investigative Services 3. If Stacy Tanner, Capital has instead decreased $30,000 affer the closing entries Statement of Owner's Equity Insurance Expense 2,800 were posted, and the withdrawals remained the same, what would have been the (Label) Miscellaneous Expense 6.500 amount of net income or net loss? Enter a net loss as a negative amount using a 1 - 1,187,400 1,187,400 minus sign. 2
Transcribed Image Text:Instructions X Income Statement Balance Sheet Journal spreadsheet, a part of which follows: 1. Prepare an income statement for the year ended June 30, 20Y3. Be sure to complete the 1. Prepare a balance sheet as of June 30, 20Y3. Fixed assets must be entered in order according to account number. Be sure 2. Based upon the end-of-period spreadsheet, joumalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles. Finders Investigative Services statement heading. Refer to the Chart of Accounts and the list of Labels and Amount to complete the statement heading. Refer to the Chart of Accounts and the list of Labels and Amount Descriptions for the exact CNOW joumals do not use lines for joumal explanations. Every line on a joumal page used for debit or credit entries. CNOW joumals will automatically Descriptions for the exact wording of the answer choices for text entries. Enter amounts as wording of the answer choices for text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet, indent a credit entry when a credit amount is entered. End-of-Period Spreadsheet positive numbers unless the amount is a calculation that results in a negative amount. For they will automatically insert where necessary. Enter all values as positive amounts. For the Year Ended June 30, 20Y3 example: Net loss should be negative. Expenses should be positive. You will not need to enter PAGE 11 colons () on the income statement. - Adjusted Trial Balance JOURNAL Finders Investigative Services ACCOUNTING FOUATION Account Title Dr. Cr. Balance Sheet DATE DESCRIPTION POST, REF. DEBIT CREDIT ASSETS LUABILITIES EQUITY Finders Investigative Services (Label) Closing Entries Income Statement Cash 29,500 2 1 Assets (Label) Accounts Receivable 70,200 3 2 (Label) 1 (Label) 4 Supplies 4,700 2 Prepaid Insurance 2,500 Building 438,500 4 Accumulated Depreciation-Building 42,200 5 (Label) Accounts Payable 11,700 9 8 Label) Salaries Payable 3,400 7 10 Unearned Rent 1,900 11 10 11 Stacy Tanner, Capital 372,600 11 10 13 Stacy Tanner, Drawing 12,000 12 11 14 Service Fees 723,600 13 Liabilities 12 14 (Label) Rent Revenue 12,000 13 15 Statement of Owner's Equity Salaries Expense 524,300 14 16 1. Prepare a statement of owner's equity for the year ended June 30, 20Y3. No additional investments were made Rent Expense 48.000 15 17 during the year. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions Supplies Expense 10,800 for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or 18 Depreciation Expense-Building 7,500 Owner's Equity negative numbers use a minus sign. 19 Final Question Utilities Expense 7.200 Repairs Expense 2,900 21 Finders Investigative Services 3. If Stacy Tanner, Capital has instead decreased $30,000 affer the closing entries Statement of Owner's Equity Insurance Expense 2,800 were posted, and the withdrawals remained the same, what would have been the (Label) Miscellaneous Expense 6.500 amount of net income or net loss? Enter a net loss as a negative amount using a 1 - 1,187,400 1,187,400 minus sign. 2
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