Rolling Hills Golf Course obtains revenue from Green Fees and also from a contract with a concessionaire who sells refreshments on the premises. The following is an adjusted trial balance at December 31, 2020 Rolling Hills Golf Course Adjusted Trial Balance December 31, 2020 Accumulated Depreciation - Equipment 12,000 Advertising Expense 5,800 Cash 9,100 Concession Revenue 5,000 Depreciation Expense – Equipment 4,000 Equipment 48,000 Howard Catts - Capital268,000 Howard Catts - Withdrawals 15,000 Insurance Expense 700 Interest Expense 400 Interest Payable 400 Land375,000 Mortgage Payable 60,000 Prepaid Advertising 700 Repairs and Maintenance 17,500 Revenue from Green fees224,500 Salaries Expense 85,500 Salaries Payable 1,100 Unexpired Insurance 1,400 Unearned Concession Revenue 2,500 Water Expense 10,400 . 573,500 573,500 Additional Information: Mortgage Payable is due in 5 years and is Payable at $5,000 principal per year. REQUIRED: 8a)Prepare Closing Entries at December 31, 2020. 15 b)Prepare a Classified Balance Sheet in good form. You are not required to prepare any other financial statements, but you must clearly show your calculation for the amount reported in the equity section of the balance sheet. 3c)Calc
Rolling Hills Golf Course obtains revenue from Green Fees and also from a contract with a concessionaire who sells refreshments on the premises. The following is an adjusted
Rolling Hills Golf Course
Adjusted Trial Balance
December 31, 2020
Advertising Expense 5,800
Cash 9,100
Concession Revenue 5,000
Depreciation Expense – Equipment 4,000
Equipment 48,000
Howard Catts - Capital268,000
Howard Catts - Withdrawals 15,000
Insurance Expense 700
Interest Expense 400
Interest Payable 400
Land375,000
Mortgage Payable 60,000
Prepaid Advertising 700
Repairs and Maintenance 17,500
Revenue from Green fees224,500
Salaries Expense 85,500
Salaries Payable 1,100
Unexpired Insurance 1,400
Unearned Concession Revenue 2,500
Water Expense 10,400 .
573,500 573,500
Additional Information: Mortgage Payable is due in 5 years and is Payable at $5,000 principal per year.
REQUIRED:
8a)Prepare Closing Entries at December 31, 2020.
3c)Calculate a Current Ration for the company and briefly describe how it is used.
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