Exercise 4-5
(a) Accounts Receivable.......................................... 600
Service Revenue........................................... 600
Insurance Expense.............................................. 400
Prepaid Insurance........................................ 400
Depreciation Expense......................................... 900
Accumulated Depreciation—Equipment. 900
Salaries and Wages Expense............................ 500
Salaries and Wages Payable..................... 500
(b) | Income Statement | Balance Sheet | |||||||
Dr. | Cr. | Dr. | Cr. | ||||||
Accounts Receivable | X | ||||||||
Prepaid Insurance | X | ||||||||
Accum. Depreciation—Equip. | X | ||||||||
Salaries and Wages Payable | X | ||||||||
Service Revenue | X | ||||||||
Salaries and Wages Expense | X | ||||||||
Insurance Expense | X | ||||||||
Depreciation Expense | X | ||||||||
Exercise 4-7
(a) Service Revenue...................................................... 4,300
Income Summary.............................................. 4,300
Income Summary..................................................... 3,424
Salaries and Wages Expense......................... 1,344
Miscellaneous Expense.................................. 180
Supplies Expense............................................. 1,900
Income Summary..................................................... 876
Retained Earnings............................................ 876
Retained Earnings................................................... 600
Dividends............................................................ 600
(b) LANZA COMPANY
Post-Closing Trial Balance
For the Month Ended June 30, 2014
Account Titles | Debit | Credit |
Cash........................................................................... $3,712
Accounts Receivable.............................................. 3,904
Supplies.................................................................... 480
Accounts Payable................................................... $1,556
Salaries and Wages Payable................................. 344
Unearned Service Revenue................................... 160
Common Stock........................................................ 4,000
Retained Earnings................................................... 2,036
$8,096 $8,096
Exercise 4-13
EXERCISE 4-13
1. Accounts Payable ($840 – $480)............................ 360
Cash..................................................................... 360
2. Supplies....................................................................... 380
Equipment........................................................... 38
Accounts Payable.............................................. 342
3. Dividends..................................................................... 500
Salaries and Wages Expense......................... 500
Problem 4-4A
a) IS ATTACHED AS SCANNED DOCUMENT
(b) EXCELSIOR AMUSEMENT PARK
Balance Sheet
September 30, 2014
Assets
Current assets
Cash............................................... $34,400
Supplies........................................ 2,200
Prepaid insurance....................... 10,900
Total current assets............ $ 47,500
Property, plant, and equipment
Land............................................... 80,000
Equipment..................................... $120,000
Less: Accum. depreciation—
equipment......................... 42,200 77,800 157,800
Total assets.......................... $205,300
Liabilities and Stockholders’ Equity
Current liabilities
Mortgage
payable (due in 2015).............. $15,000
Accounts payable....................... 14,600
Interest payable........................... 2,000
Property taxes payable............... 3,000
Unearned ticket
revenue...................................... 1,000
Total current liabilities........ $ 35,600
Long-term liabilities
Mortgage payable........................ 35,000
Total liabilities...................... 70,600
Stockholders’ equity
Common stock............................. 60,000
Retained earnings....................... 74,700*
Total stockholders’ equity. 134,700
Total liabilities and
stockholders’ equity........ $205,300
*$36,100 + $52,600 – $14,000
(c) Sept. 30 Supplies Expense........................ 16,400
Supplies......................................... 16,400
30 Insurance Expense.............................. 19,000
Prepaid Insurance........................ 19,000
30 Depreciation Expense......................... 6,000
Accumulated Depreciation—
Equipment................................... 6,000
30 Unearned Ticket Revenue.................. 2,900
Ticket Revenue............................. 2,900
30 Property Tax Expense......................... 3,000
Property Taxes Payable.............. 3,000
30 Interest Expense................................... 2,000
Interest Payable............................ 2,000
(d) Sept. 30 Ticket Revenue............................. 280,800
Income Summary.......................... 280,800
30 Income Summary.................................. 228,200
Salaries and Wages Expense.... 98,000
Maintenance and Repairs
Expense...................................... 30,500
Insurance Expense...................... 19,000
Property Tax Expense................. 24,000
Supplies Expense........................ 16,400
Utilities Expense........................... 16,900
Interest Expense........................... 8,000
Advertising Expense................... 9,400
Depreciation Expense................. 6,000
30 Income Summary.................................. 52,600
Retained Earnings........................ 52,600
30 Retained Earnings................................ 14,000
Dividends....................................... 14,000
(e) EXCELSIOR AMUSEMENT PARK
Post-Closing Trial Balance
September 30, 2014
Debit | Credit |
Cash........................................................................ $ 34,400
Supplies................................................................. 2,200
Prepaid Insurance................................................ 10,900
Land........................................................................ 80,000
Equipment............................................................. 120,000
Accumulated Depreciation—Equipment......... $ 42,200
Accounts Payable................................................ 14,600
Interest Payable.................................................... 2,000
Property Taxes Payable...................................... 3,000
Unearned Ticket Revenue.................................. 1,000
Mortgage Payable................................................ 50,000
Common Stock..................................................... 60,000
Retained Earnings............................................... 74,700
$247,500 $247,500
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