Accounting Chapter 2 Homework Correct Liabilities And Shareholders’ Equity Current Liabilities

subject Type Homework Help
subject Pages 14
subject Words 1749
subject Authors David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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page-pf1
Student Name:
Class:
Date Account Debit Credit
(1) 10,000
10,000 «- Correct!
(2) 1,500
1,500 «- Correct!
(3) 1,500
1,500 «- Correct!
(5) 3,750
3,750 «- Correct!
(6) 700
700 «- Correct!
Instructor
McGraw-Hill/Irwin
Problem 02-03
Insurance expense
Supplies expense
Supplies
General Journal
PASTINA COMPANY
Salaries and wages payable
Interest expense
Interest payable
Depreciation Expense
Prepaid insurance
Salaries and wages expense
Accumulated Depreciation
page-pf2
Account Title Debits Credits
30,000
-
80,000
30,000
31,000
.
50,000
-
-
10,000$
1,500$
50,000$
12%
Annual interest on note
Additional information:
Salaries and wages earned 12/16-12/31
Cash borrowed 10/1
Depreciation on office equipment
Accounts payable
Prepaid insurance
Office equipment
Salaries and wages payable
Note payable
Interest payable
Unearned revenue
Accumulated depreciation-office equipment
Given Data P02-03:
Cash
page-pf3
Student Name:
Class:
Debits Credits
30,000
40,000
1,000
80,000
40,000
31,000
1,500
50,000
1,500
2,000
60,000
Requirement 3:
McGraw-Hill/Irwin
Instructor
Adjusted Trial Balance
PASTINA COMPANY
Account Title
Cash
Problem 02-04
December 31, 2016
Accounts receivable
Prepaid rent
Office equipment
Accumulated depreciation-office equipment
Accounts payable
Salaries and wages payable
Note payable
Interest payable
Unearned revenue
Common stock
page-pf4
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-04
146,000$
70,000
76,000
20,400$
12,000
Total
Common Retained Shareholders'
Stock Earnings Equity
60,000$ 28,500$ 88,500$
- -
Balance at January 1, 2016
Issue of common stock
For the Year Ended December 31, 2016
Statement of Shareholders' Equity
PASTINA COMPANY
Rent
Requirement 4:
Sales revenue
Cost of goods sold
Gross profit
Operating expenses:
Salaries and wages
For the Year Ended December 31, 2016
Income Statement
PASTINA COMPANY
page-pf5
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-04
Assets
30,000$
40,000
800
Correct!
31,000$
1,500
50,000
Current liabilities
Accounts payable
Salaries and wages payable
Note payable
Current assets:
Cash
At December 31, 2016
Balance Sheet
PASTINA COMPANY
Accounts receivable
Supplies
Liabilities and Shareholders' Equity
page-pf6
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-04
Debit Credit
146,000
1,333
Debits Credits
30,000
40,000
1,000
1,333
80,000
40,000
Requirement 5:
Account
Requirement 6:
Account Title
Cash
Accounts receivable
Prepaid rent
Interest receivable
Office equipment
Accumulated depreciation-office equipment
Sales revenue
Interest revenue
Closing entries at December 31, 2016
General Journal
PASTINA COMPANY
For the Year Ended December 31, 2016
Post-Closing Trial Balance
PASTINA COMPANY
page-pf7
Debits Credits
30,000
40,000
1,500
80,000
30,000
31,000
-
50,000
-
-
60,000
10,000$
40,000$
Account Title
Additional information:
Accounts receivable outstanding
Depreciation on office equipment
Common stock
Accounts payable
Salaries and wages payable
Note payable
Interest payable
Unearned revenue
Office equipment
Accumulated depreciation-office equipment
Cash
Accounts receivable
Supplies
Given Data P02-04:
page-pf8
Student Name:
Class:
Date Account Debit Credit
(a) 70,000
30,000
50,000 «- Correct!
(e) 24,000
24,000 «- Correct!
Account Title Debits Credits
45,800
7,000
100,000
Requirement 4:
Requirement 2:
KARLIN COMPANY
Cash
Retained earnings
Service revenue
Instructor
Unadjusted Trial Balance
KARLIN COMPANY
Accounts receivable
Cash
Cash
Cash
Problem 02-06
McGraw-Hill/Irwin
Miscellaneous expenses
General Journal
page-pf9
Student Name:
Class:
Instructor
Problem 02-06
McGraw-Hill/Irwin
Account Debit Credit
1,000
Account Title Debits Credits
45,800
17,700
35,000
Requirement 5:
Equipment
Accounts receivable
Adjusted Trial Balance
General Journal
KARLIN COMPANY
KARLIN COMPANY
Requirement 6:
Cash
Salaries expense
page-pfa
Student Name:
Class:
Instructor
Problem 02-06
McGraw-Hill/Irwin
100,000$
Assets
45,800$
17,700
Correct!
Liabilities and Shareholders' Equity
1,000$
1,000
Requirement 7:
Salaries payable
Total current liabilities
Current liabilities
Current assets
Cash
Accounts receivable
At December 31, 2016
Balance Sheet
KARLIN COMPANY
Service revenue
For the Year Ended December 31, 2016
Income Statement
KARLIN COMPANY
page-pfb
Student Name:
Class:
Instructor
Problem 02-06
McGraw-Hill/Irwin
Account Debit Credit
100,000
100,000 «- Correct!
Account Title Debits Credits
45,800
17,700
Requirement 8:
Requirement 9:
Cash
Post-Closing Trial Balance
KARLIN COMPANY
Accounts receivable
Closing entries at December 31, 2016
Service revenue
Income summary
General Journal
KARLIN COMPANY
page-pfc
Debits Credits
30,000
15,000
20,000
100,000$
30,000$
27,300$
Additional information:
(a) Sales of services
Given Data P02-06:
Account Title
Equipment
Accounts receivable
Cash
(b) A/R collected
Sales of services on credit
page-pfd
Student Name:
Class:
Date Account Debit Credit
(a) 1,000
1,000 «- Correct!
Account Title Debits Credits
8,000
200,000
56,450
90,000
3,000
6,300
Retained earnings
Sales revenue
Interest revenue
Rent revenue
Common stock
Cash
Depreciation expense
Accumulated depreciation-buildings
Instructor
Problem 02-09
McGraw-Hill/Irwin
Adjusted Trial Balance
BAGLEY CONSULTING COMPANY
General Journal
BAGLEY CONSULTING COMPANY
Requirement 2:
Requirement 3:
page-pfe
Student Name:
Class:
Instructor
Problem 02-09
McGraw-Hill/Irwin
Account Debit Credit
90,000
3,000
Account Title Debits Credits
8,000
9,000
1,500
Cash
Accounts receivable
Prepaid insurance
Closing entries at December 31, 2016
Sales revenue
Interest revenue
Post-Closing Trial Balance
BAGLEY CONSULTING COMPANY
General Journal
BAGLEY CONSULTING COMPANY
Requirement 4:
Requirement 5:
page-pff
Account Title Debits Credits
8,000
9,000
3,000
200,000
50 years
-$
Additional information:
Estimated useful life of buildings
Salvage value of buildings
Cash
Accounts receivable
Prepaid insurance
Land
Given Data P02-09:
page-pf10
Student Name:
Class:
Unadjusted Adjusted
Account title Trial Balance Adjusting Entries Trial Balance Income Statement Balance Sheet
Debt Credit Debit Credit Debit Credit Debit Credit Debit Credit
23,300 23,300 23,300
32,500 32,500 32,500
- 500 500 500
3,000 1,500 4,500 4,500
30,000 30,000 30,000
- 1,000 1,000 1,000
80,000 80,000 80,000
16,050 16,050 16,050
180,000 180,000 180,000
Accounts receivable
Supplies
Salaries and wages payable
Note payable
Interest payable
Common stock
Retained earnings
Sales revenue
McGraw-Hill/Irwin
Instructor
December 31, 2016
Worksheet
EXCALIBUR CORPORATION
Problem 02-13
Cash
page-pf11
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-13
180,000$
95,000
85,000
Total
Share-
Common Retained holders'
Stock Earnings Equity
80,000$ 22,050$ 102,050$
Balance at January 1, 2016
For the Year Ended December 31, 2016
Statement of Shareholders' Equity
EXCALIBUR CORPORATION
Sales revenue
Cost of goods sold
Gross profit
For the Year Ended December 31, 2016
Income Statement
EXCALIBUR CORPORATION
page-pf12
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-13
Correct!
Liabilities and Shareholders' Equity
26,100$
At December 31, 2016
Balance Sheet
EXCALIBUR CORPORATION
Current liabilities:
Accounts payable
page-pf13
Student Name:
Class:
McGraw-Hill/Irwin
Instructor
Problem 02-13
Account Debit Credit
180,000
180,000 «- Correct!
Sales revenue
General Journal
EXCALIBUR CORPORATION
Income summary
Closing entries at December 31, 2016
page-pf14
Account Title Debits Credits
23,300
32,500
3,000
30,000
80,000
16,050
180,000
4,500$
30,000$
10 years
10%
500$
Accrued salaries and wages, year-end
Cash borrowed, 9/1
Principal due in
Annual interest rate
Supplies on hand at year-end
Common stock
Retained earnings
Sales revenue
Salaries and wages payable
Note payable
Cash
Accounts receivable
December 31, 2016
Unadjusted Trial Balance
EXCALIBUR CORPORATION
Given Data P02-13:

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