n 2

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

331,860

Supplies

10,255

Prepaid Rent

8,250

Equipment

295,285

Accumulated Depreciation

$235,260

Accounts Payable

72,555

Wages Payable

10,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

897,105

Interest Income

1,500

Rent Expense

63,250

Wages Expense

537,260

Supplies Expense

42,520

Utilities Expense

8,595

Depreciation Expense

155,000

Interest Expense

6,840

________

Totals

$1,547,565

$1,547,565

Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No EntryRequired."

General Journal

Date

Accounts

Debit

Credit

Question 3

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

333,700

Supplies

15,255

Prepaid Rent

9,000

Equipment

295,285

Accumulated Depreciation

$235,760

Accounts Payable

73,555

Wages Payable

12,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

902,105

Interest Income

1,500

Rent Expense

63,500

Wages Expense

539,260

Supplies Expense

42,520

Depreciation Expense

164,095

Dividends

5,000

_________

Totals

$1,556,065

$1,556,065

Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No EntryRequired."

General Journal

Date

Accounts

Debit

Credit

Question 4

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

332,700

Supplies

10,255

Prepaid Rent

8,250

Equipment

295,285

Accumulated Depreciation

$235,260

Accounts Payable

72,555

Wages Payable

10,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

897,105

Interest Income

1,500

Rent Expense

63,250

Wages Expense

537,260

Supplies Expense

42,520

Depreciation Expense

163,595

Dividends

6,000

________

Totals

$1,547,565

$1,547,565

Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No EntryRequired."

General Journal

Date

Accounts

Debit

Credit

Question 5(8 points)

The following is the Bravo Unlimited adjusted Trail Balance.

Bravo Unlimited

Adjusted Trial Balance

December 31, 2016

Account Title

Debit

Credit

Cash

$88,450

Accounts Receivable

332,700

Supplies

10,255

Prepaid Rent

8,250

Equipment

295,285

Accumulated Depreciation

$235,260

Accounts Payable

72,555

Wages Payable

10,000

Capital Stock

220,000

Retained Earnings

111,145

Service Revenue

897,105

Interest Income

1,500

Rent Expense

63,250

Wages Expense

537,260

Supplies Expense

42,520

Depreciation Expense

163,595

Dividends

6,000

________

Totals

$1,547,565

$1,547,565

Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No EntryRequired."

General Journal

Date

Accounts

Debit

Credit

Question 2 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies Prepaid Rent Equipment Accumulated Depreciation 10,255 8,250 295,285 $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520 Utilities Expense 8,595 Depreciation Expense 155,000 Interest Expense Totals 6,840 ________ $1,547,565 $1,547,565 Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." General Journal Date Accounts Debit Cre Question 3 The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 333,700 Supplies Prepaid Rent Equipment Accumulated Depreciation 15,255 9,000 295,285 $235,760 Accounts Payable 73,555 Wages Payable 12,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 902,105 Interest Income 1,500 Rent Expense 63,500 Wages Expense 539,260 Supplies Expense 42,520 Depreciation Expense 164,095 Dividends Totals 5,000 _________ $1,556,065 $1,556,065 Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." General Journal Date Question 4 Accounts Debit Credit The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 332,700 Supplies Prepaid Rent Equipment Accumulated Depreciation 10,255 8,250 295,285 $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense 163,595 Dividends Totals 6,000 ________ $1,547,565 $1,547,565 Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." General Journal Date Accounts Debit Cred Question 5 (8 points) The following is the Bravo Unlimited adjusted Trail Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 332,700 Supplies Prepaid Rent Equipment Accumulated Depreciation 10,255 8,250 295,285 $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense 163,595 Dividends Totals 6,000 ________ $1,547,565 $1,547,565 Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required." General Journal Date Accounts Debit Credit Question 6 (12 points) The following is the Alpha Dog Company adjusted Trail Balance. Alpha Dog Company Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 168,700 Supplies 30,255 Stock Investment 159,000 Equipment 295,285 Accumulated Depreciation Credit $235,760 Accounts Payable 38,555 Wages Payable 27,000 Capital Stock 205,000 Retained Earnings 146,145 Service Revenue 902,105 Interest Income Rent Expense Wages Expense Supplies Expense Depreciation Expense Dividends Totals 1,500 63,500 539,260 42,520 164,095 5,000 _________ $1,556,065 $1,556,065 What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.) 1. Total Current Assets 2. Total Long Term Investments 3. Total Assets 4. Total Liabilities 5. Total Equity Question 7 (9 points) The following is the Devil Dog Company adjusted Trail Balance. Devil Dog Company Adjusted Trial Balance December 31, 2016 Account Title Debit Cash $88,450 Accounts Receivable 181,860 Supplies 36,255 Stock Investment 130,500 Equipment 295,285 Accumulated Depreciation Credit $236,260 Accounts Payable 47,555 Wages Payable 35,000 Capital Stock 195,000 Retained Earnings 136,145 Service Revenue 898,105 Interest Income Rent Expense 1,500 66,000 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense Dividends Totals 164,595 6,840 ________ $1,549,565 $1,549,565 What are Devil Dog Company's ratios for the following: (Round all non dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and do not use a minus sign.) 1. Current Ratio 2. Quick Ratio 3. Working Capital