Question


    Tutorial

    Category :Accounting

    Posted By:AmazingExpert

    Price Offered : $21

    Posting Date : 2015/10/27 01:14

    Due Date : 2015/12/02 15:00

    Answered (1 time)

    More Questions Like This



    INTREMIDIATE ACCOUNTING
    Question Detail:

    Assignment 2

    Caleb Company’s fiscal year runs from January through December. Its January 1, 2013’s trial balances are below:

    Account Title

    Debits

    Credits

    Cash

    $30,000

    Accounts Receivable

    15,000

    Equipment

    20,000

    Accumulated Depreciation

    $ 6,000

    Salaries Payable

    9,000

    Common Stock

    40,500

    Retained Earnings

    9,500

    Total

    $ 65,000

    $ 65,000

    Summary of transactions that occurred during the year are below:

    a. Sales of services

    $100,000

    Out of the sales, credit sales was

    30,000

    b. Accounts Receivable collected

    27,300

    c. Shares issued for cash

    10,000

    d. Salaries paid

    50,000

    Out of the salaries paid, Salaries Payable amount was

    9,000

    e. Miscellaneous Expense paid

    24,000

    f. Equipment Purchased

    15,000

    g. Cash Dividends paid

    2,500

    Other pertinent information:

    Year-end accrued salaries

    $ 1,000

    Equipment Depreciation

    2,000

    Required:

    Using the template provided by the instructor,

    1. Set up the necessary T- accounts and enter the beginning balances from the trial balance provided.
    2. Prepare a journal entry for each of the summary of transactions listed above.
    3. Post the journal entries to the T-accounts.
    4. Prepare an unadjusted trial balance.
    5. Prepare and post adjusting journal entries. Enter the adjusting entries in the T-accounts as applicable. The two adjusting entries are the year-end accrued salaries and equipment depreciation provided in the question.
    6. Prepare an adjusted trial balance.
    7. Prepare an income statement for year ended 2013 and a balance sheet as of December 31, 2013.
    8. Prepare and post closing entries.
    9. Prepare a post- closing trial balance.

    Assignment 3

    1. The following are the common classifications used in a balance sheet:
    2. Current assets F. Current liabilities
    3. Investments G. Long-term liabilities
    4. Property, plant and equipment H. Paid-in-capital
    5. Intangible assets I. Retained earnings
    6. Other assets

    Required:

    For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. If the item is a contra account or valuation account, place a minus sign before the chosen letter.

    1. ­­­___ Note receivable (due in 2 years)

    2. ___ Accounts receivable

    3. ­­___­ Accumulated depreciation
    4. ­­___Land, in use

    5. ___Note payable (due in 10 months)

    6. ___Interest payable
    7. ­­­___ Note receivable (due in 6 months)

    8. ___Cash equivalents

    9. ­­­___ Investment in XYZ Corp ( long-term)
    10. ___ Inventories

    11. ___Goodwill

    12. ­­­___Accrued salaries payable
    13. ___Accrued interest payable

    14. ___Prepaid insurance

    15. ___Common stock
    16. ___Equipment

    17. ___Unearned revenue
    18. ___Warranties payable
    19. The following are common disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear.

    Use A if the item would appear in summary of significant accounting policies notes

    Use B if the item would appear in subsequent events notes

    Use C if the item would appear in noteworthy events and transactions

    1. Depreciation method _

    2. Information on related party transactions _____

    3. Method of accounting for acquisitions _____

    4. Composition and details of long-term debt _____

    5. Inventory method _____

    6. Basis of revenue recognition _____

    7. Major damage to a plant facility occurring after year-end _____

    8. Composition of accrued liabilities _____

    1. The December 31, 2013 post-closing trial balance for Tricam Engineering, an exploration company, is presented below.


    Account Title

    Debits

    Credits

    Cash ............................................................

    52,000

    Accounts receivable .....................................

    223,000

    Allowance for uncollectible accounts .............

    15,000

    Inventories ...................................................

    200,000

    Supplies ......................................................

    3,000

    Investments .................................................

    140,000

    Land ............................................................

    100,000

    Buildings .....................................................

    500,000

    Accumulated depreciation - buildings ............

    150,000

    Machinery ....................................................

    250,000

    Accumulated depreciation - machinery ...........

    80,000

    Goodwill ......................................................

    36,000

    Accounts payable ........................................

    125,000

    Bonds payable .............................................

    500,000

    Interest payable ............................................

    40,000

    Common stock ............................................

    500,000

    Retained earnings .........................................

    ______

    94,000

    Totals

    1,504,000

    1,504,000

    Additional information provided is below:

    1. Accounts receivable includes a $50,000 note receivable received from a customer that is due in 2015. Also included is interest on the note of $3,000 that is due in six months.
    2. The land account includes land that cost $20,000 that the company has not used and is currently listed for sale.

    3. The investment account includes a $10,000, 3-month certificate of deposit due in 40 days. The remaining investments will be sold within the next year.

    4. The bonds payable account consists of the following:

    a. a $200,000 issue due in six months.

    b. a $300,000 issue due in six years.

    5. The common stock account represents 500,000 shares of no par value common stock issued and outstanding. The corporation has 1,000,000 shares authorized.

    Required:

    Prepare a classified balance sheet for Tricam Engineering at December 31, 2013 using the post-closing trial balance and the additional information provided.

    Answer
    Submitted by AmazingExpert on 2015/10/27 01:13
    teacher rated 30 times

    Price: $21.00

     

    Answers




    ---- file 1.doc preview (846 words)---

    Assignment xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx Its xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx Depreciation$ xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx occurred xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx the xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx for xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx amount xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx pertinent xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx the xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx beginning xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx entry xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx Post xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx trial xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx adjusting xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx entries xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx in xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx income xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx as xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx Prepare xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx bal.30,000Beg. xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx stockBeg. xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx bal.0Miscellaneous xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx bal.d41,00042,000ClosingClosing68,000100,000ClosingAdjusting1,000Closing32,000End. xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx expense24,000Cash24,000f.Equipment15,000Cash15,000g.Retained xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx revenue100,000Salaries xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx TitleDebitsCreditsCash$45,800Accounts xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx COMPANYSIncome xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx expense42,000Miscellaneous xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx 2013AssetsCurrent xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx and xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx xxxxx

    - - - more text follows - - -



    Login or Register to buy answer

    Down payment will be adjusted against total price. You can see full view of answer or download document after purchase.

    Social Share