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Required Questions ACC 213 - Lab #3 for P. Mont Computers - January 1933,00 XXX 532.1 1. For January, has your company reported a Profit/Loss? If so, how much is the dollar amount of the profit/loss? (To determine this amount, you must look at one of the financial statements) 2. 2a. What is the dollar amount of the TOTAL assets that your company has at the end of January? 2b. What is the dollar amount of the creditors' claims against those assets at the end of January 2c. What is the dollar amount of the owners claims against those assets at the end of January? 2d. Which financial statement provided you with answers to these questions? 3. Your company is using ACCRUAL accounting. That is, you are recognizing revenues and expenses in the period in which they occur, regardless of when the cash is paid. What is the dollar amount of Cash Collected from Customers during January? (To calculate this amount, you will need to review the transactions for January instead of reviewing the financial statements). 4. If your company had been using the Cash Basis (instead of accrual basis), how much rent expense would have been recognized on the January Income Statement? 5. If you had not adjusted for the insurance used during the period, would the dollar amount of total assets have been overstated, understated, or correct? 6. If you had not adjusted for the revenue earned during the period, would the amount of unearned revenue have been overstated, understated, or correct? 7. When you began your company, the balance in the retained earnings account was $0.00. What will the balance in retained earnings be when you prepare the formal Balance Sheet? (This would occur after the closing process at the end of the period). Balance Sheet As of September 28, 2021 TOTA 21.068. $21.068.C 0.C $0.C 280.C 1,650.C 4,500. 4700 $6,900.C $27,968.C ASSETS Current Assets Bank Accounts Cash Total Bank Accounts Accounts Receivable Accounts Receivable Total Accounts Receivable Other Current Assets Office Supplies Prepaid Insurance Prepaid Rent Repair Supplies Total Other Current Assets Total Current Assets Fixed Assets Accumulated Depreciation - Store Equipment Store Equipment Total Fixed Assets TOTAL ASSETS LIABILITIES AND EQUITY Labilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable Other Current Liabilities Unearned Revenue Total Other Current Unblitos Total Current Labido Total Liabilities Equity Common Stock $1 Par Value Rotained Earnings Net Income Total Equity TOTAL LIABILITIES AND EQUITY -60.C 4,200.0 $4,140.C $32,108.6 4,150.0 $4,150.C 1.625. $1,625.C $5.775.C $5,775.C 25,000.C 1,333.C $26,333. $32,108. Profit and Loss January 1 - September 28, 2021 TOTAL 4,707.00 $4,707.00 $4,707.00 Income Service Revenue Total Income GROSS PROFIT Expenses Advertising Expense Insurance Expense Office Supplies Expense Rent Expense Repair Supplies Expense Telephone Expense Utility Expense Total Expenses NET OPERATING INCOME Other Expenses Depreciation Expenso Total Other Expenses NET OTHER INCOME NET INCOME 350.00 150.00 370.00 900.00 1.130.00 150.00 264.00 $3,314.00 $1,393.00 60.00 $60.00 $ 60.00 $1,333.00 Joumal All Dates NAME MEMO DESCRIPTION DATE 01/02/2021 TRANSACTION TYPE Journal Entry NUM 1 ACCOUNT Cash Common Stock 51 Par Value 01/03/2021 Journal Entry 2 Cash Prepaid Rent 01/03/2021 Journal Entry 3 Cash Prepaid Insurance 01/04/2021 Journal Entry Cash Store Equipment Accounts Payable 01/05/2021 Journal Entry Cash Office Supplies 01/05/2021 Journal Entry Accounts Payable Repair Supplies 01/07/2021 Journal Entry Cash Advertising Expense 01/08/2021 Journal Entry Cash Service Revenue 01/10/2021 Journal Entry Cash Uneamed Revenue 01/13/2021 Joumat Entry TO Cash Service Revenue Uneamed Revenue 01/15/2021 Journal Entry 11 Cash Accounts Receivable Service Revenue Journal All Dates NAME MEMO/DESCRIPTION DATE 01/30/2021 TRANSACTION TYPE Journal Entry NUM 15 ACCOUNT Service Hovence Cash 01/31/2021 Journal Entry 16 Accounts Payable Cash 01/31/2021 Journal Entry 17 Pont Expense Prepaid Rent 01312021 Journal Entry 18 Insurance Expenso Prepaid Insurance 01/31/2021 Journal Entry 19 Office Suppies Expense Office Supplies 01/31/2021 Journal Entry 20 Repair Supplies Expense Repair Supplies 01/31/2021 Journal Entry 21 Depreciation Expenso Accumulated Depreciation Store Equipment 01/31/2021 Journal Entry 22 Uneamed Revenue Service Revenue TOTAL