Please help me with the following. I have attached (3)assignments. Three assignments should be submitted when completed. Please follow directions and do no submit incomplete work. Highlight all answers and if additional information is needed look to information attachment or contact me. Big Tip granted upon completion. Thanks in advance.

\fFINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E320 Complete the table by filling in the missing values. Solution: Missing values shown in italics. Beginning Prepaid Rent Payments for Prepaid Rent during the year Total amount to account for Subtract: Ending Prepaid Rent Rent Expense A 1,100 700 1,800 600 (a) 1,200 $ Situation B C $ 1,000 $ 100 (b) 700 1,300 1,700 ( c) 1,400 400 (d) 400 $ 1,300 $ 1,000 a. $1,200 = $1,800 $600 b. $700=$1,700 - $700 c. $1,400= $1,300 + $100 d. $400= $1,400- $1,000 e. $1,200= $700+ $500 f. $700= $ 1,200 - $500 Chapter 3: The Adjusting Process Page 1 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition tion D $ 500 (f) 700 (e) 1,200 100 $ 1,100 Chapter 3: The Adjusting Process Page 2 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-21 Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. Solution: a. Date Accounts and Explanation Debit Credit Debit 1,600 Credit b. Date Accounts and Explanation Jan. 31 Salaries Expense Salaries Payable * Calculations $3,200/2= $1,600 1,600 Salaries expense per month Salaries expense for the second half of January c. Date Accounts and Explanation Chapter 3: The Adjusting Process Debit Credit Page 3 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition d. Date Accounts and Explanation Chapter 3: The Adjusting Process Debit Credit Page 4 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-28 Requirements 1. Journalize the adjusting entries needed on July 31, 2016. 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. Solution: Requirement 1 Date Accounts and Explanation Chapter 3: The Adjusting Process Debit Credit Page 5 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition * Calculations $13,000 Payroll for a 5-day work week /5 work days $2,600 Salaries expense per work day Therefore $2,600 x4 $10,400 Salaries expense per work day work days Salaries expense for Monday through Thursday Requirement 2 If the adjustments in Requirment 1 were not made, net income would be overstated by $10,750 overall. Calculations Adjustment a. b. c. d. e. e. f. (understated) 400 800 600 10400 -1600 100 10,700 Chapter 3: The Adjusting Process Page 6 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-29 Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries and include explanations. Solution: Requirement 1 Account Names JUST JOBS EMPLOYMENT SERVICES Worksheet April 30, 2016 Unadjusted Trial Adjustments Balance Debit $ 1,100 4,900 1,200 32,900 Cash Accounts Receivable Office Supplies Equipment Accum. Depr.Equip. Salaries Payable Common Stock Dividends 5,000 Service Revenue Salaries Expense 2,600 Rent Expense 1,300 Dep. Exp.Equipment Supplies Expense Total $ 49,000 Chapter 3: The Adjusting Process Credit Debit Credit a. b. $ 14,300 Adjusted Trial Balance Debit $ 1,100 6,200 900 32,900 c. d. Credit $ 15,200 800 ### 25,100 5,000 9,600 a. d. c. b. $ 49,000### $3,300 $3,300 10,900 3,400 1,300 900 300 $ 52,000 $ 52,000 Page 7 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 Date a. April 30 Accounts and Explanation Debit Credit b. April 30 c. April 30 d. April 30 Chapter 3: The Adjusting Process Page 8 of 8 \fWK 2 INFORMATION E3-20 Determining the amount of prepaid expenses Learning Objective 3 Situation A. Rent Expense $1,200 Consider the facts presented in the following table for Island View: Complete the table by filling in the missing values. E3-21 Journalizing adjusting entries Learning Objective 3 b. DR Salaries Expense $1,600 Consider the following situations: a. Business receives $3,800 on January 1 for 10-month service contract for the period January 1 through October 31. b. Total salaries for all employees is $3,200 per month. Employees are paid on the 1st and 15th of the month. c. Work performed but not yet billed to customers for the month is $1,000. d. The company pays interest on its $15,000, 8% note payable of $100 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. E3-28 Journalizing adjusting entries and analyzing their effect on the income statement Learning Objectives 3, 5 1. d. DR Salaries Expense $10,400 The following data at July 31, 2016, are given for XYZ: a. b. c. d. Depreciation, $400. Prepaid rent expires, $800. Interest expense accrued, $600. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000. e. Unearned revenue earned, $1,600. f. Office supplies used, $100. Requirements 1. Journalize the adjusting entries needed on July 31, 2016. 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 1. Adjustments $3,300 total The worksheet of Just Jobs Employment Service follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. ASSIGNMENT 2 INFO Note: Exercise E4-19 should be used only after completing Exercise E4-18. Preparing financial statements from the completed worksheet Learning Objectives 1, 2 2. Ending Retained Earnings $1,800 Use your answer from Exercise E4-18 to prepare Voice Link's financial statements. Requirements 1. Complete the income statement for the month ended November 30, 2016. 2. Complete the statement of retained earnings for the month ended November 30, 2016. Assume beginning Retained Earnings was $0. 3. Complete the classified balance sheet as of November 30, 2016. Use the report form. Learning Objective 3 Selected accounts for Kennedy Photography at December 31, 2016, follow: Requirements 1. Journalize Kennedy Photography's closing entries at December 31, 2016. 2. Determine Kennedy Photography's ending Retained Earnings balance atDecember 31, 2016. FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E320 Complete the table by filling in the missing values. Solution: Missing values shown in italics. Beginning Prepaid Rent Payments for Prepaid Rent during the year Total amount to account for Subtract: Ending Prepaid Rent Rent Expense A 1,100 700 1,800 600 (a) 1,200 $ Situation B C $ 1,000 $ 100 (b) 700 1,300 1,700 ( c) 1,400 400 (d) 400 $ 1,300 $ 1,000 a. $1,200 = $1,800$600 b. $700=$1,700 - $700 c. $1,400= $1,300 + $100 d. $400= $1,400- $1,000 e. $1,200= $1100+$100 f. $700= $ 1,200 - $500 Chapter 3: The Adjusting Process Page 1 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition tion D $ 500 (f) 700 (e) 1,200 100 $ 1,100 Chapter 3: The Adjusting Process Page 2 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-21 Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. Solution: a. Date Accounts and Explanation Jan. 31 Unearned Services Revenue Srevice Revenue * Calculations $3,800/10= $380 Debit 380 Credit 380 Service Revenue per month Service Revenue for the month of January b. Date Accounts and Explanation Jan. 31 Salaries Expense Salaries Payable * Calculations $3,200/2= $1,600 Debit 1,600 Credit 1,600 Salaries expense per month Salaries expense for the second half of January c. Date Accounts and Explanation Jan. 31 Accounts Receivable Service Revenue Chapter 3: The Adjusting Process Debit 1,000 Credit 1,000 Page 3 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition d. Date Accounts and Explanation Jan. 31 Interest Expense Interest Payable * Calculations ($15000*8%)/12= $100 Chapter 3: The Adjusting Process Debit 100 Credit 100 Interest expense per month Interest expense for the January Page 4 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-28 Requirements 1. Journalize the adjusting entries needed on July 31, 2016. 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. Solution: Requirement 1 Date Accounts and Explanation July 31, 2016 Depreciation Expenses Accumulated Depreciation (Depreciation Expenses for the Period) Debit 400 400 Rent Expenses Prepaid Rent (Rent Expenses for the Period) 800 Interest Expense Interest Payable (To record theInterest Expenses for the period) 600 Salaries Expenses Salaries Payable (To Record the Salaries Expenses for the Period) Unearned Revenue Revenue (To Recod the Revenue for the Period) Supplies Expenses Office Supplies (To Record the Supplies Expenses for the Period) Chapter 3: The Adjusting Process Credit 800 600 10,400 10,400 1,600 1,600 100 100 Page 5 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition * Calculations $13,000 Payroll for a 5-day work week /5 work days $2,600 Salaries expense per work day Therefore $2,600 x4 $10,400 Salaries expense per work day work days Salaries expense for Monday through Thursday Requirement 2 If the adjustments in Requirment 1 were not made, net income would be overstated by $10,700 overall. Calculations Adjustment a. b. c. d. e. e. f. (understated) 400 800 600 10400 -1600 100 10,700 Chapter 3: The Adjusting Process Page 6 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E3-29 Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries and include explanations. Solution: Requirement 1 Account Names JUST JOBS EMPLOYMENT SERVICES Worksheet April 30, 2016 Unadjusted Trial Adjustments Balance Debit $ 1,100 4,900 1,200 32,900 Cash Accounts Receivable Office Supplies Equipment Accum. Depr.Equip. Salaries Payable Common Stock Dividends 5,000 Service Revenue Salaries Expense 2,600 Rent Expense 1,300 Dep. Exp.Equipment Supplies Expense Total $ 49,000 Chapter 3: The Adjusting Process Credit Debit Credit a. 1300 b. 300 $ 14,300 Adjusted Trial Balance Debit $ 1,100 6,200 900 32,900 c. 900 d. 800 Credit $ 15,200 800 ### 25,100 5,000 9,600 a. 1300 d. 800 c. 900 b. 300 $ 49,000### $3,300 $3,300 10,900 3,400 1,300 900 300 $ 52,000 $ 52,000 Page 7 of 8 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 Date a. April 30 Accounts and Explanation Accounts Receivable Service Revenue (To Record the Work performed yet not billed) b. April 30 Supplies Expenses Office Supplies (To Record the Supplies Expenses) 300 Depreciation Expenses Accumulated Depreciation-Equipment (To Record the Depreciation Expenses) 900 Salaries Expenses Salaries Payable (To Record the Unpaid Salaries for the Period) 800 c. April 30 d. April 30 Chapter 3: The Adjusting Process Debit Credit 1,300 1,300 300 900 800 Page 8 of 8 WK 2 INFORMATION E3-20 Determining the amount of prepaid expenses Learning Objective 3 Situation A. Rent Expense $1,200 Consider the facts presented in the following table for Island View: Complete the table by filling in the missing values. E3-21 Journalizing adjusting entries Learning Objective 3 b. DR Salaries Expense $1,600 Consider the following situations: a. Business receives $3,800 on January 1 for 10-month service contract for the period January 1 through October 31. b. Total salaries for all employees is $3,200 per month. Employees are paid on the 1st and 15th of the month. c. Work performed but not yet billed to customers for the month is $1,000. d. The company pays interest on its $15,000, 8% note payable of $100 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31. E3-28 Journalizing adjusting entries and analyzing their effect on the income statement Learning Objectives 3, 5 1. d. DR Salaries Expense $10,400 The following data at July 31, 2016, are given for XYZ: a. b. c. d. Depreciation, $400. Prepaid rent expires, $800. Interest expense accrued, $600. Employee salaries owed for Monday through Thursday of a five-day workweek; weekly payroll, $13,000. e. Unearned revenue earned, $1,600. f. Office supplies used, $100. Requirements 1. Journalize the adjusting entries needed on July 31, 2016. 2. Suppose the adjustments made in Requirement 1 were not made. Compute the overall overstatement or understatement of net income as a result of the omission of these adjustments. E3-29 Using the worksheet to record the adjusting journal entries Learning Objective 6 1. Adjustments $3,300 total The worksheet of Just Jobs Employment Service follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the Adjustments columns. Use letters a through d to label the four adjustments. 2. Prepare each adjusting journal entry calculated in Requirement 1. Date the entries, and include explanations. ASSIGNMENT 2 INFO Note: Exercise E4-19 should be used only after completing Exercise E4-18. Preparing financial statements from the completed worksheet Learning Objectives 1, 2 2. Ending Retained Earnings $1,800 Use your answer from Exercise E4-18 to prepare Voice Link's financial statements. Requirements 1. Complete the income statement for the month ended November 30, 2016. 2. Complete the statement of retained earnings for the month ended November 30, 2016. Assume beginning Retained Earnings was $0. 3. Complete the classified balance sheet as of November 30, 2016. Use the report form. FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E4-18 Requirements 1. Complete Voice Link's worksheet for the month ended November 30, 2016. 2. How much was net income for November? Chapter 4: Completing the Accounting Cycle Page 1 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solution: Requirement 1 VOICE LINK Worksheet November 30, 2016 Unadjusted Trial Adjusted Trial Adjustments Income Statement Balance Sheet Balance Balance Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash $ 3,900 ### $ 3,900 Accounts Receivable 3,700 a. $ 600 4,300 4,300 Prepaid Rent 1,600 $ 900 d. 700 700 Office Supplies 3,900 500 e. 3,400 3,400 Equipment 33,400 ### 33,400 Acc. Depr. --- Equip $ 1,500 300 b. $ 1,800 ### Accounts Payable 5,100 5,100 ### Salaries Payable 600 c. 600 ### Common Stock 36,400 2,400 36,400 ### Dividends 2,400 2,400 Service Revenue 8,600 600 a. 9,200 $ 9,200 Depr. Expense --Equip b. 300 300 $ 300 Salaries Expense 2,000 c. 600 2,600 2,600 Rent Expense d. 900 900 900 Utilities Expense 700 ### 700 Supplies Expense e. 500 500 500 Total Net Income $51,600 Chapter 4: Completing the Accounting Cycle $51,600 $2,900 $2,900 $53,100 $ 53,100 $ 5,000 4,200 $ 9,200 $ 9,200 $ 48,100 $ 9,200 $ 48,100 $ 43,900 4,200 $ 48,100 Page 2 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 Net income for November was $ Chapter 4: Completing the Accounting Cycle 4,200 Page 3 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E4-19 Requirements 1. Complete the income statement for the month ended November 30, 2016. 2. Complete the statement of retained earnings for the month ended November 30, 2016. Assume beginning Retained Earnings was $0. 3. Complete the unclassified balance sheet as of November 30, 2016. Use the account form. Solution: Requirement 1 VOICE LINK Income Statement Month Ended November 30, 2016 Revenues: $9,200 Service Revenue Expenses: Salaries Expense Utilities Expense Rent Expense Depreciation Expense -- equipment Supplies Expense Total Expenses Net Income Chapter 4: Completing the Accounting Cycle $2,600 $700 $900 $300 $500 $5,000 $4,200 Page 4 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 VOICE LINK Statement of Retained Earnings Month Ended November 30, 2016 Retained Earnings, November 1, 2014 Net Income for the month Dividends Retained Earning, November 30 ,2014 Chapter 4: Completing the Accounting Cycle $ $ 0 $4,200 4,200 2,400 1,800 Page 5 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 3 VOICE LINK Balance Sheet November 30, 2016 Assets Current Assets: Cash Accounts Receivable Prepaid Rent Office Supplies Total Current Assets Plant Assets: Equipment Les: Acc. Depr. Equipment Total Plant Assets Total Assets: Chapter 4: Completing the Accounting Cycle Liabilities Current Liabilties: Accounts Payable Salaries Payable Total Liabilities $3,900 $4,300 $700 $3,400 $12,300 $5,100 $600 $5,700 Stockholders' Equity Common Stock Retained Earnings Total Stockholders Equity $33,400 $1,800 $ 36400 1,800 $ 38,200 $31,600 $43,900 Total Liabilties and Stockholders Equity $43,900 Page 6 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E4-21 Requirements 1. Journalize Kennedy Photography's closing entries at December 31, 2016. 2. Determine Kennedy Photography's ending Retained Earnings balance at December 31, 2016. Solution: Requirement 1 Date Accounts and Explanation Dec. 31 Service Revenue Income Summary 31 Income Summary Salaries Expense Supplies Expense Dep Exp -- Furniture Dep Exp -- Building 31 Retained Earnings Income Summary 31 Retained Earnings Dividends Chapter 4: Completing the Accounting Cycle Debit 43,000 Credit 43,000 44,700 32,900 3,200 1,700 6,900 1,700 1,700 23,000 23,000 Page 7 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirement 2 Open. Clos. Clos. Clos. Retained Earnings $ $60,000 1,700 23,000 $35,300 Bal Bal. Chapter 4: Completing the Accounting Cycle Page 8 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E4-24 Requirements 1. Prepare the closing entries for Matthew's Bowling Alley. 2. Prepare a post-closing trial balance. 3. Compute the current ratio for Matthew's Bowling Alley. Solution: Requirement 1 Date Dec Accounts and Explanation 31 Service Revenue Income Summary 31 Income Summary Insurance Expense Salaries Expense Supplies Expense Utilities Expense Depreciation Expense ---- Equipment Depreciation Expense ---- Building 31 Income Summary Retained Earnings 31 Retained Earnings Dividends Debit 100,000 Credit 100,000 87,750 28,000 30,000 1,800 25,000 2,500 450 12,250 12,250 30,000 30,000 Requirement 2 Chapter 4: Completing the Accounting Cycle Page 9 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition MATTHEW'S BOWLING ALLEY Post-Closing Trial Balance December 31, 2016 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accumulated Depreciation --- Equipment Building Accumulated Depreciation --- Building Land Accounts Payable Utilities Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Total Balance Debit Credit $18,500 $3,300 $650 $2,600 $41,000 $22,000 $135,000 $5,500 $30,000 $231,050 $3,600 $675 $3,500 $1,700 $107,000 $87,075 $231,050 Requirement 3 Current Ratio = Total Current Assets/ Total Current Liabilities =25050/9475 = 2.64 2.64 Chapter 4: Completing the Accounting Cycle Page 10 of 10