Activity 21 ACC 111 Activity and answer PDF

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Answer key for activity 21 week-9. I hope this is helpful. Thank you...

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IN A NUTSHELL YOUR TURN Activity 21. Using your skills in worksheet and financial statement preparation you are going to solve problems wherein you are going to apply your skills in worksheet and financial statement preparation. In this activity you will be graded using the rubric. Make this as an opportunity to learn independently, in the final assessment you will perform bookkeeping on site not on-line.

NOTE: ADJUSTED JOURNAL ENTRY 1. Advertising expense Prepaid advertising 2. Engineering supplies expense Engineering supplies 3. Depreciation expense Accum. Depr’n 4. Unearned Survey rev Survey rev 5. Salaries exp Accrued expense 6. Interest expense Interest payable

140,000 140,000 180,000 180,000 160,000 160,000 40,000 40,000 140,000 140,000 60,000

You are required to : 1. Prepare the worksheet 2. Prepare Financial Statements(Income Statement, Statement of Financial Position, and Statement of Changes in Equity).

60,000

RUBANS SURVEY SPECIALIST WORKSHEET MAY 31, 2019

Cash Accounts Receivable Prepaid Advertising Engineering supplies Survey equipment Acc. Depr’n – survey equipment Accounts payable Unearned survey revenues Notes payable Rubans Capital Rubans Drawing Survey revenues Salaries expense Rent expense Insurance expense Utilities expense Miscellaneous expense TOTAL TOTAL Advertising expense Engineering supplies expense Depreciation expense Accrued expense Interest expense Interest payable TOTAL NET PROFIT GRAND TOTALS

UNADJUSTED TRIAL BALANCE DR CR 210,000 930,000 360,000 270,000 1,890,000 640,000 190,000 120,000 500,000 1,120,000

REF

ADJUSTMENTS DR

CR

1 2

140,000 180,000

3

160,000

4

INCOME STATEMENT DR

CR

4 5

DR 210,000 930,000 220,000 90,000 1,890,000

40,000

CR

800,000 190,000 160,000 500,000 1,120,000

700,000 6,510,000

BALANCE SHEET

190,000 80,000 500,000 1,120,000

40,000

700,000 3,270,000 960,000 250,000 160,000 80,000 9,080,000

ADJUSTED TRIAL BALANCE DR CR 210,000 930,000 220,000 90,000 1,890,000 800,000

700,000 6,550,000

6,550,000

140,000

3,410,000 960,000 250,000 160,000 80,000

3,410,000 960,000 250,000 160,000 80,000

140,000 180,000 160,000

140,000 180,000 160,000

140,000 180,000 160,000

9,080,000 1 2 3 5 6 6

140,000 60,000 720,000

140,000 60,000

60,000 720,000

9,440,000

140,000 60,000

60,000 9,440,000

5,400,000 1,150,000 6,550,000

6,550,000 0 6,550,000

4,040,000 4,040,000

60,000 2,890,000 1,150,000 4,040,000

RUBANS SURVEY SPECIALIST INCOME STATEMENT MAY 31, 2019 REVENUE: Survey Revenue P RUBANS SURVEY SPECIALIST LESS: OPERATING EXPENSE STATEMENT OF FINANCIAL Salaries expense P POSITION 3,410,000 MAY 31, 2019 Rent expense 960,000 Insurance expense 250,000 ASSETS Utilities expense 160,000 Current Assets: expense Miscellaneous 80,000 Cash P 210,000 Advertising expense 140,000 Accounts Receivable 930,000 Engineering supplies expense 180,000 Prepaid Advertising 220,000 Depreciation expense 160,000 OPERATING INCOME P Engineering Supplies 90,000 Less: Interest expense NET Non-current INCOME Assets: P Survey Equipment P 1,890,000 Less: Accum. Depr’n – survey RUBANS equipmentSURVEY SPECIALIST 800,000 STATEMENT OF CHANGES IN EQUITY Net Book Value MAY 31, 2019 TOTAL NON-CURRENT ASSET: Ruban CapitalASSETS – Beginning TOTAL Add: Additional Investment Net Income TOTAL Current Liabilities Less: Withdrawals Accounts payable Ruban Capital - Ending Unearned survey revenues Notes payable Accrued expense Interest payable

P 0 1,070,000 LIABILITIES AND OWNER’S EQUITY

TOTAL LIABILITIES Owner’s Equity: Ruban Capital – Beginning Add: Net Income Total Less: Withdrawals Ruban Capital - Ending TOTAL LIABILITIES AND OWNER’S EQUITY

6,550,000

P

5,340,000 1,210,000 1,450,000 (60,000) 1,150,000

P

1,090,000 1,090,000

P

1,120,000 2,540,000

P

P

P

P

1,150,000 2,270,000 (700,000) 1,570,000

P

190,000 160,000 500,000 140,000 60,000

P

1,050,000

P

1,050,000

P

1,490,000

P

2,540,000

1,120,000 1,070,000 2,190,000 (700,000)...