Comprehensive Problem Unit 3 PDF

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Summary

Comprehensive problem de la unidad 3 del grupo de ADE en inglés A6-B6....

Description

CCC4

CONTINUING COOKIE CHRONICLE

(a) Date Dec.

1 5

8 9 15

16 19 23

23 23 28

General Journal Account Titles No journal entry required.

Debit

Cash .................................................................. Unearned Service Revenue ............................ Service Revenue .......................................

90 60

Cash .................................................................. Accounts Receivable................................

300

Cash .................................................................. Unearned Service Revenue .....................

750

Accounts Payable ............................................ Cash ...........................................................

50

Accounts Payable ............................................ Cash ...........................................................

600

Cash .................................................................. Unearned Service Revenue .....................

60

Cash .................................................................. Accounts Receivable....................................... Service Revenue .......................................

3,000 1,000

Supplies ............................................................ Cash ...........................................................

1,250

Salaries and Wages Expense ......................... Cash ...........................................................

800

Dividends .......................................................... Cash ...........................................................

500

Credit

150 300 750 50

600 60

4,000 1,250 800

500

CONTINUING COOKIE CHRONICLE (Continued) (d) Date

Account Titles

(1) Dec. 31 (2) 31

(3) 31 (4) 31 (5) 31 (6) 31 (7) 31 (8) 31 (9) 31 (10) 31

Debit

Supplies Expense .............................................. Supplies....................................................... Depreciation Expense ($1,200 ÷ 5 X 2/12) ........................................... Accumulated Depreciation— Equipment ................................................

45 45

40 40

Amortization Expense ($600 ÷ 24) ................... Website ........................................................

25

Interest Expense ($2,000 X .09 X 1.5/12) ......... Interest Payable ..........................................

23

Insurance Expense ($1,200 ÷ 12) ..................... Prepaid Insurance ......................................

100

Accounts Receivable ........................................ Service Revenue.........................................

450

Supplies Expense.............................................. Supplies.......................................................

1,025

Utilities Expense ................................................ Accounts Payable ......................................

75

Salaries and Wages Expense ($8 X 7)............. Salaries and Wages Payable .....................

56

Unearned Service Revenue ($750 ÷ 3/5) ......... Service Revenue.........................................

450

Copyright © 2011 John Wiley & Sons, Inc.

Kimmel, Financial Accounting, 6/e, Solutions Manual

Credit

25

23

100

450

1,025

75

56

450

(For Instructor Use Only)

4-3

CONTINUING COOKIE CHRONICLE (Continued) (b)

11/30 Bal. 12/5 12/8 12/9 12/19 12/23 12/31 Bal.

Cash 340 90 300 750 60 3,000 1,340

12/15 12/16 12/23 12/23 12/28

Accounts Receivable 11/30 Bal. 300 12/8 12/23 1,000 12/31 450 12/31 Bal. 1,450

50 600 1,250 800 500

11/30 Bal. 12/31 Bal.

300

Supplies 220 12/31 1,250 12/31 400

45 1,025

Prepaid Insurance 11/30 Bal. 1,200 12/31 12/31 Bal. 1,100

100

11/30 Bal. 12/23 12/31 Bal.

11/30 Bal. 12/31 Bal.

Equipment 1,200 1,200

Accumulated Depreciation— Equipment 11/30 40 12/31 Bal. 40

12/15 12/16

Website 600 12/31 575

25

Accounts Payable 50 11/30 Bal. 600 12/31 12/31 Bal.

650 75 75

Interest Payable 12/31 12/31 Bal.

23 23

Sal aries and Wages Payable 12/31 56 12/31 Bal. 56 Unearned Service Revenue 12/5 60 11/30 Bal. 12/31 450 12/9 12/19 12/31 Bal.

60 750 60 360

Notes Payable 11/30 Bal. 2,000 12/31 Bal. 2,000

CONTINUING COOKIE CHRONICLE (Continued) Common Stock 11/30 Bal. 12/31 Bal.

12/31

Retained Earnings 500 11/30 Bal. 3,211 12/31 Bal. 2,711

12/31

Dividends 500 12/31 0

Supplies Expense 12/31 45 12/31 12/31 1,025 12/31 Bal. 0

1,070

Depreciation Expense 12/31 40 12/31 12/31 Bal. 0

40

Income Summary 2,239 12/31 5,450 3,211 12/31 Bal. 0

Interest Expense 12/31 23 12/31 12/31 Bal. 0

23

Service Revenue 11/30 Bal. 400 12/5 150 12/23 4,000 12/31 450 5,450 12/31 450 12/31 Bal. 0

Insurance Expense 12/31 100 12/31 12/31 Bal. 0

100

12/28 12/31 Bal.

12/31 12/31

800 800

Salaries and Wages Expense 12/23 800 12/31 56 12/31 856 12/31 Bal. 0

Utilities Expense 11/30 Bal. 50 12/31 75 12/31 12/31 Bal. 0

Copyright © 2011 John Wiley & Sons, Inc.

500

Amortization Expense 12/31 25 12/31 12/31 Bal. 0

25

125

Kimmel, Financial Accounting, 6/e, Solutions Manual

(For Instructor Use Only)

4-5

CONTINUING COOKIE CHRONICLE (Continued) (c) COOKIE CREATIONS INC. Trial Balance December 31, 2011 Debit Cash....................................................................... Accounts Receivable ........................................... Supplies ................................................................ Prepaid Insurance ................................................ Equipment............................................................. Website ................................................................. Unearned Service Revenue ................................ Notes Payable....................................................... Common Stock..................................................... Dividends .............................................................. Service Revenue .................................................. Utilities Expense .................................................. Salaries and Wages Expense .............................

Credit

$1,340 1,000 1,470 1,200 1,200 600 810 2,000 800 500 4,550 50 800 $8,160

$8,160

CONTINUING COOKIE CHRONICLE (Continued) (e)

COOKIE CREATIONS INC. Adjusted Trial Balance December 31, 2011 Cash ...................................................................... Accounts Receivable .......................................... Supplies ................................................................ Prepaid Insurance ............................................... Equipment ............................................................ Accumulated Depreciation—Equipment........... Website ................................................................. Accounts Payable ................................................ Interest Payable ................................................... Salaries and Wages Payable .............................. Unearned Service Revenue ................................ Notes Payable ...................................................... Common Stock .................................................... Dividends .............................................................. Service Revenue .................................................. Utilities Expense .................................................. Salaries and Wages Expense ............................. Supplies Expense ................................................ Depreciation Expense ......................................... Amortization Expense ......................................... Interest Expense .................................................. Insurance Expense ..............................................

Copyright © 2011 John Wiley & Sons, Inc.

Kimmel, Financial Accounting, 6/e, Solutions Manual

Debit $1,340 1,450 400 1,100 1,200

Credit

$

40

575 75 23 56 360 2,000 800 500 5,450 125 856 1,070 40 25 23 100 $8,804

$8,804

(For Instructor Use Only)

4-7

CONTINUING COOKIE CHRONICLE (Continued) (f)

COOKIE CREATIONS INC. Income Statement For the Two Months Ended December 31, 2011 Revenue Service revenue .......................................... Operating expenses Supplies expense ....................................... Salaries and wages expense ..................... Utilities expense ......................................... Insurance expense ..................................... Depreciation expense ................................ Amortization expense ................................ Interest expense ......................................... Total operating expenses ................. Net income ............................................................

$5,450 $1,070 856 125 100 40 25 23 2,239 $3,211

COOKIE CREATIONS INC. Retained Earnings Statement For the Two Months Ended December 31, 2011 Retained earnings, November 1 ............................................. Add: Net income ..................................................................... Less: Dividends ...................................................................... Retained earnings, December 31 ...........................................

$

0 3,211 3,211 500 $2,711

CONTINUING COOKIE CHRONICLE (Continued) COOKIE CREATIONS INC. Balance Sheet December 31, 2011 Assets Current Assets Cash ............................................................. Accounts receivable .................................. Supplies ...................................................... Prepaid insurance ...................................... Total current assets .......................... Property, plant and equipment Equipment ................................................... Less: Accumulated depr.—equip. ........... Intangible assets Website ........................................................ Total assets ..........................................................

$1,340 1,450 400 1,100 $4,290 1,200 40

1,160 575 $6,025

Liabilities and Stockholders’ Equity Current liabilities Accounts payable ...................................... $ 75 Unearned service revenue ........................ 360 Salaries and wages payable ..................... 56 Total current liabilities ..................... Long-term liabilities Notes payable ............................................. 2,000 Interest payable .......................................... 23 Total liabilities ................................... Stockholders’ equity Common stock ........................................... 800 Retained earnings ...................................... 2,711 Total stockholders’ equity ............... Total liabilities and stockholders’ equity...............................................

$ 491 2,023 2,514

3,511 $6,025     !  "#$% "#"#& '

Copyright © 2011 John Wiley & Sons, Inc.

Kimmel, Financial Accounting, 6/e, Solutions Manual

(For Instructor Use Only)

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