Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Pablo management has two part time employees

29/10/2021 Client: muhammad11 Deadline: 2 Day

Chapter 03 Saddleback College Homework

Exercise 3-1 Preparing adjusting entries LO P1

a. Depreciation on the company’s equipment for 2013 is computed to be $18,000.
b.
The Prepaid Insurance account had a $6,000 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of the company’s insurance policies showed that $1,100 of unexpired insurance coverage remains.

c.
The Office Supplies account had a $700 debit balance on December 31, 2012; and $3,480 of office supplies were purchased during the year. The December 31, 2013, physical count showed $298 of supplies available.

d. Two-thirds of the work related to $15,000 of cash received in advance was performed this period.
e.
The Prepaid Insurance account had a $6,800 debit balance at December 31, 2013, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $5,800 of coverage had expired.

f. Wage expenses of $3,200 have been incurred but are not paid as of December 31, 2013.

Prepare adjusting journal entries for the year ended (date of) December 31, 2013, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.

Exercise 3-3 Adjusting and paying accrued wages LO C1, P1

Pablo Management has five part-time employees, each of whom earns $250 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2013. The next week, the five employees worked only four days because New Year’s Day was an unpaid holiday.


a.
Prepare the adjusting entry that would be recorded on Monday, December 31, 2013.

b.
Prepare the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2014.

Exercise 3-4 Adjusting and paying accrued expenses LO A1

a.
On April 1, the company retained an attorney for a flat monthly fee of $3,500. Payment for April legal services was made by the company on May 12.

b.
A $1,080,000 note payable requires 10% annual interest, or $9,000 to be paid at the 20th day of each month. The interest was last paid on April 20 and the next payment is due on May 20. As of April 30, $3,000 of interest expense has accrued.

c.
Total weekly salaries expense for all employees is $10,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3.


The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. (Use 360 days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount.)

Problem 3-1A Identifying adjusting entries with explanations LO P1

For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)

A. To record receipt of unearned revenue.
B. To record this period's earning of prior unearned revenue.
C. To record payment of an accrued expense.
D. To record receipt of an accrued revenue.
E. To record an accrued expense.
F. To record an accrued revenue.
G. To record this period's use of a prepaid expense.
H. To record payment of a prepaid expense.
I. To record this period's depreciation expense.
Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3

[The following information applies to the questions displayed below.]

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2013, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2013, follow.

Additional Information Items

a. An analysis of WTI's insurance policies shows that $2,400 of coverage has expired.
b. An inventory count shows that teaching supplies costing $2,800 are available at year-end 2013.
c. Annual depreciation on the equipment is $13,200.
d. Annual depreciation on the professional library is $7,200.
e.
On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,500, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2014.

f.
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,000 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)

g.
WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.

h. The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE
Unadjusted Trial Balance
December 31, 2013
Debit Credit
Cash $ 34,000
Accounts receivable 0
Teaching supplies 8,000
Prepaid insurance 12,000
Prepaid rent 3,000
Professional library 35,000
Accumulated depreciation—Professional library $ 10,000
Equipment 80,000
Accumulated depreciation—Equipment 15,000
Accounts payable 26,000
Salaries payable 0
Unearned training fees 12,500
Common stock 10,000
Retained earnings 80,000
Dividends 50,000
Tuition fees earned 123,900
Training fees earned 40,000
Depreciation expense—Professional library 0
Depreciation expense—Equipment 0
Salaries expense 50,000
Insurance expense 0
Rent expense 33,000
Teaching supplies expense 0
Advertising expense 6,000
Utilities expense 6,400

Totals $ 317,400 $ 317,400


Problem 3-3A Part 1

1.
Prepare the necessary adjusting journal entries for items a through h.

Problem 3-3A Part 2

2.1
Post the balance from the unadjusted trial balance and the adjusting entries to the T-accounts

2.2
Prepare an adjusted trial balance.

Problem 3-3A Part 3

3.1
Prepare Wells Technical Institute's income statement for the year 2013.


Problem 3-8A Preparing closing entries, financial statements, and ratios C4 A2 A3 P3 P4

The adjusted trial balance for Tybalt Construction as of December 31, 2013, follows.


TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2013
No. Account Title Debit Credit
101 Cash $ 5,000
104 Short-term investments 23,000
126 Supplies 8,100
128 Prepaid insurance 7,000
167 Equipment 40,000
168 Accumulated depreciation—Equipment $ 20,000
173 Building 150,000
174 Accumulated depreciation—Building 50,000
183 Land 55,000
201 Accounts payable 16,500
203 Interest payable 2,500
208 Rent payable 3,500
210 Wages payable 2,500
213 Property taxes payable 900
233 Unearned professional fees 7,500
251 Long-term notes payable 67,000
307 Common stock 5,000
318 Retained earnings 121,400
319 Dividends 13,000
401 Professional fees earned 97,000
406 Rent earned 14,000
407 Dividends earned 2,000
409 Interest earned 2,100
606 Depreciation expense—Building 11,000
612 Depreciation expense—Equipment 6,000
623 Wages expense 32,000
633 Interest expense 5,100
637 Insurance expense 10,000
640 Rent expense 13,400
652 Supplies expense 7,400
682 Postage expense 4,200
683 Property taxes expense 5,000
684 Repairs expense 8,900
688 Telephone expense 3,200
690 Utilities expense 4,600


Totals $ 411,900 $ 411,900



O. Tybalt invested $5,000 cash in the business in exchange for more common stock during year 2013 (the December 31, 2012, credit balance of retained earnings was $121,400). Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2014.


Required:
1.1
Prepare the income statement for the calendar year 2013

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Coursework Assignment Help
Smart Homework Helper
Financial Hub
Isabella K.
Financial Solutions Provider
Smart Tutor
Writer Writer Name Offer Chat
Coursework Assignment Help

ONLINE

Coursework Assignment Help

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$29 Chat With Writer
Smart Homework Helper

ONLINE

Smart Homework Helper

I am an elite class writer with more than 6 years of experience as an academic writer. I will provide you the 100 percent original and plagiarism-free content.

$33 Chat With Writer
Financial Hub

ONLINE

Financial Hub

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$38 Chat With Writer
Isabella K.

ONLINE

Isabella K.

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$22 Chat With Writer
Financial Solutions Provider

ONLINE

Financial Solutions Provider

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$22 Chat With Writer
Smart Tutor

ONLINE

Smart Tutor

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$17 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Pay to have homework done - Attention getters for speeches about sports - Asthma soap note - Huber meaning in jail - Response - What gives a firm tight control for coordinating a globally dispersed value chain? - Gp synergy training regions - Iodoform test is not given by - Ecosystem approach - How to calculate potential difference - Leeds city council building control - Oracle 12c sql chapter 5 hands on assignments answers - Calculate your weight on other planets - Which of the following statements accurately describes the swot analysis? - Mod 2 PAASU - Modified duration of zero coupon bond - Polit and beck 2017 pdf - Debriefing/ replies - Ian fisk gig guide - Paradise corporation budgets on an annual basis - Bloomberg exchange rates cad to usd - Edexcel igcse chemistry specification - Arabic gcse speaking questions - Evaluate each function for the domain - Pr 7 3b bank reconciliation and entries - Discussion Posts Due today - Do nsw police have to identify themselves - Molecular orbital theory worksheet with answers - Wk9 assign 6053 - Propaganda in harrison bergeron - Kent institute moodle - The 10 core social work competencies are - 5-2 - Coppersmith global logistics reviews - Every fucking day of my life - 5 sources of power in organizations - Sex lies and conversation thesis - Add provider to hicaps terminal - Toshiba hw setup utility for windows 10 - Ware co produces and sells motorcycle parts - The redistricting game worksheet answers - Dearly disconnected - Paradox in macbeth act 2 - Saigon institute of technology - Individual healthcare identifier form - Snip snip here snip snip there wizard of oz lyrics - Discussion - Nib extras remedial massage - Why was ruth upset when walter gave travis the money - Managing a Healthcare Organization - Vaseline hair tonic tesco - Dr jekyll and mr hyde chapter 6-8 summary - Southwood school case study analysis - Articulate the PR - Goals for War (Plagiarism Checked) Submit Assignment - Watch video(8mins) and write response (250words) - Relationship between qualitative analysis and evidence based practice - Player b's longest home run - Kaffir boy discussion questions - Aldershot and district tennis league - C12 Case Analysis 4- Awad v. Ziriax, et al, No. 10-6273 - Uv light meter app - 10 adam 10 police code - Pea plant crosses worksheet answers - 11 7 challenge problem accounting answers - A raisin in the sun act 2 pdf - Ayer yo (tener) que hacer unos mandados. - American History - Ge supra lockbox forgot code - Eco203 - Size constancy muller lyer illusion - Good vs evil essay - Week 2 - 2 sector circular flow model - Case study on death and dying grand canyon university - Capsim drift rates - NCM_Discussion2 - How can ashley be a more effective team leader - Deciduous tooth numbering system - Dot and cross diagram for hf - How to critique an article nursing - Mars in cancer man in bed - Great expectations study guide chapters 1 10 answers - Chemical potential energy pictures - Implementing change business case ldr 531 - Tolstoy what is art summary - Oh how i love your law - Exam for Organizational Behavior - How to beat your nafs in islam - How the hr function varies between organisations in different sectors - Boba interview questions - In the case of the pizzerias the market equilibrium price - Benchmark - Collaboration and Communication Action Plan - Gas laws pre lab answers - Sonny's blues short story summary - FAERIE GLENN “[[(+2761O482071)]““]@)) EARLY TERMINATION- PILLS FOR SALE IN FAERIE GLENN PARKTOWN, PRETORIA - Draft Research Paper - Electric Fields - Analysis of poverty and crime - Urgent Small Discussion due in 2 hours - Hb fuller resistol