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Can someone please explain this homework to me by providing answers with work. Professor is not very helpful in this course. Question 1 The following
Can someone please explain this homework to me by providing answers with work. Professor is not very helpful in this course.
Question 1 The following is the Bravo Unlimited unadjusted Trail Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Wages Payable 6,255 12,000 295,285 $224,260 73,555 0 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 893,105 Interest Income 1,500 Rent Expense 60,500 Wages Expense 527,260 Supplies Expense 42,520 Utilities Expense Depreciation Expense Interest Expense Totals 8,595 144,000 6,840 _______ $1,523,565 $1,523,565 Adjusting Items: 1. The prepaid rent covers December 2016 thru March 2017 rents. 2. December depreciation on equipment is $11,500 per month. 3. At year end Wages of $12,000 were earned but unpaid. Use this information to determine the adjusted account balances for the following: 1. Cash 2. Prepaid Rent 3. Equipment 4. Accumulated Depreciation 5. Wages Payable 6. Rent Expense 7. Wages Expense 8. Depreciation Expense Question 1 options: 1. 2. 3. 4. 5. 6. 7. 8. Question 2 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Unadjusted Trial Balance December 31, 2016 Account Title Cash Debit $88,450 Credit Accounts Receivable Supplies Prepaid Rent Equipment 331,860 9,255 12,000 295,285 Accumulated Depreciation $238,760 Accounts Payable 78,555 Wages Payable 15,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 895,105 Interest Income 1,500 Rent Expense 64,500 Wages Expense 542,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 158,500 Interest Expense Totals 6,840 ________ $1,560,065 $1,560,065 Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." Question 2 options: Date Accounts Debit Question 3 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Credit Account Title Debit Credit Cash $88,450 Accounts Receivable 330,000 Supplies Prepaid Rent Equipment 9,255 12,000 295,285 Accumulated Depreciation $238,760 Accounts Payable 78,555 Wages Payable 15,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 895,105 Interest Income 1,500 Rent Expense Wages Expense 64,500 542,260 Supplies Expense 42,520 Depreciation Expense 167,095 Dividends Totals 8,700 ________ $1,560,065 $1,560,065 Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." Question 3 options: Date Accounts Debit Credit Question 4 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 330,000 Supplies Prepaid Rent Equipment 9,255 12,000 295,285 Accumulated Depreciation $238,760 Accounts Payable 78,555 Wages Payable 15,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 895,105 Interest Income 1,500 Rent Expense Wages Expense Supplies Expense 64,500 542,260 42,520 Depreciation Expense 167,095 Dividends Totals 8,700 _________ $1,560,065 $1,560,065 Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." Question 4 options: Date Accounts Debit Credit Question 5 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies Prepaid Rent Equipment 11,255 5,500 295,285 Accumulated Depreciation $236,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 898,105 Interest Income 1,500 Rent Expense 66,000 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense 164,595 Dividends Totals 6,840 _________ $1,549,565 $1,549,565 Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." Question 5 options: Date Accounts Debit Credit Question 6 The following is the Bravo Unlimited adjusted Trail Balance. Alpha Dog Company Adjusted Trial Balance December 31, 2016 Account Title Cash Debit $88,450 Credit Accounts Receivable Supplies 168,700 30,255 Stock Investment 159,000 Equipment 295,285 Accumulated Depreciation $235,760 Accounts Payable 38,555 Wages Payable 27,000 Capital Stock 205,000 Retained Earnings 146,145 Service Revenue 902,105 Interest Income 1,500 Rent Expense 63,500 Wages Expense 539,260 Supplies Expense 42,520 Depreciation Expense 164,095 Dividends Totals 5,000 _________ $1,556,065 $1,556,065 What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.) 1. Total Current Assets 2. Total Long Term Investments 3. Total Assets 4. Total Liabilities 5. Total Equity Question 6 options: 1. 2. 3. 4. 5. Question 7 The following is the Bravo Unlimited adjusted Trail Balance. Devil Dog Company Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 151,000 Supplies Credit 33,255 Stock Investment 170,500 Equipment 295,285 Accumulated Depreciation $236,760 Accounts Payable 30,555 Wages Payable 39,000 Capital Stock 195,000 Retained Earnings 156,145 Service Revenue 900,105 Interest Income 1,500 Rent Expense Wages Expense 64,000 541,260 Supplies Expense Depreciation Expense Dividends Totals 42,520 165,095 7,700 _________ $1,559,065 $1,559,065 What are Devil Dog Company's ratios for the following: (Round all non dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and do not use a minus sign.) 1. Current Ratio 2. Quick Ratio 3. Working Capital Question 7 options: 1. 2. 3Step by Step Solution
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