Question 1 Not complene Marked out of 56.00 Assessing Financial Statement Effects of Adjustments For each of the following separate situations, prepare the necessary accounting adjustments using the financial statement effects template. (a) Unrecorded depreciation on equipment is $720. b) The supplies account has a balance of $3,870. Supplies still available at the end of the period total $1,100. () On the date for preparing financial statements, an estimated utilities expense of $430 has been incurred, but no utility bill has yet been received or paid. (d) On the first day of the current period, rent for four periods was paid and recorded as a $3,200 increase (debit) to prepaid rent and a $3,200 decrease (credit) to cash. (e) Nine months ago, a one-year service policy was sold to a customer and the seller recorded the cash received by crediting unearned revenue for $1,872. No accounting adjustmentts have been prepared during the nine-month period. The seller is now preparing annual financial statement At the end of the period, employee wages of $965 have been incurred but not paid or recorded (At the end of the period, $300 of interest has been earned but not yet received or recorded. Use negative signs with answers, when appropriate Balance Sheet Incame Statement Iarned IContributed Capital Cash Nancash -I Liabitties- Transaction Asset Assets Net Income Capital Revenue Expenses (bs idi p Question 2 Not complete Marked out of 24.00 Inferring Transactions from Financial Statements Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 721locations across the US. as well as in Canada, the United Kingdom, Japan, Australia, South Korea, Taiwan, Mexico and Puerto Rico. As of its fiscal year-end 2016, Costco had approximately 86.7 million members. Selected fiscal-year information from the company's balance sheets follows Selected Balance Sheet Data (S millions 2016 2015 Merchandise inventories $8.969 $8,908 Deferred membership income (liability 1,362 1,269 (a) During fiscal 2016, Costco collected $2,739 million cash for membership fees. Use the financial statement effects template to record the cash collected for membership fees (b) Costco recorded merchandise costs (that is, cost of goods sold) of $102.901 million in 2016. Record this transaction in the financial statement effects template. (c) Determine the value of merchandise that Costco purchased during 2016. Use the financial statement effects template to record these merchandise purchases. Assume all of Costco's purchases are on credit. Use negative signs with answers, when appropriate. Enter answers in millions Balance Sheet Iacome Statement Contributed Noncash Cash Earned Expenses Net fncome Transaction Asset Assets Liabilities Capitat Capital Revenue (a) e) Marked out of 5.00 Question 3 Not complete Analyzing and Reporting Financial Statement Effects of Transactions M.E. Carter launched Carter Company, a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions. a. Carter (owner) invested in the company $100,000 cash and $20,000 in property and equipment. The company issued common b. The company paid $3,200 cash for rent of office furnishings and facilities for March. c. The company performed services for clients and immediately received $4,000 cash earned. d. The company performed services for clients and sent a bill for $24,000 with payment due within 60 days. e. The company compensated an office employee with $4,800 cash as salary for March. f. The company received $10,000 cash as partial payment stock to Carter on the amount owed from clients in transaction d. g. The company paid $935 cash in dividends to Carter (owner). Prepare an income statement for Carter Company for the month of March negative signs with your answers unless to indicate a net loss. Do not use Carter Company Income Statement For the month ended March 31 Sale revenue Expenses Rent expense Wage expense Net income (loss) vestion 4 Not complete Marked out of 40.00 Assessing Financial Statement Effects of Transactions and Adiustments Selected accounts of Portage Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Debits Credits Prepaid Insurance $3,240 Supplies Office Equipment 1,540 6,240 Unearned Rent Revenue $5,550 Salaries Expense 2.325 Rent Revenue 13.250 Portage Properties prepares monthly financial statements. Using the following information, adjust the accounts as necessary on January 31 using the financial statements effect template. (a) Prepaid insurance represents a two-year premium paid on January 1. (b) Supplies of $710 were still available on January 31 (c) Office equipment is expected to last eight years (or 96 months). (d) Earlier this month, on January 1, Portage collected $5,550 for six months' rent in advance from a tenant renting space for $925 per month (e) Salaries of $490 have been earned by employees but yet not recorded as of January 31. Income Statement Balance Sheet Contributed Capital Earned Noncash Cash Expenses -Not income Revenue Capital Assets Liabidities Asset Transoction (a) (b) (c) Id (e)