Course: Financial Accounting

Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of stockholders' equity, or balance sheet. 1. Accounts Payable balance sheet 2. Accounts Receivable balance sheet 3. Cash balance sheet 4. Dividends statement of stockholders' equity 5. Fees Earned income statement 6. Supplies balance sheet 7. Unearned Rent balance sheet 8. Utilities Expense income statement 9. Wages Expense income statement 10. Wages Payable balance sheet Financial Statements from the End-of-Period Spreadsheet Triton Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended April 30, 20Y3: Triton Consulting End-of-Period Spreadsheet For the Year Ended April 30, 20Y3 Unadjusted Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 16,770 16,770 Accounts Receivable 39,940 39,940 Supplies 4,230 3,550 680 31,950 31,950 Office Equipment Accumulated Depreciation 4,430 2,120 6,550 10,780 10,780 Accounts Payable Salaries Payable 520 520 Common Stock 13,000 13,000 27,740 Retained Earnings 27,740 Dividends 5,190 5,190 Fees Earned 74,490 74,490 Salary Expense 29,160 520 29,680 3,550 3,550 Supplies Expense Depreciation Expense 2,120 2,120 Miscellaneous Expense 3,200 3,200 130,440 130,440 6,190 6,190 133,080 133,080 Based on the preceding spreadsheet, prepare an income statement for Triton Consulting. Triton Consulting Income Statement For the Year Ended April 30, 20Y3 Fees earned Expenses: Salary expense Supplies expense Depreciation expense Miscellaneous expense Total expenses Net income Feedback Based on the preceding spreadsheet, prepare a statement of stockholders' equity for Triton Consulting. During the year ended April 30, 20Y3, common stock of $4,000 was issued. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Triton Consulting Statement of Stockholders' Equity For the Year Ended April 30, 20Y3 Common Stock Retained Earnings Balances, May 1, 2012 Total Issued common stock Net income Dividends Q000 1000 Balances, April 30, 2013 Income Statement FedEx Corporation (FDX) had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $810 Fuel Expense 2,827 Maintenance and Repairs Expense 1,377 Other Expense (Income) Net 4,374 Provision for Income Taxes Purchased Transportation 1,053 Rentals and Landing Fees 1,531 Revenues 21,627 Salaries and Employee Benefits 7,719 705 a. Prepare an income statement. FedEx Corporation Income Statement For the Year Ended May 31 (in millions) Revenues Expenses: Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense 1111110 Maintenance and repairs expense Provision for income taxes Other expense (income) net Statement of stockholders' equity; net loss Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2045, are as follows: Common Stock May 1 (2014) 10,000 7,500 Puly 1 Retained Earnings Dividends 475,500 5,000 Apr. 30 Apr. 30 31,200 May 1 (2014) 5,000 July 31 (2014) Oct. 31 Jan. 31 Apr. 30 (2014) 1,250 Apr. 30 1,2501 1,2501 1,250 Prepare a statement of stockholders' equity for the year ended April 30, 20Y5. Restoration Arts Statement of Stockholders' Equity For the Year Ended April 30, 2015 Common Stock Retained Earnings Balances, May 1, 2014 Total Issued common stock Net loss Dividends Balances, April 30, 2015 Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 20Y3 Assets Current assets: Cash $21,000 Accounts payable 32,900 Supplies 9,500 Prepaid insurance 17,100 Land 248,600 Total current assets Property, plant, and equipment: Building $520,200 Equipment 117,700 Total property, plant, and equipment $329,100 855,800 Total assets $1,184,900 Liabilities $47,700 214,200 Current liabilities: Accounts receivable Accumulated depreciation-building Accumulated depreciation-equipment Net income Total liabilities 34,800 188,300 $485,000 Stockholders' Equity Wages payable $3,700 150,000 546,200 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 699,900 $1,184,900 Prepare a corrected balance sheet. Labyrinth Services Co. Balance Sheet August 31, 20Y3 Assets Current assets: Cash Accounts receivable Supplies 2000 Prepaid insurance Total current assets Property, plant, and equipment: Land V! Building Accumulated depreciation - building Book value - building Equipment Accumulated depreciation - equipment Book value - equipment Identifying Accounts to be closed From the following list, identify the accounts that should be closed to retained Earnings at the end of the fiscal year: a. Accounts Payable Not closed to Retained Earnings b. Accumulated Depreciation-Equipment Not closed to retained Earnings c. Depreciation Expense-Equipment Yes, closed to retained Earnings d. Equipment Not closed to retained Earnings e. Common Stock Not closed to Retained Earnings f. Dividends Yes, closed to retained Earnings g. Fees Earned Yes, closed to retained Earnings h. Land Not closed to Retained Earnings i. Supplies Not closed to retained Earnings j. Supplies Expense Yes, closed to retained Earnings k. Wages Expense Yes, closed to retained Earnings 1. Wages Payable Not closed to Retained Earnings