1) What is the Net Income for the Month ended June 30, 2004?

2) What is the Revenue for the Month ended June 30, 2004?

3) What is the Total Expense for the Month ended June 30, 2004?

4) What is the Adjusted Trial Balance on the debit or credit side for the Month of June 30, 2004?

5) What is the Total Asset for the Month June 30, 2004 in the Balance Sheet?

6) What is the Total Liability for the Month June 30, 2004 in the Balance Sheet?

7) What is the B. Lutz Capital for the Month June 30, 2004, in the Balance Sheet?

8) What is the Post-Closing Trial Balance on the debit or credit side for the Month of June 30, 2004?

9) What is the Net Income for the month ended July 30, 2004?

10) What is the Revenue for the Month ended July 31, 2004?

11) What is the Total Expense for the Month ended July 31, 2004?

12) What is the Adjusted Trial Balance on the debit or credit side for the Month of July 31, 2004?

13) What is the Total Asset for the Month July 31, 2004, in the Balance Sheet?

14) What is the Total Liability for the Month July 31, 2004, in the Balance Sheet?

15) What is the B. Lutz Capital for the Month July 31, 2004, in the Balance Sheet?

16) What is the Post-Closing Trial Balance on the debit or credit side for the Month of July 31, 2004?

17) What is the profit margin ratio for the month of June 30, 2004? Round it up to the nearest two-digit number.

a) 35%

b) 23%

c) 30%

d) 23%

18) What is the profit margin ratio for the month of July 31, 2004? Round it up to the nearest two-digit number.

a) 30%

b) 25%

c) 34%

d) 38%

19) What is the Net Equipment Book Value for the Month June 30, 2004 in the Balance Sheet?

20) What is the Net Equipment Book Value for the Month July 31, 2004, in the Balance Sheet?

19) What is the Net Equipment Book Value for the Month June 30, 2004 in the Balance Sheet?

20) What is the Net Equipment Book Value for the Month July 31, 2004, in the Balance Sheet?

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The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional) P10. On June 1, 2014, Bob Lutz opened Lutz Repair Service. During the month, be completed the following tranuctions for the company: June 1 Reqan basines by deporiting $20,000 in a bank account in the name of the company. 1 Paid the rent for the atore for current month, 51,700 . 1 Paid the premium on a one-year insurance polig, 51,920 . 2 Rurchaned repair equipment from Billus Company, 516,800 . Terms were 52,400 down and $1,200 per month for one year. Fint puyment is due lune 1. 5. Purchased repair woplia from Raxin Company en crodit, 51,872 . 8 Paid canh for an advertisement in a local newyoper, 5240 . Is Reccived cant repair revenot for the first half of the month, 51,600 . 21 Paid Rain Company on account, 5900. 30 Recelved cash repuir revenue for the laut half of May, 53,900. 30 Made a withdrawzil, 51,200. Rt Quint D Fon gunt 1. Treparc joumal entric to reond the Jane tranuctions. Indude the Post. Mef. column and fill in uning the accoont number lated in requirement 2. 2. Open the folloning acomants Cash (111); Fropeld Inuranoe (117); Repair Supplies (119), Repair Equpment (144); Accumulared Depreciation-Repair Equipment (145), Aocount Pryable (212): A. Latr, Cupital (311); B. Lutc, Withdrawalh (313); Incoms Summary (314), Requir Rovenuc (411); Store Rent Expense (511); Advertising Eypense (512). Inauranoe Eypense (513), Repuir Supplien Expense (514); and Depreciution Expcnie-Repair Equipment (515). Pont the May journal entries to the ledecr accounte. 3. Using the following information, recond adjusing entries in the general journal and poit to the ledger accoonts: d. One month's insarance has cypired. c. The remaining imventory of unused repair mpplies is 5676. c. The eatimated depecciation on repair equipment is 5280 . 4. From the accounts in the ledger, prepare an adjusted trial bulance. (Nate Normally, a trial balance is pecpured before adjustments but is omited here to ave time.) 5. From the adjuated trial balance, prepare an income starement, a statement of own. cr's equiry, and a tulance shoet for June. 6. Propare and post doting entries. 7. Tropure a post-douing trial balance. (Optienal) During July, Rob Lutz completed thene transactions for Lute Repuir Senice loly I Paid the monthly rent, 51,700 . 1 Made the monthly puyment to Baltio Compane, 51,200. 6 Turchaned additional repair euppliics oa crodit from Reain Company, $3,452. 15 Reseived caly repair revenue for the fint half of the month, \$3,056. 20 Paid eanh for an advertivement in the local newsuper, 5340 . 23 Paid ltawin Company on account, \$2,400. 30 Reckived call repuir revenue for the tix half of the monch, 53,265. 30 Recorded a withdrawal by owner, $1,200. (C"anviasiald in 1,3 The Complese Rccounting Crele Wothert a Work shesti Bee keenths firciend mesth epcionah ferm 1 accuteroton funt Feat is reat kefper tocecath tit tave time) it ayeirs, and s bilwey then for lase. (Optipasid 1. Male ter minely permont bis fatue Conquer, s1 200. 33.45? Chapter 4. Completing tor Acopentint Crit 8. Thegair asid poet joemal cntriat to rocond the I dy tranuictons. poet 60 the ledeer dacorutes. d. One month's inaurace has eapirect. e. The inetnocey of anuscd repair exppese a 51 . 952 . f. The estimates depectiation on ipplit mpuipment ia $200. owner's equity, and belucer abeet. 12. Prepare and poet clowing charict 18. Prepare a pecer-doting trial bulutce The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional) P10. On June 1, 2014, Bob Lutz opened Lutz Repair Service. During the month, be completed the following tranuctions for the company: June 1 Reqan basines by deporiting $20,000 in a bank account in the name of the company. 1 Paid the rent for the atore for current month, 51,700 . 1 Paid the premium on a one-year insurance polig, 51,920 . 2 Rurchaned repair equipment from Billus Company, 516,800 . Terms were 52,400 down and $1,200 per month for one year. Fint puyment is due lune 1. 5. Purchased repair woplia from Raxin Company en crodit, 51,872 . 8 Paid canh for an advertisement in a local newyoper, 5240 . Is Reccived cant repair revenot for the first half of the month, 51,600 . 21 Paid Rain Company on account, 5900. 30 Recelved cash repuir revenue for the laut half of May, 53,900. 30 Made a withdrawzil, 51,200. Rt Quint D Fon gunt 1. Treparc joumal entric to reond the Jane tranuctions. Indude the Post. Mef. column and fill in uning the accoont number lated in requirement 2. 2. Open the folloning acomants Cash (111); Fropeld Inuranoe (117); Repair Supplies (119), Repair Equpment (144); Accumulared Depreciation-Repair Equipment (145), Aocount Pryable (212): A. Latr, Cupital (311); B. Lutc, Withdrawalh (313); Incoms Summary (314), Requir Rovenuc (411); Store Rent Expense (511); Advertising Eypense (512). Inauranoe Eypense (513), Repuir Supplien Expense (514); and Depreciution Expcnie-Repair Equipment (515). Pont the May journal entries to the ledecr accounte. 3. Using the following information, recond adjusing entries in the general journal and poit to the ledger accoonts: d. One month's insarance has cypired. c. The remaining imventory of unused repair mpplies is 5676. c. The eatimated depecciation on repair equipment is 5280 . 4. From the accounts in the ledger, prepare an adjusted trial bulance. (Nate Normally, a trial balance is pecpured before adjustments but is omited here to ave time.) 5. From the adjuated trial balance, prepare an income starement, a statement of own. cr's equiry, and a tulance shoet for June. 6. Propare and post doting entries. 7. Tropure a post-douing trial balance. (Optienal) During July, Rob Lutz completed thene transactions for Lute Repuir Senice loly I Paid the monthly rent, 51,700 . 1 Made the monthly puyment to Baltio Compane, 51,200. 6 Turchaned additional repair euppliics oa crodit from Reain Company, $3,452. 15 Reseived caly repair revenue for the fint half of the month, \$3,056. 20 Paid eanh for an advertivement in the local newsuper, 5340 . 23 Paid ltawin Company on account, \$2,400. 30 Reckived call repuir revenue for the tix half of the monch, 53,265. 30 Recorded a withdrawal by owner, $1,200. (C"anviasiald in 1,3 The Complese Rccounting Crele Wothert a Work shesti Bee keenths firciend mesth epcionah ferm 1 accuteroton funt Feat is reat kefper tocecath tit tave time) it ayeirs, and s bilwey then for lase. (Optipasid 1. Male ter minely permont bis fatue Conquer, s1 200. 33.45? Chapter 4. Completing tor Acopentint Crit 8. Thegair asid poet joemal cntriat to rocond the I dy tranuictons. poet 60 the ledeer dacorutes. d. One month's inaurace has eapirect. e. The inetnocey of anuscd repair exppese a 51 . 952 . f. The estimates depectiation on ipplit mpuipment ia $200. owner's equity, and belucer abeet. 12. Prepare and poet clowing charict 18. Prepare a pecer-doting trial bulutce