etty Assignment apa publication gu 2019-10-06 22223 2019-10-06 22214 20 76/AppData/local/Packages/microsoft.Windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attach A - + Fit to page D Page view Exercise 4-7 Closing entries LO2, 3 Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2020: Debit Credit $ 21,400 $ 12.400 1.700 19.400 490 Accounts receivable Accumulated depreciation equipment.. Cash... Depreciation expense, equipment. Equipment Interest income Rent expense Salaries expense. Subscription revenues Trish Norris, capital Trish Norris, withdrawals Unearned subscription revenue Totals. 17.900 61.400 71,400 46,810 19.800 19.400 $150,500 $150.500 Required Prepare the closing entries. Required Prepare the closing entries. Exercise 4-8 Closing entries LO2, 3 Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The following year-end accounts as of December 31, 2020 are listed in alphabetical order and have normal balances. Accumulated depreciation, equipment... Cash Depreciation expense, equipment Equipment $ 13.000 40.000 4,000 46.000 3.000 110.100 43.000 Prepaid insurance..... Rent expense Salaries expense.......................... Supplies 61.000 42.000 4,000 Insurance expense Supplies expense 8 600 Nick Stilz, capital Ticket nevenue 131.000 Nick Stilz, withdrawal Uneamed revenue 4.000 Required 1. Prepare an adjusted trial balance as at December 31, 2020. Will Nick Stilz's capital account of $110.100 appear on the balance sheet as at December 31, 20207 Explain 2. Prepare the closing entries for the company, 3. What is the ending balance of Nick Stilz's capital account asa December 31, 2020? niversity h Assignment apa publication guidelines - 2019-10-06 222231[124 pData/local/Packages/microsoft windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attachments/2019-1 - + Fit to page Page View All Read aloud CHAPTER 4 Completing the Accounting Cycle and Classiting Accounts Exercise 4-9 Preparing and posting closing entries LO 2, 3 CHECK FIGURE: Post-closing balance. Marcy Jones, Capital $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Liabilities Assets Marcy Jones, Capital 71.800 Dec. 31 51.000 Dec 31 Dec. 31 142.000 Rent Expense 9.100 Marcy Jones. Withdrawals Dec 31 38.000 Sataries Expense 27.000 Dec 31 Dec 31 Insurance Expense Income Summary Services Revenue 103.000 Dec 31 De 31 .500 Depreciation Exe Dec.31 .200 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Exercise 4-9 Preparing and posting closing entries LO2, 3 CHECK FIGURE: Post-closing balance, Marcy Jones, Capital = $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Assets Liabilities Dec. 31 142,000 Marcy Jones, Capital 71.800 Dec. 31 51,000 Dec. 31 Dec 31 Rent Expense 9.100 Marcy Jones, Withdrawals Dec 31 38.000 Salaries Expense Dec 31 27.000 Income Summary Insurance Expense Dec.31 1.500 Services Revenue 103.000 Dec 31 Depreciation Expense Dec. 31 8200 Exercise 4-10 Post-closing trial balance L04 Required Using your answer from Exercise 4.9. prepare a post.closing crial balance BUR G UR 2019-TU-Ub 222814124 X /C/Users/16476/AppData/local/Packages/microsoft windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attachments/2019-10-06%20222 Add - + Fit to page Page view A Read aloud Exercise 4-14 Preparing a classified balance sheet LO6 excel Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alpha betical order. Using the template provided, prepare a classified balance sheet for the year ended December 31, 2020. For the bank loan. $60,550 is due in 2021. For Notes receivable. S41.500 will be collected in 2021. Account Title Debit Credit $ 41.625 99.700 38.250 501,000 Accounts payable Accumulated depreciation, equipment Accumulated depreciation, furniture Bank loan Cash Equipment Operating expenses Furniture Merchandise inventory Natsuki Miyakawa, capital Natsuki Myskawe, withdrawal Notes receivable Revenue Wages payable Total $115.000 373.875 38,150 102.000 34250 28.500 11,300 115.500 50.750 30,250 $790.075 $790.075 Sunshine Sushi Balance Sheet December 31, 2020 Current assets Total current assets Non current investments Property, plant, and equipment Wages payable $290,075 30.250 $790,075 chine such ance Sheet nber 31, 2020 Current assets: Total current assets Non-current Investments Property, plant, and equipment: Total assets Current abilities Total current liabilities Non-current liabilities: Total liabilities Equity Total liabilities and equity 282 Exercise 4-19 Calculating the current ratio LO7 Calculate (to two decimal places) the current ratio in each of the following cases and indicate whether it is Favourable (F) or Unfavourable (U) (assuming that the current ratio for the industry is an average of 1.1); Case 1 Case 2 Case 4 Case 3 $44,000 Current Assets $78,000 $104,000 $84.500 80,600 Current Liabilities 31.000 75.000 48,000 Exercise 4.9 Preparing and posting closing entries LO 2, 3 CHECK FIGURE: Post-closing balance, Marcy Jones, Capital $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Assets Llabilities Dec 31 142.000 51.000 Dec. 31 Marcy Jones, Capital 71.800 Dec. 31 Marcy Jones, Withdrawals Rent Expense 9.100 Dec. 31 Salaries Expense Dec 31 27.000 Dec 31 38.000 Income Summary Insurance Expense 1.500 Services Revenue 103.000 Dec 31 Dec 31 Depreciation Expense Dec 31 8.200 etty Assignment apa publication gu 2019-10-06 22223 2019-10-06 22214 20 76/AppData/local/Packages/microsoft.Windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attach A - + Fit to page D Page view Exercise 4-7 Closing entries LO2, 3 Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at January 31, 2020: Debit Credit $ 21,400 $ 12.400 1.700 19.400 490 Accounts receivable Accumulated depreciation equipment.. Cash... Depreciation expense, equipment. Equipment Interest income Rent expense Salaries expense. Subscription revenues Trish Norris, capital Trish Norris, withdrawals Unearned subscription revenue Totals. 17.900 61.400 71,400 46,810 19.800 19.400 $150,500 $150.500 Required Prepare the closing entries. Required Prepare the closing entries. Exercise 4-8 Closing entries LO2, 3 Improv Club (IC) features entertaining improvisational theatre performances. The theatre features a range of shows and talented performers. IC prepares financial statements on an annual basis. The following year-end accounts as of December 31, 2020 are listed in alphabetical order and have normal balances. Accumulated depreciation, equipment... Cash Depreciation expense, equipment Equipment $ 13.000 40.000 4,000 46.000 3.000 110.100 43.000 Prepaid insurance..... Rent expense Salaries expense.......................... Supplies 61.000 42.000 4,000 Insurance expense Supplies expense 8 600 Nick Stilz, capital Ticket nevenue 131.000 Nick Stilz, withdrawal Uneamed revenue 4.000 Required 1. Prepare an adjusted trial balance as at December 31, 2020. Will Nick Stilz's capital account of $110.100 appear on the balance sheet as at December 31, 20207 Explain 2. Prepare the closing entries for the company, 3. What is the ending balance of Nick Stilz's capital account asa December 31, 2020? niversity h Assignment apa publication guidelines - 2019-10-06 222231[124 pData/local/Packages/microsoft windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attachments/2019-1 - + Fit to page Page View All Read aloud CHAPTER 4 Completing the Accounting Cycle and Classiting Accounts Exercise 4-9 Preparing and posting closing entries LO 2, 3 CHECK FIGURE: Post-closing balance. Marcy Jones, Capital $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Liabilities Assets Marcy Jones, Capital 71.800 Dec. 31 51.000 Dec 31 Dec. 31 142.000 Rent Expense 9.100 Marcy Jones. Withdrawals Dec 31 38.000 Sataries Expense 27.000 Dec 31 Dec 31 Insurance Expense Income Summary Services Revenue 103.000 Dec 31 De 31 .500 Depreciation Exe Dec.31 .200 CHAPTER 4 Completing the Accounting Cycle and Classifying Accounts Exercise 4-9 Preparing and posting closing entries LO2, 3 CHECK FIGURE: Post-closing balance, Marcy Jones, Capital = $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Assets Liabilities Dec. 31 142,000 Marcy Jones, Capital 71.800 Dec. 31 51,000 Dec. 31 Dec 31 Rent Expense 9.100 Marcy Jones, Withdrawals Dec 31 38.000 Salaries Expense Dec 31 27.000 Income Summary Insurance Expense Dec.31 1.500 Services Revenue 103.000 Dec 31 Depreciation Expense Dec. 31 8200 Exercise 4-10 Post-closing trial balance L04 Required Using your answer from Exercise 4.9. prepare a post.closing crial balance BUR G UR 2019-TU-Ub 222814124 X /C/Users/16476/AppData/local/Packages/microsoft windowscommunicationsapps_8wekyb3d8bbwe/LocalState/Files/50/553/Attachments/2019-10-06%20222 Add - + Fit to page Page view A Read aloud Exercise 4-14 Preparing a classified balance sheet LO6 excel Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alpha betical order. Using the template provided, prepare a classified balance sheet for the year ended December 31, 2020. For the bank loan. $60,550 is due in 2021. For Notes receivable. S41.500 will be collected in 2021. Account Title Debit Credit $ 41.625 99.700 38.250 501,000 Accounts payable Accumulated depreciation, equipment Accumulated depreciation, furniture Bank loan Cash Equipment Operating expenses Furniture Merchandise inventory Natsuki Miyakawa, capital Natsuki Myskawe, withdrawal Notes receivable Revenue Wages payable Total $115.000 373.875 38,150 102.000 34250 28.500 11,300 115.500 50.750 30,250 $790.075 $790.075 Sunshine Sushi Balance Sheet December 31, 2020 Current assets Total current assets Non current investments Property, plant, and equipment Wages payable $290,075 30.250 $790,075 chine such ance Sheet nber 31, 2020 Current assets: Total current assets Non-current Investments Property, plant, and equipment: Total assets Current abilities Total current liabilities Non-current liabilities: Total liabilities Equity Total liabilities and equity 282 Exercise 4-19 Calculating the current ratio LO7 Calculate (to two decimal places) the current ratio in each of the following cases and indicate whether it is Favourable (F) or Unfavourable (U) (assuming that the current ratio for the industry is an average of 1.1); Case 1 Case 2 Case 4 Case 3 $44,000 Current Assets $78,000 $104,000 $84.500 80,600 Current Liabilities 31.000 75.000 48,000 Exercise 4.9 Preparing and posting closing entries LO 2, 3 CHECK FIGURE: Post-closing balance, Marcy Jones, Capital $91,000 Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances pro- vided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Assets Llabilities Dec 31 142.000 51.000 Dec. 31 Marcy Jones, Capital 71.800 Dec. 31 Marcy Jones, Withdrawals Rent Expense 9.100 Dec. 31 Salaries Expense Dec 31 27.000 Dec 31 38.000 Income Summary Insurance Expense 1.500 Services Revenue 103.000 Dec 31 Dec 31 Depreciation Expense Dec 31 8.200