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The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner?s capital account was $52,660, and the owner invested $25,000 cash in the company during the 2005 fiscal year. 101 126 128 167 168 201 203 208 210 213 251 301 302 401 612 623 633 637 640 652 683 684 690 Cash Supplies Prepaid insurance Equipment Accumulated depreciation?Equipment Accounts payable Interest payable Rent payable Wages payable Property taxes payable Long-term notes payable S. Adams, Capital S. Adams, Withdrawals Construction fees earned Depreciation expense?Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Repairs expense Utilities expense Totals $ 17,500 8,900 6,200 131,000 30,000 0 45,860 2,640 0 13,200 0 4,600 2,810 4,000 $ 266,710 $ 25,250 5,800 0 0 0 0 24,000 77,660 134,000 $ 266,710 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 No. Account Title Debit Credit ADAMS CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2005 A B C D Required 1. Prepare the income statement and the statement of owner?s equity for the calendar-year 2005, and the classified balance sheet at December 31, 2005. 2. Prepare the necessary closing entries at December 31, 2005. 3. Use the information in the financial statements to compute these ratios: (a) return on assets (total assets at December 31, 2004, was $200,000), (b) debt ratio, (c) profit margin ratio (use total revenues as the denominator), and (d) current ratio. Chapter 4 Completing the Accounting Cycle 165 Check (1) Total assets (12/31/2005), $178,100; Net income, $13,100 Required 1. Prepare a 10-column work sheet for fiscal year 2005, starting with the unadjusted trial balance and including adjustments based on these additional facts: a. The supplies available at the end of fiscal year 2005 had a cost of $3,200. b. The cost of expired insurance for the fiscal year is $3,900. c. Annual depreciation on equipment is $8,500. d. The June utilities expense of $550 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $550 amount owed needs to be recorded. e. The company?s employees have earned $1,600 of accrued wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $200. g. Additional property taxes of $900 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The long-term note payable bears interest at 1% per month. The unadjusted Interest Expense account equals the amount paid for the first 11 months of the 2005 fiscal year. The $240 accrued interest for June has not yet been paid or recorded. (Note that the company is required to make a $5,000 payment toward the note payable during the 2006 fiscal year.) Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 4. Completing the Accounting Cycle Text © The McGraw−Hill Companies, 2004 The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005. Problem 4-6AA Preparing adjusting, reversing, and next period entries P4 BULLSEYE RANGES December 31, 2005 Unadjusted Adjusted Trial Trial Account Title Balance Adjustments Balance Dr. Cr. Dr. Cr. Dr. Cr. Cash . . . . . . . . . . . . . . . . . . . . . $ 13,000 Accounts receivable . . . . . . . . . . 0 Supplies . . . . . . . . . . . . . . . . . . 5,500 Equipment . . . . . . . . . . . . . . . . 130,000 Accumulated depreciation? Equipment . . . . . . . . . . . . . . . $ 25,000 Interest payable . . . . . . . . . . . . . 0 Salaries payable . . . . . . . . . . . . . 0 Unearned member fees . . . . . . . 14,000 Notes payable . . . . . . . . . . . . . . 50,000 T. Allen, Capital . . . . . . . . . . . . . 58,250 T. Allen, Withdrawals . . . . . . . . . 20,000 Member fees earned . . . . . . . . . 53,000 Depreciation expense? Equipment . . . . . . . . . . . . . . . 0 Salaries expense . . . . . . . . . . . . 28,000 Interest expense . . . . . . . . . . . . 3,750 Supplies expense . . . . . . . . . . . . 0 Totals . . . . . . . . . . . . . . . . . . . . $200,250 $200,250 Required 1. Complete the six-column table by entering adjustments that reflect the following information: a. As of December 31, 2005, employees had earned $900 of unpaid and unrecorded salaries. The next payday is January 4, at which time $1,600 of salaries will be paid. b. The cost of supplies still available at December 31, 2005, is $2,700. c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31, 2005, is $1,250. The next interest payment, at an amount of $1,500, is due on January 15, 2006. d. Analysis of the unearned member fees account shows $5,600 remaining unearned at December 31, 2005. e. In addition to the member fees included in the revenue account balance, the company has earned another $9,100 in unrecorded fees that will be collected on January 31, 2006. The company is also expected to collect $8,000 on that same day for new fees earned in January 2006. f. Depreciation expense for the year is $12,500. 2. Use the work sheet to enter the adjusting and closing entries; then journalize them. 3. Prepare the income statement and the statement of owner?s equity for the year ended June 30 and the classified balance sheet at June 30, 2005. Analysis Component 4. Analyze the following separate errors and describe how each would affect the 10-column work sheet. Explain whether the error is likely to be discovered in completing the work sheet and, if not, the effect of the error on the financial statements. a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and a debit for $3,200 to Supplies Expense. b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is incorrectly entered in the Credit column.

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  • Project NOMAD
    Project NOMAD Jul 18, 2010

    This is posted in computer hardware specifically motherboards. If you wish to RE-post in the correct category you may get a better response. However your name has been listed in the experts lounge as a possible down-rater of good experts and some of the more knowledgeable ones may avoid you. This may not be the case but.... anyone can pass a course or exam if they cheat on-line. That would not and does not make them qualified in that field and employment / employers rapidly get to know people who cannot really do the job they were hired for.

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Please clarify what the question is here?

Posted on Jul 15, 2010

  • Janet
    Janet Jul 15, 2010

    This is an accounting problem, it did not appear like I put it down.

  • yadayada
    yadayada Jul 15, 2010

    I AM SORRY BUT WE PROVIDE TECHNICAL ASSISTANCE FOR THINGS LIKE ELECTRONICS AND CARS, IN FACT ALL TYPES OF DEVICES MADE BY MAN, THAT MEANS WE FIX THINGS WHEN THEY BREAK, WE ARE REPAIR TECHS, WE ARE NOT ACCOUNTS, SORRY

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Did you want to post your company's entire fiscal report on fixya?
what is your question?

Posted on Jul 15, 2010

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SOURCE: The following unadjusted trial balance

Where is the technical motherboard problem here ?

Posted on Jul 17, 2010

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