Case 3

These financial statement items (in thousands) are for Chen Company at year-end, July 31, 2014.

Salaries and wages payable 4,580 Note payable (Non-Current) 3,300

Salaries and wages expense 45,700 Cash 22,200

Utilities expense 19,100 Accounts receivable 9,780

Equipment 24,000 Accumulated depreciation-equip. 6,000

Accounts payable 4,100 Dividends 4,000

Service revenue 58,100 Depreciation expense 4,000

Rent revenue 6,500 Retained earnings (8/1/2013) 30,000

Share capital-ordinary 16,200

Instructions

(a) Prepare an income statement and a retained earnings statement for the year.

(b) Prepare a classified statement of financial position at July 31, 2014.

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Case 3 These financial statement items (in thousands) are for Chen Company at year-end, July 31, 2014. Salaries and wages payable 4,580 Salaries and wages expense 45,700 Cash Utilities expense 19,100 Accounts receivable 9,780 Equipment 24,000 Accumulated depreciationequip. 6,000 Dividends 4,000 Depreciation expense 4,000 Accounts payable 4,100 Service revenue 58,100 Rent revenue 6,500 Share capital-ordinary Note payable (Non-Current) 3,300 22,200 Retained earnings (8/1/2013) 30,000 16,200 Instructions (a) Prepare an income statement and a retained earnings statement for the year. (b) Prepare a classified statement of financial position at July 31, 2014. Case 4 Vanguard Company had the following adjusted trial balance at December 31, 2014. VANGUARD COMPANY Adjusted Trial Balance For the Year Ended December 31, 2014 Account Titles Cash Accounts Receivable Equipment Accounts Payable Debits Credits 12,800 8,800 15,900 4,400 7,400 Accumulated DepreciationEquip. Share Capital - Ordinary 17,000 Retained Earnings 25,500 Dividends 16,000 Service Revenue 68,000 Unearned Rent Revenue 1,800 Rent Revenue 6,500 Salaries and Wages Expense 55,700 Depreciation Expense 6,000 Supplies Expense 200 Utilities Expense 14,900 130,300 130,300 Instructions: (a) Journalize the entries required to close the accounts. (b) Prepare a retained earnings statement for the year ended December 31, 2014. Case 5 Presented below is an adjusted trial balance for Cowell Company, at December 31, 2014. Cash Accounts receivable Prepaid insurance Equipment Depreciation expense Dividends Advertising expense Rent expense Salaries and wages expense Insurance expense 10,700 20,000 15,000 35,000 7,000 1,500 1,400 800 5,000 1,600 98,000 Accounts payable Notes payable Accumulated depreciation equipment Service revenue Retained earnings Unearned service revenue Share capital-ordinary 10,000 9,000 14,000 30,000 12,000 11,000 12,000 98,000 Instructions (a) Prepare closing entries for December 31, 2014. (b) Determine the balance in the retained earnings account after the entries have been posted