Aardvark Consulting is a consulting firm owned and operated by Jan Sullivan. The following end-of-period spreadsheet (work sheet) was prepared for the year ended November 30, 2010.
spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for AardvarkConsulting.
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Alpine Consulting is a consulting firm owned and operated by Scott Young. The end-of- period spreadsheet (work sheet) shown below was prepared for the year ended March 31, 2010.
spreadsheet, prepare an income statement, statement of owner’s equity, and balance sheet for AlpineConsulting.
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as11/7/2015
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as
(a) Asset, (b) Liability, (c) Revenue, or (d) Expense. 1. Accounts Payable 2. Equipment 3. Fees Earned 4. Insurance Expense 5. Prepaid Advertising 6. Prepaid Insurance 7. Rent Revenue 8. Salary Expense 9. Salary Payable 10. Supplies 11. Supplies Expense 12. Unearned Rent From the following list of steps in the accounting cycle, identify what two steps are missing.11/7/2015 From the following list of steps in the accounting cycle, identify what two steps are missing.
a. Transactions are analyzed and recorded in the journal. b. An un adjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet (work sheet) is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. A post-closing trial balance is prepared. From the following list of steps in the accounting cycle, identify what two steps are missing.11/7/2015 From the following list of steps in the accounting cycle, identify what two steps are missing.
a. Transactions are analyzed and recorded in the journal. b. Transactions are posted to the ledger. c. An adjusted trial balance is prepared. d. An optional end-of-period spreadsheet (work sheet) is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. g. Financial statements are prepared. h. A post-closing trial balance is prepared. After the accounts have been adjusted at July 31, the end of the fiscal year, the following11/7/2015 After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Rabbit Delivery Services Co.:
Sherry Kerney, Capital $730,000 Sherry Kerney, Drawing 20,000 Fees Earned 515,000 Wages Expense 480,000 Rent Expense 75,000 Supplies Expense 12,100 Miscellaneous Expense 4,000 After the account have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the ledger of Pond Landscaping Co.:
Brett Maxim, Capital $978,500 Brett Maxim, Drawing 50,000 Fees Earned 779,000 Wages Expense 389,000 Rent Expense 60,000 Supplies Expense 7,200 Miscellaneous Expense 11,400
The following accounts appear in an adjusted trial balance of Gondola Consulting. Indicate whether each account would be reported in the
(a) Current asset; (b) Property, plant, and equipment; (c) Current liability; (d) Long-term liability; or (e) Owner €™s equity section of the December 31, 2009, balance sheet of Gondola Consulting. 1. Accounts Payable 2. Accounts Receivable 3. Accumulated Depreciation €”Equipment 4. Cash 5. Holly Webb, Capital 6. Note Payable (due in 2016) 7. Supplies 8. Wages Payable
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to
(a) An Income Statement column or (b) A Balance Sheet column. 1. Accounts Payable 2. Depreciation Expense—Equipment 3. Josh Neville, Capital 4. Office Equipment 5. Rent Revenue 6. Supplies Expense 7. Unearned Service Revenue 8. Wages Payable The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to
(a) An Income Statement column or (b) A Balance Sheet column. 1. Accumulated Depreciation-Equipment 2. Cash 3. Commissions Earned 4. Insurance Expense 5. Prepaid Rent 6. Supplies 7. Svend Tisdale, Drawing 8. Wages Expense |
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