Problem Flamingo Formulas Data Review View - A Wrap Text Genel Home Insert Page Layout of out Calibri (Body) Copy Paste BIU- Format 14 x fx A- Merge & Center - A B D Transactions 2 B Flamingo Co. maintains and repairs warning lights, such as those found on radio towers and lighthouses. 4 Flamingo Co. prepared the following trial balance at July 31, 2016 5 6 The data needed to determine year-end adjustments are as follows: B 9 a Fees revenue accrued b Insurance expired during the year is c Supplies on hand at July 31 d Depreciation of building for the year is e Depreciation of equipment for the year is f Accrued salaries and wages at July 31 g Unearned rent at July 31 3,500 2,000 350 1,520 2,160 2,800 500 LO 1 12 13 14 15 16 17 18 19 20 21 Instructions 1 Enter the trial balance on a ten-column work sheet and complete the work sheet. 2 Journalize the adjusting entries, adding accounts as neede. Prepare an adjusted trial balance as of July 31, 2016 Prepare an income statement for the year ended July 31 Prepare a statement of owner's equity for the year ended July 31 Prepare a balance sheet as of July 31 22 23 24 Enviar por correo electronico 25 25 Example Exersice Trial Balance Financial Statement + Ready Cut Calibri (Body) A- A+ Copy aste B I A Format x fx A B Enviar por correo electronico 3 m U Journalize and post the adjusting entries, using the following adjustment data: a. Merchandise inventory on December 31 b. Insurance expired during the year C. Store supplies on hand on December 31 d. Depreciation for the current year e. Accrued salaries on December 31 Sale salaries Office salaries 2 m 4 5 6 7 8 + 9 0 -1 -2 13 14 45 16 47 48 Example Exersice Trial Balance Financial Statement C D E 1 Nombre 2 J/E 4 Description Post. Ref Debit 6 Date 7 Credit 8 10 b 11 12 13 C 14 15 16 d 17 18 19 e 20 21 22 f 23 24 258 Cr. Dr. Cr. Dr. Cr. Dr. Cr. $ 0 Dr. 4,500 13,500 3,000 1,950 70,000 100,500 $ 71,700 71,400 $ 60,800 4,100 1,500 0 55,700 4,000 Account Title 110 Cash 112 Accounts Receivable 115 Prepaid Insurance 116 Store Supplies 117 Land 123 Building 124 Accumulated Depreciation-Building 125 Equipment 126 Accumulated Depreciation Equipment 210 Accounts Payable 211 Unearned Rent 212 Salaries Payable 310 Mac Copas, Capital 311 Mac Copas, Drawing 312 Income Summary 410 Fees Revenue 411 520 Salaries & Wages Expenses 521 Advertising Expense 522 Depreciation Expense Eqipment 522 Depreciation Expense-Building 523 Store Supplies Expense 524 Utilities Expense 525 Repairs Expense 529 Miscellaneous Expense 530 Office Salaries Expenses 531 Rent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expenses 181,200 0 73,200 15,500 8,100 6,300 3,050 $ 375,000 $375,000 $ $ $ Net Income $69,470 $ 375,000 $375,000 $ $ $ Emne Eversin Trial Balance Financial Statement u N 1 2 3 4 5 6 Fees Revenue 7 Rent Revenue Flamingo Co Income Statement For the month Ended $ $ 8 9 Operating expenses: 10 Salaries & Wages Expense 11 Store Supplies Expense 12 Advertising Expense 13 Repairs Expense 14 Depreciation Expense-Bld 15 Depreciation Expense-Equipment 16 Utilities Expense 17 Insurance Expense 18 Miscellaneaus Expense 19 Net income 20 21 22 23 $ $ Flamingo Co Statement of Owner's Equity A $ $ Flamingo Co Statement of Owner's Equity For the month Ended 18 Miscellaneaus Expense 19 Net income 20 21 22 23 24 25 26 Mac Copas, Capital 27 Net income for the month 28 Less withdrawals 29 Increase in owner's equity 30 Mac Copas, Capital 31 32 33 34 35 36 Assets 87 Current assets: 38 Cash Annnunt Daraivahle $ Flamingo Co Balance Sheet For the month Ended Curi Acc VIO Cut Calibri (Body) 11 A- A- Copy Wrap Text B 1 U- General $. % Format Merge & Center 2 Conditional Format Cell Formatting as Table Styles Inst De AI x fx B 32 D E F Flamingo Co Balance Sheet For the month Ended Liabilities Current liabilities: Accounts Payable Unearned Rent Salary Payable Total Liabilles $ $ 33 34 35 36 Assets 37 Current assets: 38 Cash 39 Account Receivable 40 Prepaid Insurance 41 Supplies 42 Total Current Asset 43 44 Property, plant, and equipment: 45 land 46 building 47 Accumulated Decpreciation Building 48 49 Equipment 50 Accumulated Decpreciation Equipment 51 52 53 Total assets 54 55 Owner's Equity Mac Copas, Capital Total liabilities and Owner's equity $ $ Example Exerce Trial Balance Financial Statement + E 13 W Will A
