Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4.35BPGB
Preparing financial statements including a classified balance sheet in report form, preparing and posting closing entries, and preparing a post-closing
Learning Objectives 1, 3, 4
- Net Loss $(6.600)
The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows:
Requirements
- Prepare the company’s income statement for the year ended June 30, 2018.
- Prepare the company’s statement of owner's equity for the year ended June 30, 2018. Assume that there were no contributions made by the owner during the year.
- Prepare the company's classified balance sheet in report form at June 30, 2018.
- Journalize the closing entries.
- Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts.
- Prepare the company's post-closing trial balance at June 30, 2018.
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Assume Zap Industries reported the following adjusted account balances at year-end.
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You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders.
Trial Balance for Comvita Year Ended March 31, 2019
All figures are in ‘000
Account Name
Debt
Account Name
Credit
Accounting Fee
9000
Accounts payable
63600
Accounts receivable
286650
Accumulated Depreciation – Motor Vehicle
30000
Advertising
6000
Accumulated Depreciation – Office Equipment
6000
Bad Debts
1500
Mortgage-non current
282600
Bank
60240
Discount Received
31200
Bank Fees
300
Allowance for Doubtful Debts
2865
Freight Out
36000
Retained earnings
1365000
Cost of goods sold
630000
Sales
1218300…
Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file Use the following accounts as appropriate:
Cash. Land. Notes Payable. Depreciation Expense. Accounts Receivable. Accumulated Depreciation. Common Stock. Salaries Expense. Supplies. Accounts Payable. Retained Earnings. Supplies Expense. Prepaid Insurance. Deferred Revenue. Dividends. Rent Expense. Equipment. Salaries Payable. Service Revenue. Insurance Expense
1-Dec: Issue common stock in exchange for cash of $6,000.
1-Dec: Paid the premium in advance on a one-year insurance policy, $480.
1-Dec: Purchased Equipment for $3,600 cash.
5-Dec: Purchased office supplies from XYZ Company on account, $400.
15-Dec: Provided services to customers for $5,400 cash.
16-Dec: Provided services to customer ABC Inc. on account, $2,500.
17-Dec: Received $800 cash in advance from a customer for services to be provided in January.
22-Dec: Paid $220 to XYZ company for the Dec 5 purchase on…
Chapter 4 Solutions
Horngren's Accounting (12th Edition)
Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed?...Ch. 4 - What do closing entries accomplish? Learning...Ch. 4 - Which of the following is not a closing entry?...Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - 8. Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of $600,...Ch. 4 - Which of the following statements concerning...
Ch. 4 - What document are financial statements prepared...Ch. 4 - What does the income statement report?Ch. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Why are financial statements prepared in a...Ch. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 8RQCh. 4 - Prob. 9RQCh. 4 - How could a worksheet help in preparing financial...Ch. 4 - If a business had a net loss for the year, where...Ch. 4 - Prob. 12RQCh. 4 - What are temporary accounts? Are temporary...Ch. 4 - What are permanent accounts? Are permanent...Ch. 4 - How is the Income Summary account used? Is it a...Ch. 4 - Prob. 16RQCh. 4 - If a business had a net loss for the year, what...Ch. 4 - What types of accounts are listed on the...Ch. 4 - Prob. 19RQCh. 4 - What is the current ratio, and how is it...Ch. 4 - Prob. 21ARQCh. 4 - Preparing an income statement Learning Objective 1Ch. 4 - Preparing a statement of owner’s equity. Learning...Ch. 4 - Preparing a balance sheet (unclassified, account...Ch. 4 - Preparing a balance sheet (classified, report...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Prob. S4.6SECh. 4 - Prob. S4.7SECh. 4 - Determine net loss using a worksheet Learning...Ch. 4 - Identifying temporary and permanent accounts...Ch. 4 - Prob. S4.10SECh. 4 - Posting closing entries directly to Taccounts...Ch. 4 - S412 Identifying accounts included on a...Ch. 4 - Identifying steps in the accounting cycle Learning...Ch. 4 - Calculating the current ratio Learning Objective 6...Ch. 4 - Journalizing reversing entries Learning Objective...Ch. 4 - E416 Preparing the financial statements The...Ch. 4 - Classifying balance sheet accounts Learning...Ch. 4 - Preparing a classified balance sheet and...Ch. 4 - Preparing a worksheet Learning Objective 2: Title...Ch. 4 - Preparing financial statements from the completed...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing closing entries from T-accounts Learning...Ch. 4 - Determining the effects of closing entries on the...Ch. 4 - Preparing a worksheet and closing entries Learning...Ch. 4 - Preparing closing entries from an adjusted trial...Ch. 4 - Preparing a worksheet, closing entries, and a...Ch. 4 - Journalizing reversing entries. Learning Objective...Ch. 4 - Journalizing reversing entries Leaning Objectives...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet, financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing financial statements including a...Ch. 4 - Preparing a worksheet financial statements, and...Ch. 4 - Completing the accounting cycle from adjusting...Ch. 4 - Completing the accounting cycle from journal...Ch. 4 - Preparing adjusting entries and reversing entries...Ch. 4 - Using Excel to prepare financial statements,...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - Completing the accounting cycle from adjusted...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - COMPREHENSIVE PROBLEMS Comprehensive Problem 1 for...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 —4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Comprehensive Problem 2 for Chapters 1 4 This...Ch. 4 - Prob. 4.1TIATCCh. 4 - Prob. 4.1EICh. 4 - Prob. 4.1FSC
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