D E 14 Account No. Balance Debit Credit 11,900 Credit Account No. 21 Balance Debit Credit 2,700 Credit A B 30 31 Account Office Equipment 32 33 Date Item Debit 34 1-Sep Balance 35 11-Sep 36 37 Account Accounts Payable 38 39 Date Item Debit 40 1-Sep Balance 41 11-Sep 42 15-Sep 43 44 Account Niki Yamura, Capital 45 46 Date Item Debit 47 1-Sep Balance 48 49 Account Niki Yamura, Drawing 50 51 Date Item Debit 52 1-Sep Balance 53 30-Sep 54 55 Account Fees Earned 56 57 Date Item Debit 58 1-Sep Balance 59 19-Sep 60 Account No. 31 Balance Debit Credit 21,400 Credit 32 Account No. Balance Debit Credit 3,100 Credit Account No. 41 Balance Debit Credit 23,100 Credit D E F 51 Account No. Balance Debit Credit 300 Debit Credit 52 Account No. Balance Debit Credit 4,200 Debit Credit A B 60 61 Account Advertising Expense 62 63 Date Item 64 1-Sep Balance 65 3-Sep 66 67 Account Rent Expense 68 69 Date Item 70 1-Sep Balance 71 1-Sep 72 73 Account Utilities Expense 74 75 Date Item 76 1-Sep Balance 77 30-Sep 78 79 Account Wages Expense 80 81 Date Item 82 1-Sep Balance 83 30-Sep 84 53 Account No. Balance Debit Credit 3,500 Debit Credit 54 Account No. Balance Debit Credit 900 Debit Credit A B E F Develop the unadjusted trial balance using cell references from the ending balances of the accounts in the general ledger (GL) 1 worksheet. 2 3 4 Artscape Unadjusted Trial Balance September 30, 2011 5 6 7 Debit Credit Balances Balances 8 9 Cash 10 Accounts Receivable 11 Supplies 12 Office Equipment 13 Accounts Payable 14 Niki Yamura, Capital 15 Niki Yamura, Drawing 16 Fees Earned 17 Advertising Expense 18 Rent Expense 19 Utilities Expense 20 Wages Expense 21 Totals 22 23 24 JE GL UTB + A B 1 2 Impact Tools Adjusted Trial Balance August 31, 2011 3 4 5 Credit Balance Debit Balance 12,400 2,450 980 3,600 12,800 6 7 Cash 8 Accounts Receivable 9 Supplies 10 Prepaid Rent 11 Equipment 12 Accumulated Depreciation 13 Accounts Payable 14 Salaries Payable 15 Oliver Reddy, Capital 16 Oliver Reddy, Drawing 17 Fees Earned 18 Salary Expense 19 Rent Expense 20 Supplies Expense 21 Depreciation Expense 22 Miscellaneous Expense 23 3,260 1,050 490 22,570 7,500 21,300 5,270 1,200 1,140 820 510 48,670 48,670 24 A B C D 1 2 Impact Tools 3 Income Statement 4 For the Month Ended August 31, 2011 5 6 Fees earned 7 Expenses: 8 Salary expense 9 Rent expense 10 Supplies expense 11 Depreciation expense 12 Miscellaneous Expense 13 Total expenses 14 Net Income 15 16 Impact Tools 17 Statement of Owner's Equity 18 For the Month Ended August 31, 2011 19 20 Oliver Reddy, Capital, August 1, 2013 21 Net income for the month 22 23 Less withdrawals 24 Oliver Reddy, Capital, August 31, 2013 25 $ $ B C E F G $ Impact Tools Balance Sheet August 31, 2011 24 Oliver Reddy, Capital, August 31, 2013 25 26 27 28 29 30 Assets 31 Current assets: 32 Cash 33 Accounts receivable 34 Supplies 35 Prepaid rent 36 Total current assets 37 Property, plant, and equipment 38 Equipment 39 Less:accumulated depreciation 40 Total property, plant, 41 and equipment 42 Total assets 43 44 Liabilities Current liabilties: Accounts payable Salaries payable Total liabilities $ $ Owner's Equity Oliver Reddy, capital Total liabilities and owner's equity $ $ $ D Estimated Useful Life (in years) 4 12 8 10 7 20 A B 1 Hydro-Link, Inc. 2 3 Inputs 4 Asset Initial Cost Estimated Residual 5 Value 6 Computers $ 36,000 $ 5,800 7 Conveyors 58,000 16,000 8 Cutting machine 7,600 1,200 9 Extruding machine 9,000 1,500 10 Forklift 16,000 3,400 11 Furnace 22,000 4,500 12 13 14 Output 15 Asset Annual Straight- 16 Line Depreciation 17 Computers 18 Conveyors 19 Cutting machine 20 Extruding machine 21 Forklift 22 Furnace 23 24 25 a. Complete the data (inputs table) as outlined in the text. 26 b. Enter the straight line depreciation formula in cell B17. 27 c. Copy B17 to B18:322 28 Question 1 10 pts Using the completed unadjusted trial balance for Artscape in special activity 2-4,5,6, please calculate the net income for Artscape. 17,890 O 30,300 0 -12,410 Question 2 10 pts Using the completed unadjusted trial balance for Artscape in special activity 2-4,5,6, please calculate the total assets for Artscape. O 42,070 0 9,320 O 23,240 O 18.830 Question 3 10 pts Using the completed special activity 10-1 template, please indicate the correct formula for calculating the straight line depreciation on computers. O =(B6-C6)/D6 O=B6/D6 O =(B7-C7)/D7 None of the formulas listed are correct. Question 4 10 pts Using the completed special activity 10-1 template, please indicate the straight line depreciation expense for the forklift. O 1,800 875 O 750 O 2.286 Question 5 10 pts Using the completed GL for Artscape in special activity 2-4,5,6. please select the best suited formula to calculate the cumulative balance of Cash in cell E9. The best suited formula should be one that is automated once copied down. =E8+C9-D9 -E8-D9 O=E8+C9 O=C9-09 D Question 6 10 pts Using the completed FS for Impact Tools in special activity 4-1, please select the total expense shown on the Income Statement. O 8,940 12.360 21,300 5,270 Question 7 10 pts Using the completed Fs for Impact Tools in special activity 4-1, please select the net income shown on the Income Statement. 12.360 21,300 O 8,940 27.430 Question 8 10 pts Using the completed FS for Impact Tools in special activity 4-1. please select total change in owners equity from 8/1/2013 to 8/31/2013 shown on the Statement of Owners Equity 4,860 O 12.360 O 7,500 0-7,500 D Question 9 10 pts Using the completed FS for Impact Tools in special activity 4-1, please select the total assets shown on the Balance Sheet. O 28,970 19,430 1.540 None of the amounts shown above are correct. Question 10 10 pts Using the completed FS for Impact Tools in special activity 4-1, please select the total liabilities shown on the Balance Sheet. 1.540 1,050 490 O 27.430