e Rainmaker Environmental Consultants is just finifhing is seconf year of operations. The Company's unadjusted Trial Balance is as follows Rainmaker ironmental Consultants Uladjusted Trial Balance October 31, 2020 Debit Credit Acct. No Account $ 26,000 101 Cath 61.000 106 Accounts receivable 109 Interest receivable Notes receivable 50.000 126 Supplies 5.300 128 Prepaid insurance 3.400 131 Prepaid rent 27.000 161 Office furniture $4,000 162 Accumulated depreciation, office furniture..... $ 25.000 201 Accounts payable 18.000 210 Wages payable 0 233 Unearned consulting revenue 26.000 301 Jeff Moore, capital 223.000 302 Jeff Moore, withdrawals 28.000 401 Consulting revenue 232.020 409 Interest income 450 601 Depreciation expense, office furniture. 0 622 Wapes expense 192.000 637 Insurance expense. 0 640 Rent expense 44.000 650 Supplies expense. Totals $527.500 $527.500 Rainmaker prepares adjsutments each October 31. The following additonal information is available on October 31, 2020 1. It was determined that $ 12,000 of unearned consulting revenue had not yet been earned. 2. It was discovered that $ 14,000 of the balance in Consulting Revenue Account was for Services to be performed in November 3. The Balance in Prepaid Rent Account Represents 3 months of rent beginning September 1, 2020. 4. Accrued Wages at October 31 totals $ 6,800. 5. The office Furniture was purchased on March 1, 2019 and has an estimated useful life of two years. After two years furniture will be worthless. Rainmaker uses Straight Line Method for calcualting depreciation. {(Depreciation under SLM = (Cost-Residual Valuey Useful Life) QX 5. The office Furniture was purchased on March 1, 2019 and has an estimated useful life of two years After two years furniture will be worthless, Rainmaker uses Straight Line Method for calcualting depreciation. (Depreciation under SLM (Cost-Residual Value Useful Life) 6. Accrued Consulting Revenue at the year end totalled $ 4.200 7. Interest of $ 85 had accrued on the note receivable, forthe month of October 8. The Balance in prepaid Insurance account represents the remaining balance of two year policy purchased on April 1, 2019. 9. A count of supplies on October 31, revealed a balance remaining of $ 620. Question 112 points) Profit/ (loss) as per Unadjsuted Trial Balance a Ob $ 10,300 Profit $10.300 LOSS $ 10,780 Loss $ 3.980 LOSS C Question 122 points) Profit or Loss as per adjusted Trail Balance a ob Loss of $ 68,415 Loss of $ 79,895 Profit of $ 79,895 Profit of $ 68,415 d Question 132 points) Total Revenue before any adjustments would be a $ 232,020 $ 232,500 b FOX 30 AM Fri Jul 24 TEST-2 k Question 17 points) Total of equity balance without considering adjsutments (after taking profit or loss before any adjsutments) b $223.000 $195.000 $184700 $ 221720 C Question 18 2 points) Depreciation of furniture for year ended October 31st, 2020 would be a b 28000 56000 42000 36000 d Question 19 (2 points) Closing balance in Prepaid rent account after adjustmnets would be a b 27000 18000 9000 0 (zero) d Question 20 points) Balance in unearned revenue Account, after adjustments would be a b 26,000 14,000 12,000 0 (Zero) C d OX 30 AM Fri Jul 24 TEST-2 Question 252 points Total expenses (after adjsutments) would be eb $ 192,000 $ 242,800 $361,860 $ 316,680 Od Question 26 points) Total wages expenses that would be presented on Financial Statements is a b $ 192,000 $198.800 $ 6,800 $ 185,200 d Question 272 points) The balance of Equity that would be shown on Balance sheet (after all adjsutments and considering adjsuted profit/Loss) a D $223,000 $ 184,700 $115,105 $ 195,000 C d Question 28 (2 points) Total of Curent Assets before any adjsutments a b $ 146,700 $ 230,700 $ 172,700 $ 256,700 d SY 30 AM Fri 24 TEST-2 T a b $223.000 $184,700 $115.105 $ 195,000 d Question 28 12 points) Total of Curent Assets before any adjsutments a b $ 146,700 $ 230,700 $ 172,700 $ 256,700 d Question 29 2 points) Total of current Assets after adjustments would be a b $ 195105 $159905 $ 159105 $ 151905 c Od Question 30 (2 points) Net impact of adjustments on Acounts Payable is b Zero (Nil) Increased by $ 6,800 Can not be determined Increased by $4,200 d Review Answers Back QX t Question 212 points Insurance expense for the year, after adjsutments would be a b 0 (zero) 1200 2400 3400 d Question 22 (2 points) Net impact of adjsutments on cash acocunt is a b Increased by $ 5,600 Decreased by $ 5,600 Difficult to determine the impact Not impacted by adjustments Od Question 232 points) Total of credits side of adjusted trial balance would be a b 550,585 580,585 572,500 527,500 d Question 242 points) Balance in Non-current assets (after adjsutments) would be b Debit 84,000 Credit 28,000 Credit 45,000 Debit 14,000 d >QX