Exercise P4-5A (Example)
Exercise P4-5A (Example)
Exercise P4-5A (Example)
The adjusted trial balance columns of the worksheet for Desousa Company are as follows.
DESOUSA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2015
Instructions:
Complete the worksheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"
DESOUSA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2014
After you have completed the requirements of E4-2, consider these additional questions.
Answers are on the other tab in this file.
1. Suppose Accounts Receivable balance changed to $10,840 and Service Revenue changed to $18,590, wha
the Balance Sheet?
2. Suppose Desousa received a utility bill for $375 which they failed to record. What is the impact on the In
April 30, 2015
PANY
rtial)
April 30, 2014
Value
? ? ?
Value
? ? ?
nue changed to $18,590, what is the impact on the Income Statement and
What is the impact on the Income Statement and the Balance Sheet?
Ex 4-3 Prepare financial statements from worksheet
Worksheet data for DeSousa Company are presented in E4-2 and reproduced below.
DESOUSA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2015
Instructions:
Prepare an income statement, a retained earnings statement, and a classified balance sheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?"
DESOUSA COMPANY
Income Statement
For the Month Ended April 30, 2015
Revenues
Service revenue Value
Expenses
Salaries and wages expense Value
Rent Expense Value
Depreciation expense Value
Interest expense Value
Total expenses ?
Net income ?
DESOUSA COMPANY
Retained Earnings Statement
For the Month Ended April 30, 2015
Retained Earnings, April 1 Value
Add: Net income Value
?
Less: Dividends Value
Retained Earnings, April 30 ?
DESOUSA COMPANY
Balance Sheet
April 30, 2015
Assets
Current assets
Cash Value
Accounts receivable Value
Prepaid rent Value
Total current assets ?
Property, plant, and equipment
Equipment Value
Less: Accumulated depreciation - equipment Value ?
Total assets ?
After you have completed the requirements of E4-3, consider these additional questions.
Answers are on the other tab in this file.
1. Suppose Accounts Receivable balance changed to $10,840 and Service Revenue changed to $18,590, wha
the Balance Sheet?
2. Suppose Desousa received a utility bill for $375 which they failed to record. What is the impact on the In
0, 2015
ed balance sheet.
or a formula in cells with a "?" .
enue changed to $18,590, what is the impact on the Income Statement and
. What is the impact on the Income Statement and the Balance Sheet
P4-1A Prepare a worksheet, financial statements, and adjusting and closing entries
The trial balance columns of the worksheet for Lampert Roofing at March 31, 2015 are as follows.
LAMPERT ROOFING
Worksheet
For the Month Ended March 31, 2015
Trial Balance
Account Titles Dr. Cr.
Cash 4,500
Accounts Receivable 3,200
Supplies 2,000
Equipment 11,000
Accumulated Depreciation-Equipment 1,250
Accounts Payable 2,500
Unearned Service Revenue 550
Common Stock 10,000
Retained Earnings 2,900
Dividends 1,100
Service Revenue 6,300
Salaries and Wages Expense 1,300
Miscellaneous Expense 400
23,500 23,500
Other data:
1. A physical count reveals only $550 of supplies on hand.
2. Depreciation for March is $250.
3. Unearned service revenue amounted to $210 at March 31.
4. Accrued salaries and wages are $700.
Instructions:
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and retained earnings statement for the month of March
and a classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
(a) LAMPERT RO
Worksh
For the Month Ended
LAMPERT ROOFING
Retained Earnings Statement
For the Month Ended March 31, 2015
Retained Earnings, March 1 Value
Add: Net income Value
?
Less: Dividends Value
Retained Earnings, March 31 ?
LAMPERT ROOFING
Balance Sheet
March 31, 2015
Assets
Current Assets
Cash Value
Accounts receivable Value
Supplies Value
Total current assets ?
Property, plant and equipment
Equipment Value
Less: Accumulated depreciation -equipment Value ?
Total assets ?
(c ) Adjusting entries:
After you have completed the requirements of P4-1A, consider these additional questions.
Answers are on the other tab in this file.
1. Suppose the March 31 balance of Supplies changed to $750, show how this changes the Worksheet, Incom
and both adjusting and closing entries.
2. Suppose the March 31 balance of Unearned Service Revenue changed to $350, show how this changes the
and both adjusting and closing entries.
e as follows.
LAMPERT ROOFING
Worksheet
For the Month Ended March 31, 2015
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
50, show how this changes the Worksheet, Income Statement, the Balance Sheet,
`
Balance Sheet
Cr.
`
Value
Value
Value
Value
Value
Value
?
Value
?
P4-1B Prepare worksheet, financial statements, and adjusting, and closing entries.
Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial balance columns of the worksheet
Pevnick Inc. at March 31 are as follows.
Other data:
1. Supplies on hand total $280.
2. Depreciation is $800 per quarter.
3. Interest accrued on 6-month note payable, issued January 1, $1, 300.
4. Insurance expires at the rate of $200 per month.
5. Services performed but unbilled at March 31 total $2,030.
Instructions:
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a
classified balance sheet at March 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
PEVNICK INC.
Balance Sheet
March 31, 2015
Assets
Current Assets
Cash Value
Accounts receivable Value
Supplies Value
Prepaid Insurance Value
Total current assets ?
Property, plant and equipment
Equipment Value
Less: Accumulated depreciation -equipment Value ?
Total assets ?
(c ) Adjusting entries:
After you have completed the requirements of P4-1B, consider these additional questions.
Answers are on the other tab in this file.
1. Suppose services performed but unbilled changed to $1,750, show how this changes the Worksheet, Inc
and both adjusting and closing entries.
2. Suppose insurance expiration changed to $350 per month, show how this changes the Worksheet, Incom
and both adjusting and closing entries.
nce columns of the worksheet for
PEVNICK, INC.
Worksheet
For the Quarter Ended March 31, 2015
Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr.
Value Value
170 5,400 Value
(a) ? ? Value
(d) ? ? Value
Value Value
Value
Value
Value
Value Value
( e) Value ? Value
Value Value
Value Value
Value Value
Value Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
s changes the Worksheet, Income Statement, the Balance Sheet,
Value
Value
Value
Value
Value
?
Value
?
P4-1B Prepare worksheet, financial statements, and adjusting, and closing entries.
Pevnick Inc. began operations as a detective agency on January 1, 2015. The trial balance columns of the worksheet
Pevnick Inc. at July 31 are as follows.
Other data:
(1) Unbilled and uncollected revenue for services performed at July 31 were $2,700.
(2) Depreciation on equipment for the month was $500.
(3) One-twelfth of the insurance expired.
(4) An inventory count shows $600 of cleaning supplies on hand at July 31.
(5) Accrued but unpaid employee salaries were $1,000.
Instructions:
(a) Enter the trial balance on a worksheet and complete the worksheet.
(b) Prepare an income statement and a retained earnings statement for the quarter and a
classified balance sheet at July 31.
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
(d) Journalize the closing entries from the financial statement columns of the worksheet.
NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" .
TRUE
(c ) Adjusting entries:
After you have completed the requirements of P4-1B, consider these additional questions.
Answers are on the other tab in this file.
1. Suppose services performed but unbilled changed to $1,750, show how this changes the Worksheet, Inc
and both adjusting and closing entries.
2. Suppose insurance expiration changed to $350 per month, show how this changes the Worksheet, Incom
and both adjusting and closing entries.
nce columns of the worksheet for
NC.
et
March 31, 2015
Adjustments Adjusted Trial Balance
Dr. Cr. Dr. Cr.
6,250
2,700 9,800
1,500 600
150 1,650
9,000
4,200
20,000
5,600
2,700 13,200
1,000 3,500
350
500 500
500 500
150 150
1,500 1,500
1,000 1,000
5,850 5,850 38,900 38,900
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value
Value