Rapisarda Company Unadjusted Trial Balance December 31, 2019 Account Debit Credit $ 2,000 33,000 26,000 211,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation (Equipment) Other Assets Accounts Payable Note Payable (due in 10 years) $ 75,000 24,000 12,000 40,000 100,000 11,000 243,000 Common Stock Retained Earnings, 12/31/2018 Service Revenue Rent Expense Wages Expense Interest Expense 84,000 97,000 4,000 $481,000 Totals $481,000
Rapisarda Company Unadjusted Trial Balance December 31, 2019 Account Debit Credit $ 2,000 33,000 26,000 211,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation (Equipment) Other Assets Accounts Payable Note Payable (due in 10 years) $ 75,000 24,000 12,000 40,000 100,000 11,000 243,000 Common Stock Retained Earnings, 12/31/2018 Service Revenue Rent Expense Wages Expense Interest Expense 84,000 97,000 4,000 $481,000 Totals $481,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Question
| Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows: The following data are not yet recorded: a. b. Unrecorded wages owed at December 31, 2019: $4,680. c. Prepaid rent at December 31, 2019: $9,240. d. Income taxes expense: $5,463. Required: Prepare a completed worksheet for Rapisarda Company. |
Transcribed Image Text:Rapisarda Company
Unadjusted Trial Balance
December 31, 2019
Account
Debit
Credit
$ 2,000
33,000
26,000
211,000
Cash
Accounts Receivable
Prepaid Rent
Equipment
Accumulated Depreciation (Equipment)
Other Assets
Accounts Payable
Note Payable (due in 10 years)
$ 75,000
24,000
12,000
40,000
100,000
11,000
243,000
Common Stock
Retained Earnings, 12/31/2018
Service Revenue
Rent Expense
Wages Expense
Interest Expense
84,000
97,000
4,000
$481,000
Totals
$481,000
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