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Chap 9 Comp Ex1 Solutions

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Chap 9 Comp Ex1 Solutions Powered By Docstoc
					PART A                                                      1
                                                                  Adjustments                Income Statement                Balance Sheet
Accounts                            Debit          Credit         Debit         Credit          Debit       Credit            Debit         Credit
Bank                         $ 2,000.00                                                                                   2,000.00
Accounts Receivable            15,317.20                                                                                 15,317.20
Supplies & Materials           23,795.16                         509.60     16,291.20                                     8,013.56
Prepaid Insurance               4,200.00                                     2,875.00                                     1,325.00
Land                           75,000.00                                                                                 75,000.00
Buildings                     105,000.00                                                                                105,000.00
Acc. Dep'n - Buildings                          7,500.00                     2,500.00                                                   10,000.00
Equipment                       95,700.00                                                                                95,700.00
Acc. Dep'n - Equipment                         22,710.00                     7,570.00                                                   30,280.00
Automotive Equt.                75,325.00                                                                                75,325.00
Acc. Dep'n - Auto. Equt.                       30,000.00                    10,000.00                                                   40,000.00
Accounts Payable                                9,216.42                     1,490.80                                                   10,707.22
HST Payable                                     1,280.00                                                                                 1,280.00
HST Recoverable                   750.00                                                                                    750.00
Bank Loan                                    100,000.00                                                                                100,000.00
Mortgage Payable                             110,000.00                                                                                110,000.00
C. Viera, Capital                             61,148.91                                                                                 61,148.91
C. Viera, Drawings              50,000.00                                                                                50,000.00
Revenue - Advertising                        218,946.00                                                  218,946.00
Revenue - Circulation                         91,315.00                                                   91,315.00
Bank Interest & Charges         12,150.00                                                  12,150.00
Bldg. Maint. Expense             3,220.00                                                   3,220.00
Car Expense                      4,960.50                        200.00                     5,160.50
Misc. Expense                    5,940.13                         35.00                     5,975.13
Mortgage Interest Exp.           5,500.00                                                   5,500.00
Postage Expense                  1,240.00                                                   1,240.00
Office Salaries Expense         34,319.15                                                  34,319.15
Sales Promotion Expense          2,750.00                                                   2,750.00
Telephone Expense                2,946.00                                                   2,946.00
Truck Expense                   26,334.19                        746.20                    27,080.39
Utilities Expense               11,350.00                                                  11,350.00
Wages Expense                   94,319.00                                                  94,319.00
                             $ 652,116.33   $ 652,116.33
Supplies Expense                                              16,291.20                     16,291.20
Insurance Expense                                              2,875.00                      2,875.00
Dep'n Expense - Bldg                                           2,500.00                      2,500.00
Dep'n Expense - Equt                                           7,570.00                      7,570.00
Dep'n Expense - Auto Equt.                                    10,000.00                     10,000.00
                                                            $ 40,727.00   $ 40,727.00      245,246.37    310,261.00     428,430.76      363,416.13
                                                                                            65,014.63                                    65,014.63
                                                                                         $ 310,261.00   $ 310,261.00   $ 428,430.76   $ 428,430.76



                                                                                                                                               -
                             Oakville Journal
                            Income Statement
                       For Year Ended Dec. 31, 2008

Revenue:
    Revenue - Advertising                    $ 218,946.00
    Revenue - Circulation                       91,315.00
Total Revenue                                               $ 310,261.00

Expenses:
    Bank Interest & Charges                     12,150.00
    Bldg. Maint. Expense                         3,220.00
    Car Expense                                  5,160.50
    Dep'n Expense - Auto Equt.                  10,000.00
    Dep'n Expense - Bldg                         2,500.00
    Dep'n Expense - Equt                         7,570.00
    Insurance Expense                            2,875.00
    Misc. Expense                                5,975.13
    Mortgage Interest Exp.                       5,500.00
    Office Salaries Expense                     34,319.15
    Postage Expense                              1,240.00
    Sales Promotion Expense                      2,750.00
    Supplies Expense                            16,291.20
    Telephone Expense                            2,946.00
    Truck Expense                               27,080.39
    Utilities Expense                           11,350.00
    Wages Expense                               94,319.00
Total Expenses                                               245,246.37

Net Income (Loss)                                           $ 65,014.63
                                                                           Long-Ter


                                                                           Total Lon

                                                                           R. Lucht,
                                                                           Balance J




                                                                           Balance D

                                                                           Total Lia
                                     Oakville Journal
                                      Balance Sheet
                                    As of Dec. 31, 2008

Current Assets:
  Bank                                                    $    2,000.00
  Accounts Receivable                                         15,317.20
  Supplies & Materials                                         8,013.56
  Prepaid Insurance                                            1,325.00
Total Current Assets                                                      $ 26,655.76

Fixed Assets:
   Land                                                 75,000.00
   Buildings                             $ 105,000.00
     Less: Acc. Dep'n - Buildings           10,000.00 $ 95,000.00

   Equipment                                 95,700.00
    Less: Acc. Dep'n - Equipment             30,280.00        65,420.00

  Automotive Equt.                           75,325.00
    Less: Acc. Dep'n - Auto. Equt.           40,000.00        35,325.00
Total Fixed Assets                                                          270,745.00
Total Assets                                                              $ 297,400.76

Current Liabilities:
  Accounts Payable                                            10,707.22
  HST Payable                                 1,280.00
  HST Recoverable                               750.00          530.00
Total Current Liabilities                                                 $ 11,237.22

Long-Term Liabilites:
  Bank Loan                                               $ 100,000.00
  Mortgage Payable                                          110,000.00
Total Long-Term Liabs.                                                    $ 210,000.00

R. Lucht, Capitial:
Balance Jan. 1, 2008                                      $ 61,148.91
   Net Income                            $ 65,014.63
   R. Lucht, Drawings                      50,000.00
   Increase in Capital                                        15,014.63
Balance Dec. 31, 2008                                                       76,163.54

Total Liabilities & Owner's Equity                                        $ 297,400.76
 Mr. Cappuccitti                           GENERAL JOURNAL                      Page ______

                             General Journal                         Page

 DATE                        PARTICULARS                     PR.   DEBITS        CREDITS
         Adjusting Entries
Dec   31 Supplies                                                     509.60
         Car Expense                                                  200.00
         Misc. Expense                                                 35.00
         Truck Expense                                                746.20
            Accounts Payable                                                       1,490.80

      31 Supplies Expense                                           16,291.20
            Supplies                                                              16,291.20

      31 Insurance Expense                                           2,875.00
            Prepaid Insurance                                                      2,875.00

      31 Depreciation Expense - Building                             2,500.00
            Acc'd Dep'n - Building                                                 2,500.00

      31 Depreciation Expense - Equipment                            7,570.00
            Acc'd Dep'n - Equipment                                                7,570.00

      31 Depreciation Expense - Auto. Equipment                     10,000.00
            Acc'd Dep'n - Auto. Equipment                                         10,000.00

         Closing Entries
Dec   31 Revenue - Advertising                                     218,946.00
         Revenue - Circulation                                      91,315.00
            Income Summary                                                       310,261.00

      31 Income Summary                                            245,246.37
            Bank Interest & Charges                                               12,150.00
            Bldg. Maint. Expense                                                   3,220.00
            Car Expense                                                            5,160.50
            Dep'n Expense - Auto Equt.                                            10,000.00
            Dep'n Expense - Bldg                                                   2,500.00
            Dep'n Expense - Equt                                                   7,570.00
            Insurance Expense                                                      2,875.00
            Misc. Expense                                                          5,975.13
            Mortgage Interest Exp.                                                 5,500.00
            Office Salaries Expense                                               34,319.15
            Postage Expense                                                        1,240.00
            Sales Promotion Expense                                                2,750.00
Mr. Cappuccitti                 GENERAL JOURNAL               Page ______
           Supplies Expense                                      16,291.20
           Telephone Expense                                      2,946.00
           Truck Expense                                         27,080.39
           Utilities Expense                                     11,350.00
           Wages Expense                                         94,319.00

    31 Income Summary                             65,014.63
           R. Lucht, Capital                                    65,014.63

    31 R. Lucht, Capital                          50,000.00
           R. Lucht, Drawings                                   50,000.00
Mr. Cappuccitti   GENERAL JOURNAL   Page ______
Mr. Cappuccitti     GENERAL JOURNAL         Page ______

                     Income Summary
                  245,246.37   310,261.00
                                65,014.63
        Bank                       Acc Rec                   Supplies
 2,000.00                   15,317.20                  23,795.16
                                                          509.60
                                                        8,013.56
         0                           0                           0
  Prepaid Insurance                 Land                      Buildings
 4,200.00       2,875.00    75,000.00                  105,000.00
 1,325.00
          0                          0                              0

 Acc'd Dep - Buildings           Equipment               Acc'd Dep - Equpt
                7,500.00    95,700.00
                2,500.00
               10,000.00
          0                          0                              0
  Automotive Equt.          Acc'd Dep - Auto Equt
75,325.00                                 30,000.00
                                          10,000.00
                                          40,000.00
          0                          0
     Acc Payable                HST Payable               HST Recoverable
               9,216.42                  1,280.00         750.00
               1,490.80
              10,707.22
          0                          0                              0
      Bank Loan               Mortgage Payable            R. Lucht, Capital
             100,000.00                 110,000.00     50,000.00


         0                           0                           0
  R. Lucht, Drawings        Revenue - Advertising       Revenue - Circulation
50,000.00      50,000.00   218,946.00 218,946.00       91,315.00

          0                          0                              0

Bank Interest & Charges    Building Maint. Expense          Car Expense
 12,150.00     12,150.00    3,220.00        3,220.00    4,960.50
                                                            200.00
          0                           0                            0

     Misc. Expense           Mort. Interst Expense        Office Salaries Exp.
  5,940.13      5,975.13     5,500.00        5,500.00    34,319.15
     35.00
          0                           0                            0

    Postage Expense           Sales Promotion Exp         Telephone Expense
  1,240.00      1,240.00      2,750.00      2,750.00     94,319.00

          0                           0                            0


    Truck Expense               Utilities Expense           Wages Expense
26,334.19     27,080.39      11,350.00       11,350.00   94,319.00
   746.20

          0                            0                              0

    Dep'n Exp. - Bldg          Dep'n Exp. - Equt.        Dep'n Exp. - Auto. Equt.
  2,500.00        2,500.00    7,570.00       7,570.00    10,000.00

          0                           0                            0

Supplies & Materials Exp       Insurance Expense            Income Summary
 16,291.20     16,291.20      2,875.00      2,875.00     245,246.37
                                                          65,014.63
          0                           0                            0
      Supplies
            16,291.20



        0
     Buildings



        0

 Acc'd Dep - Equpt
            22,710.00
             7,570.00
            30,280.00
        0




  HST Recoverable




        0
  R. Lucht, Capital
             61,148.91
             65,014.63
             76,163.54
        0
Revenue - Circulation
            91,315.00

        0

    Car Expense
             5,160.50
          0

  Office Salaries Exp.
              34,319.15


          0

  Telephone Expense
             94,319.00

          0


    Wages Expense
            94,319.00


          0

Dep'n Exp. - Auto. Equt.
              10,000.00

          0

   Income Summary
              310,261.00


          0
                               Oakville Journal
                                 Trial Balance
                              As of Dec. 31, 2008

                       ACCOUNTS                           DEBIT        CREDIT
Bank                                                $ 2,000.00
Accounts Receivable                                   15,317.20
Supplies & Materials                                   8,013.56
Prepaid Insurance                                      1,325.00
Land                                                  75,000.00
Buildings                                            105,000.00
Acc. Dep'n - Buildings                                              10,000.00
Equipment                                             95,700.00
Acc. Dep'n - Equipment                                              30,280.00
Automotive Equt.                                      75,325.00
Acc. Dep'n - Auto. Equt.                                            40,000.00
Accounts Payable                                                    10,707.22
HST Payable                                                          1,280.00
HST Recoverable                                          750.00
Bank Loan                                                          100,000.00
Mortgage Payable                                                   110,000.00
C. Viera, Capital                                                   76,163.54
                                                    $ 378,430.76 $ 378,430.76

				
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