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P4. Hertz Limo Service was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance follows. Hertz Limo Service Trial Balance June 30, 2014 Cash (111) Prepaid Rent (117) 9,812 Accounts Receivable (113) 14,227 12,000 Prepaid Insurance (118) 4,900 Prepaid Maintenance (119) 12,000 Spare Parts (140) 11,310 Limousines (148) 200,000 Accumulated Depreciation-Limousines (149) 25,000 Notes Payable (211) 45,000 Unearned Passenger Service Revenue (212) 30,000 A. Phylum, Capital (311) 78,211 A. Phylum, Withdrawals (313) 20,000 Passenger Service Revenue (411) 428,498 Gas and Oil Expense (510) 89,300 Salaries Expense (511) Advertising Expense (513) 206,360 26,800 606,709 606,709 The following information is also available: a. To obtain space at the airport, Hertz paid two years' rent in advance when it began the business. b. An examination of insurance policies reveals that $2,800 expired during the year. c. To provide regular maintenance for the vehicles, Hertz deposited $12,000 with a local garage. An examination of maintenance invoices reveals charges of $10,944 against the deposit. d. An inventory of spare parts shows $1,902 on hand. e. Hertz depreciates all of its limousines at the rate of 12.5 percent per year. No limou- sines were purchased during the year. (Round answer to the nearest dollar.) f. A payment of $1,500 for one full year's interest on notes payable is now due. g. Unearned Passenger Service Revenue on June 30 includes $17,815 for tickets that employers purchased for use by their executives but which have not yet been redeemed.

P4. Hertz Limo Service was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance follows. Hertz Limo Service Trial Balance June 30, 2014 Cash (111) Prepaid Rent (117) 9,812 Accounts Receivable (113) 14,227 12,000 Prepaid Insurance (118) 4,900 Prepaid Maintenance (119) 12,000 Spare Parts (140) 11,310 Limousines (148) 200,000 Accumulated Depreciation-Limousines (149) 25,000 Notes Payable (211) 45,000 Unearned Passenger Service Revenue (212) 30,000 A. Phylum, Capital (311) 78,211 A. Phylum, Withdrawals (313) 20,000 Passenger Service Revenue (411) 428,498 Gas and Oil Expense (510) 89,300 Salaries Expense (511) Advertising Expense (513) 206,360 26,800 606,709 606,709 The following information is also available: a. To obtain space at the airport, Hertz paid two years' rent in advance when it began the business. b. An examination of insurance policies reveals that $2,800 expired during the year. c. To provide regular maintenance for the vehicles, Hertz deposited $12,000 with a local garage. An examination of maintenance invoices reveals charges of $10,944 against the deposit. d. An inventory of spare parts shows $1,902 on hand. e. Hertz depreciates all of its limousines at the rate of 12.5 percent per year. No limou- sines were purchased during the year. (Round answer to the nearest dollar.) f. A payment of $1,500 for one full year's interest on notes payable is now due. g. Unearned Passenger Service Revenue on June 30 includes $17,815 for tickets that employers purchased for use by their executives but which have not yet been redeemed.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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Please make a trial balance, adjusted trial balance, Income statement. end balance ,owners equity statement, Balance sheet , Cash flow statement ,Cash end balance

P4. Hertz Limo Service was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance follows. Hertz Limo Service Trial Balance June 30, 2014 Cash (111) Prepaid Rent (117) 9,812 Accounts Receivable (113) 14,227 12,000 Prepaid Insurance (118) 4,900 Prepaid Maintenance (119) 12,000 Spare Parts (140) 11,310 Limousines (148) 200,000 Accumulated Depreciation-Limousines (149) 25,000 Notes Payable (211) 45,000 Unearned Passenger Service Revenue (212) 30,000 A. Phylum, Capital (311) 78,211 A. Phylum, Withdrawals (313) 20,000 Passenger Service Revenue (411) 428,498 Gas and Oil Expense (510) 89,300 Salaries Expense (511) Advertising Expense (513) 206,360 26,800 606,709 606,709 The following information is also available: a. To obtain space at the airport, Hertz paid two years' rent in advance when it began the business. b. An examination of insurance policies reveals that $2,800 expired during the year. c. To provide regular maintenance for the vehicles, Hertz deposited $12,000 with a local garage. An examination of maintenance invoices reveals charges of $10,944 against the deposit. d. An inventory of spare parts shows $1,902 on hand. e. Hertz depreciates all of its limousines at the rate of 12.5 percent per year. No limou- sines were purchased during the year. (Round answer to the nearest dollar.) f. A payment of $1,500 for one full year's interest on notes payable is now due. g. Unearned Passenger Service Revenue on June 30 includes $17,815 for tickets that employers purchased for use by their executives but which have not yet been redeemed.
Transcribed Image Text:P4. Hertz Limo Service was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance follows. Hertz Limo Service Trial Balance June 30, 2014 Cash (111) Prepaid Rent (117) 9,812 Accounts Receivable (113) 14,227 12,000 Prepaid Insurance (118) 4,900 Prepaid Maintenance (119) 12,000 Spare Parts (140) 11,310 Limousines (148) 200,000 Accumulated Depreciation-Limousines (149) 25,000 Notes Payable (211) 45,000 Unearned Passenger Service Revenue (212) 30,000 A. Phylum, Capital (311) 78,211 A. Phylum, Withdrawals (313) 20,000 Passenger Service Revenue (411) 428,498 Gas and Oil Expense (510) 89,300 Salaries Expense (511) Advertising Expense (513) 206,360 26,800 606,709 606,709 The following information is also available: a. To obtain space at the airport, Hertz paid two years' rent in advance when it began the business. b. An examination of insurance policies reveals that $2,800 expired during the year. c. To provide regular maintenance for the vehicles, Hertz deposited $12,000 with a local garage. An examination of maintenance invoices reveals charges of $10,944 against the deposit. d. An inventory of spare parts shows $1,902 on hand. e. Hertz depreciates all of its limousines at the rate of 12.5 percent per year. No limou- sines were purchased during the year. (Round answer to the nearest dollar.) f. A payment of $1,500 for one full year's interest on notes payable is now due. g. Unearned Passenger Service Revenue on June 30 includes $17,815 for tickets that employers purchased for use by their executives but which have not yet been redeemed.
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