full question

Assignment#3 II Financial Accounting Q No.1 Data for the unadjusted trial balance of Links Resorts at December 31, 20X2, follow: Cash $ 3,000 Horst Schulz, capital $49,100 Other current assets 9,400 Horst Schulz, withdrawals 51,800 Property, plant, Service revenue 93,600 66,200 Salary expense 42,700 and equipment Accumulated depreciation 21,800 6,100 Accounts payable Salary payable Depreciation expense Supplies expense Insurance expense Unearned service revenue 5,300 Utilities expense 2,800 Adjusting data at the end of the year include the following: a. Unearned service revenue that has been earned, $3,600. b. Accrued service revenue, $8,100 C. Supplies used in operations, $600. d. Accrued salary expense, $1,400. e. Insurance expense, $1,800. f. Depreciation expense, $2,900. Prepare adjusting entries and arrive correct net income for the year. Q No.2 Balance Sheet Presentation of Liabilities The following are selected items from the accounting records of Miami Juice for the year ended December 31, 2018: Note payable to Southeast Bank... Income taxes payable Accrued expenses and payroll taxes. Mortgage note payable. Accrued interest on mortgage note payable. Trade accounts payable Unearned revenue. Potential liability in pending lawsuit.. $ 300,000 25,000 33,000 880,000 6,000 340,000 28,000 1,000,000 Other Information 1. The note payable to Southeast Bank is due in 90 days. Arrangements have been made to renew this note for an additional 24 months. 2. The mortgage requires payments of $8,000 per month. An amortization table shows that its balance will be paid down to $865,000 by December 31, 2019. 3. Accrued interest on the mortgage note payable is paid monthly. The next payment is due near the end of the first week in January 2019. 4. Miami Juice has been sued for $1,000,000 in a product damage case. It is not possible at this time, however, to make a reasonable estimate of the possible loss, if any, that the company may have sustained. Instructions a. Using the information provided, prepare the current and long-term liability sections of the company's balance sheet dated December 31, 2018. (Within each classification, items may be listed in any order.) Q No.3 Arif Habib Company purchased equipment on August 1,2015 at a list price of Rs.600,000. paid transportation charges Rs.36000 and installation charges Rs.60000. Estimated life is 5 years and estimated salvage value Rs.56000. Following method were decided to use for calculating depreciation: 1. Straight line method 2. Reducing balance method (25%) II Prepare schedule of depreciation under each method separately for three years showing cost, depreciation, accumulated depreciation and book value