end of period worksheet
ll T-Mobile 11:03 PM X O. Reza Fitness Center N... January, 20XX Transactions Jan. 1 The following assets were received from Oneida Reza Cash $65,000; Accounts Receivables 4,700: Equipment, $24,000: Supplies $5,000. There were no liabilities Paid three months rent on a lease rental contract, $9,000 2 Pald 12-month premiums on property and casualty insurance policies, $12000. Received cash from a corporate client as an advance payment (unearned reveaue) for fitness design $9,400. S Purchased fitness equipment on account from Doubletree Fitmess Equipment, $8,000 6 Received check from design clients on account, $11,700. 10 Paid cash for a newspaper advertisement, $350 Paid Doubletree Fitness Equipment for part of the debt incurred on Jan 5, $6,400 Recorded design services provided on account for the period Jan. 1-12, $21,900. 12 14 Paid fitmess assistants for two weeks' salary, $1,630 Record the following transactions on Page 2 of the journa 17 Recorded cash from membership fees earned during the period Jan. 1-16 57,600 8 Paid cash for supplies, $825 20 Recorded services design services provided on account for the period Jan. 13-20, 516,800 24 Recorded cash from membership fees earned for the period Jan. 17-24, $4,450. 26 Received cash from design clients on account, $26,500. Paid fitness assistants for two weeks salary, $1,650 29 Paid telephone bill for Jamuary, $540 0 Paid electricity bill for January, $760 30 Recorded cash from membership fees earned for the period Jan. 25-30, $3,160 0 Recorded design services provided on account for the remainder of January, $2.590. 0 Oneida withdrew $20,000 for personal use. At the end of January, the following adjustment data is prepared. Analyze and use the data to requirements 3 and 4 a. One month's insurance expired during January (calculation required). b. Supplies on hand on January 31 are $1225 c. Depreciation of Furniture& Equipment is for one month. Equipment of $24,000 was new with no previous depreciation. Estimated life of equipment is 2.5 years d. Accrued fitness assistants salary on January 31 is $275 e. One month of rent expired during January f. Unearned fees on January 31 are $2,35O. Calculate the following ratios and explain what they say to the owner or investor 1. Ratio of Liabilities to Owner's Equity Formula Answer ll T-Mobile 11:03 PM X O. Reza Fitness Center N... January, 20XX Transactions Jan. 1 The following assets were received from Oneida Reza Cash $65,000; Accounts Receivables 4,700: Equipment, $24,000: Supplies $5,000. There were no liabilities Paid three months rent on a lease rental contract, $9,000 2 Pald 12-month premiums on property and casualty insurance policies, $12000. Received cash from a corporate client as an advance payment (unearned reveaue) for fitness design $9,400. S Purchased fitness equipment on account from Doubletree Fitmess Equipment, $8,000 6 Received check from design clients on account, $11,700. 10 Paid cash for a newspaper advertisement, $350 Paid Doubletree Fitness Equipment for part of the debt incurred on Jan 5, $6,400 Recorded design services provided on account for the period Jan. 1-12, $21,900. 12 14 Paid fitmess assistants for two weeks' salary, $1,630 Record the following transactions on Page 2 of the journa 17 Recorded cash from membership fees earned during the period Jan. 1-16 57,600 8 Paid cash for supplies, $825 20 Recorded services design services provided on account for the period Jan. 13-20, 516,800 24 Recorded cash from membership fees earned for the period Jan. 17-24, $4,450. 26 Received cash from design clients on account, $26,500. Paid fitness assistants for two weeks salary, $1,650 29 Paid telephone bill for Jamuary, $540 0 Paid electricity bill for January, $760 30 Recorded cash from membership fees earned for the period Jan. 25-30, $3,160 0 Recorded design services provided on account for the remainder of January, $2.590. 0 Oneida withdrew $20,000 for personal use. At the end of January, the following adjustment data is prepared. Analyze and use the data to requirements 3 and 4 a. One month's insurance expired during January (calculation required). b. Supplies on hand on January 31 are $1225 c. Depreciation of Furniture& Equipment is for one month. Equipment of $24,000 was new with no previous depreciation. Estimated life of equipment is 2.5 years d. Accrued fitness assistants salary on January 31 is $275 e. One month of rent expired during January f. Unearned fees on January 31 are $2,35O. Calculate the following ratios and explain what they say to the owner or investor 1. Ratio of Liabilities to Owner's Equity Formula
