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1. F 3. F 5. T 7. T 9. T 11. T
2. T 4. F 6. F 8. F 10. T 12. F
1. a. Inventory 550
Accounts payable 550
Acquisition of inventories
d. Cash 80
Note payable 80
Borrowed from a supplier on
June 1, 20X8. Four-year note,
interest at 15%, and principal
payable at end of four years
e. Prepaid rent 25
Cash 25
Paid rent in advance
f. Wages expense 165
Cash 165
Paid wages
3-36 (continued)
g. Miscellaneous expenses 75
Cash 75
Paid miscellaneous expenses
h. Note receivable 20
Cash 20
Loan to office manager one-year
note, 10 % interest
i. Cash 691
Accounts receivable 691
Collections on accounts
k. Rent expense 26
Prepaid rent 26
To reduce prepaid rent to $3,000
l. Depreciation expense 6
Accumulated depreciation,
store equipment 6
Depreciation for the year 20X8
m. Wages expense 6
Cash 6
Adjustment for wages
n. Interest expense 7
Cash 7
Adjustment: .15 x $80,000 x 7/12
o.Cash 1
Interest revenue 1
Adjustment: .10 x $20,000 x 6/12
3-36 (continued)
2.
Cash Accounts Receivable Accounts Payable
* 19 (e) 25 * 40 (i) 691 (j) 471 * 111
(d) 80 (f) 165 (b) 800 (a) 550
(i) 691 (g) 75 ** 149 ** 190
(o) 1 (h) 20
(j) 471 Note Receivable Note Payable
(m) 6 (h) 20 (d) 80
(n) 7
** 22
Accumulated Depreciation,
Store Equipment Interest Expense Interest Revenue
* 24 (n) 7 (o) 1
(l) 6
** 30
* Balance 12/31/X7
** Balance 12/31/X8
3. YOSHIDA GARDENS
Trial Balance
December 31, 20X8
Debits Credits
Cash $ 22
Accounts receivable 149
Note receivable 20
Inventory 241
Prepaid rent 3
Store equipment 60
Accumulated depreciation,
store equipment $ 30
Accounts payable 190
Note payable 80
Paid-in capital 40
Retained earnings 79
Sales 800
Interest revenue 1
Cost of goods sold 440
Rent expense 26
Depreciation expense 6
Interest expense 7
Miscellaneous expenses 75
Wages expense 171
Total $1,220 $1,220
4-22 (10-15 min.)
Trucano:
Rent expense 6,000
Prepaid rent 6,000
Resing:
Unearned rent revenue 6,000
Rent revenue 6,000
4-25 (10 min.)
h) Inventory 1,000
Machinery & equipment 1,000
A = L + SE
Office Office
Supplies Supplies
Inventory Expense
Supplies used 1,100 = 1,100
Journal entry:
Office supplies expense 1,100
Office supplies inventory 1,100
A = L + SE
Unearned
Fee Fee
Revenue Revenue
Fees earned = 12,000 +12,000
Journal entry:
Unearned fee revenue 12,000
Fee revenue 12,000
4-35 (continued)
A = L + SE
Accrued
Interest Interest
Receivable Revenue
Interest earned +240 = +240
Journal entry:
Accrued interest receivable 240
Interest revenue 240
(d) A = L + SE
Accrued
Wages Wages
Payable Expense
Wages earned but unpaid = +600 600
Journal entry
Wages expense 600
Accrued wages payable 600
5-40 (5-10 min.)
a. Financing f. Financing
b. Financing g. Operating
c. Operating h. Operating
d. Investing i. Financing
e. Financing
POOLS, INC.
Statement of Cash Flows
For the Year Ended December 31, 20X7
(In Thousands)
POOLS, INC.
Supporting Schedule to Statement of Cash Flows
Reconciliation of Net Income to Net Cash
Provided by Operating Activities
For the Year Ended December 31, 20X7
(In Thousands)
1. ROSENBERG COMPANY
Statement of Cash Flows
For the Year Ended December 31, 20X4
(In Millions)
2.
Reconciliation of Net Income to Net Cash
Provided by Operating Activities
Net
income $ 9
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 40
Increase in accounts receivable (14)
Increase in inventory (20)
Increase in prepaid general expenses ( 1)
Increase in accounts payable for merchandise 14
Increase in accrued tax payable 1
Net cash provided by operating activities $ 29