#1......

Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2016:

Mackenzie Inc.

ADJUSTED TRIAL BALANCE

December 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash	2,300.00
2	Accounts Receivable	2,500.00
3	Allowance for Doubtful Accounts		250.00
4	Inventory	6,500.00
5	Prepaid Insurance	800.00
6	Land	5,800.00
7	Buildings and Equipment	30,000.00
8	Accumulated Depreciation		14,500.00
9	Accounts Payable		3,500.00
10	Salaries Payable		400.00
11	Unearned Rent		360.00
12	Income Taxes Payable		2,750.00
13	Note Payable		4,900.00
14	Interest Payable		650.00
15	Common Stock		9,000.00
16	Retained Earnings		7,660.00
17	Dividends	1,300.00
18	Income Summary
19	Sales Revenue		31,030.00
20	Rent Revenue		1,300.00
21	Cost of Goods Sold	15,300.00
22	Selling Expenses	4,900.00
23	Administrative Expenses	3,500.00
24	Interest Expense	650.00
25	Income Tax Expense	2,750.00
26	Totals	76,300.00	76,300.00

	For classification purposes:
	Note payable is due July 1, 2020
	Interest payable is due July 1, 2020

Required:

Prepare in proper form for 2016 the companys:

1. income statement

2. retained earnings statement

3. ending balance sheet

4. closing entries in its general journal

#2.....

On April 1, 2016, Ringo Company borrowed $30,000 from its bank by issuing a 10%, 12-month note, with the interest to be paid on the maturity date. Ringo Company correctly recorded the issuance of the note and the related year-end adjusting entry.

Required:

(a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017, and the journal entry to record the payment of the note on April 1, 2017.

(b) Assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017.

(a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017. Additional Instruction

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1		Reversing Entries
2
3

Assuming Ringo Company makes reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017. Additional Instruction

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3

(b) Assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1, 2017. Additional Instruction

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4

#3.....

The Samuel Company uses the straight-line method to depreciate its equipment. On May 1, 2015, the company purchased some equipment for $224,000. The equipment is estimated to have a useful life of ten years and a salvage value of $20,000. On December 31, 2015, how much depreciation expense should Samuel record for the equipment in the adjusting entry?

$18,500

$20,400

$8,500

$13,600

#4...

Liabilities

For the current year, Vidalia Company reported revenues of $250,000 and expenses of $225,000. At the beginning of the year, its retained earnings had a balance of $95,000. During the year, Vidalia paid $11,000 dividends to shareholders. Its contributed capital was $56,000 at the beginning of the year, and it did not issue any new stock during the year. Vidalia's assets total $237,500 on December 31 of the current year. What are Vidalia's total liabilities on December 31 of the current year?

Total liabilities $