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    Tutorial 5 Qs

    Uploaded by

    Darren Khew
    This document contains multiple learning exercises involving the preparation of financial statements and closing entries for various sole proprietorships. These include journalizing closing entries, preparing classified balance sheets, worksheets, income statements and statements of owner's equity, computing current ratios, and journalizing closing entries from adjusted trial balances. The exercises provide adjusted trial balances, account balances, and additional financial information for companies like Pak Cheek Enterprises, Tamas Enterprises, Melanie O'Mallie Dance Studio Company, Data Solution, Smith Sign Company, Matthew's Bowling Alley, Bertrand Irrigation System, and Frank Investment Advisers. Students are to use this information to complete the requirements of each exercise, which involve preparation of various accounting

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    Tutorial 5 Qs

    Uploaded by

    Darren Khew
    360 views7 pages
    This document contains multiple learning exercises involving the preparation of financial statements and closing entries for various sole proprietorships. These include journalizing closing entries, preparing classified balance sheets, worksheets, income statements and statements of owner's equity, computing current ratios, and journalizing closing entries from adjusted trial balances. The exercises provide adjusted trial balances, account balances, and additional financial information for companies like Pak Cheek Enterprises, Tamas Enterprises, Melanie O'Mallie Dance Studio Company, Data Solution, Smith Sign Company, Matthew's Bowling Alley, Bertrand Irrigation System, and Frank Investment Advisers. Students are to use this information to complete the requirements of each exercise, which involve preparation of various accounting

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    This document contains multiple learning exercises involving the preparation of financial statements and closing entries for various sole proprietorships. These include journalizing closing entries, preparing classified balance sheets, worksheets, income statements and statements of owner's equity, computing current ratios, and journalizing closing entries from adjusted trial balances. The exercises provide adjusted trial balances, account balances, and additional financial information for companies like Pak Cheek Enterprises, Tamas Enterprises, Melanie O'Mallie Dance Studio Company, Data Solution, Smith Sign Company, Matthew's Bowling Alley, Bertrand Irrigation System, and Frank Investment Advisers. Students are to use this information to complete the requirements of each exercise, which involve preparation of various accounting

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    360 views7 pages

    Tutorial 5 Qs

    Uploaded by

    Darren Khew
    This document contains multiple learning exercises involving the preparation of financial statements and closing entries for various sole proprietorships. These include journalizing closing entries, preparing classified balance sheets, worksheets, income statements and statements of owner's equity, computing current ratios, and journalizing closing entries from adjusted trial balances. The exercises provide adjusted trial balances, account balances, and additional financial information for companies like Pak Cheek Enterprises, Tamas Enterprises, Melanie O'Mallie Dance Studio Company, Data Solution, Smith Sign Company, Matthew's Bowling Alley, Bertrand Irrigation System, and Frank Investment Advisers. Students are to use this information to complete the requirements of each exercise, which involve preparation of various accounting

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    S4-8 Journalizing closing entries

    Learning Objective 2

    The adjusted trial balance of Pak Cheek Enterprises had the following balances listed on it: Rent
    Received, $120,300; Stationeries Expense, $2,115; Salaries Expense, $32,800; Advertising
    Expense, $6,000; Pak, Withdrawals, $750.

    Journalize the closing entries for Pak Cheek Enterprises.

    S4-9 Journalizing closing entries


    Learning Objective 3

    Brett Tamas Enterprises had the following accounts and normal balances listed on its adjusted
    trial balance: Service Revenue, $21,800; Salaries Expense, $7,200; Rent Expense, $4,400;
    Advertising Expense, $2,600; Tamas, Withdrawals, $6,000.
    Journalize the closing entries for Tamas Enterprises.

    E4-17 Preparing a classified balance sheet and calculating the current ratio
    Learning Objectives 6
    1. Total Assets $67,500

    The adjusted trial balance of Melanie O’Mallie Dance Studio Company follows:
    Requirements
    1. Prepare the classified balance sheet of Melanie O’Mallie Dance Studio Company at August
    31, 2016. Use the report form. You must compute the ending balance of Mallie, Capital.

    E4-18 Preparing a worksheet


    Learning Objective 2

    The unadjusted trial balance of Data Solution at November 30, 2016, follows:
    Additional information at November 30, 2016:
    a. Accrued service revenue, $900.
    b. Depreciation, $100.
    c. Accrued salaries expense, $400.
    d. Prepaid rent expired, $200.
    e. Office Supplies used, $600.

    Requirements
    1. Complete Data solution’s worksheet for the month ended November 30, 2016.
    2. How much was net income for November?

    E4-20 Preparing closing entries from an adjusted trial balance


    Learning Objective 3
    The adjusted trial balance of Smith Sign Company follows:

    Requirements
    1. Assume Smith Sign Company has a January 31 year-end. Journalize Smith’s closing entries
    at January 31.
    2. How much net income or net loss did Smith earn for the year ended January 31? How can
    you tell?

    E4-24 Preparing closing entries from an adjusted trial balance; preparing a post-closing
    trial balance; and calculating the current ratio
    Learning Objectives 3, 4, 6

    Matthew’s Bowling Alley’s adjusted trial balance as of December 31, 2016, is presented below:
    Requirements
    1. Prepare the closing entries for Matthew’s Bowling Alley.
    2. Prepare a post-closing trial balance.
    3. Compute the current ratio for Matthew’s Bowling Alley.

    P4-29A Preparing financial statements including a classified balance sheet in report form,
    preparing closing entries, and using the current ratio to evaluate a company
    Learning Objectives 1, 3, 6
    2. Ending Capital $80,200

    The adjusted trial balance of Bertrand Irrigation System at December 31, 2016, follows:
    Requirements
    1. Prepare the company’s income statement for the year ended December 31, 2016.
    2. Prepare the company’s statement of owner’s equity for the year ended December 31, 2016.
    Assume that there were no contributions made by the owner during the year.
    3. Prepare the company’s classified balance sheet in report form at December 31, 2016.
    4. Journalize the closing entries for Bertrand Irrigation System.
    5. Compute the company’s current ratio at December 31, 2016. At December 31, 2015, the
    current ratio was 2.4. Did the company’s ability to pay current debts improve or deteriorate,
    or did it remain the same?
    P4-30A Preparing a worksheet, financial statements, and closing entries
    Learning Objectives 1, 2, 3
    2. Total Assets $88,000

    The unadjusted trial balance of Frank Investment Advisers at December 31, 2016, follows:

    Adjustment data at December 31, 2016:


    a. Unearned Revenue earned during the year, $100.
    b. Office Supplies on hand, $4,000.
    c. Depreciation for the year, $7,000.
    d. Accrued Salaries Expense, $2,000.
    e. Accrued Service Revenue, $6,000.

    Requirements
    1. Prepare a worksheet for Frank Investment Advisers at December 31, 2016.
    2. Prepare the income statement, the statement of owner’s equity, and the classified balance
    sheet in account format. Assume there were no contributions made by the owner during the
    year.
    3. Prepare closing entries.

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