Question 1 Notcore varied out of 56. Assessing Financial Statement Effects of Adjustments For each of the following separate stations, prepare the necessary accounting adjustments using the financial statement effects template ai Unrecorded depreciation on equipment is 5720 The supplies account has a balance of 53870. Supplies s avable at the end of the period total $1,100 On the date for preparing financial statements, an estimated ties expense of $430 has been incurred, but no utility bill has yet been received or on the first day of the current period, rent for four periods was paid and recorded as a 53 200 increased to prepaid rent and a $3.200 decreased to cart Nine months aga, a one year service policy was sold to a customer and the seller recorded the cash received by crediting unearned revenue for 51872. No accounting adjustments have been prepared during the month period. The seer is now preparing annual financial statement At the end of the period employee wages of $965 have been incurred but not pad or recorded A the end of the period of interest has been earned but not yet received or recorded Use with a when appropriate 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 721 locations across the U.S. 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 (5 millions | 2016 | 2015 | Merchandise inventores $8.969 58.908 Deferred membership income (liability 1.1621.269 (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. () 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 Income Statement Transaction Question 3 Not complete Marked out of 5.00 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 stock to Carter 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 1. The company received $10,000 cash as partial payment on the amount owed from clients in transaction de g. The company paid $935 cash in dividends to Carter (owner). Prepare an income statement for Carter Company for the month of March Do not use negative signs with your answers unless to indicate a net loss. Carter Company Income Statement for the month ended Mancha Sale revenue Expenses Rent expense Wage expense Net income (loss) Question 4 Not complete Marked out of 40.00 Assessing Financial Statement Effects of Transactions and Adjustments Selected accounts of Portage Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted. Debit Credits Prepaid Insurance $3.240 Supplies Office Equipment 6.240 Unearned Rent Revenue Salaries Expense Rent Revenue 13.250 1.540 55.550 2.325 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 for 96 months). (d) Earlier this month, on January 1, Portage collected 55,550 for six monthsrent 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. Balance Sheet income statement Cash Noncash C ontributedarne Assens | Liabilities | Capital Capital | Revenue Expenses Not income Asset Transaction by 5 Not complete Marked out of 17.00 caferring Transactions from Financial Statements 's is the second-largest home improvement retailer in the world, with 1.857 stores. During its 2015 fiscal year ended in January 2016, Lowe's purchased merchandise inventory at a cost of $39,051 (5 millions). Assume all purchases were made on account and accounts payable is only used to inventory purchases. The following T-accounts reflect information contained in the company's 2014 and 2015 balance sheets. - Merchandise Inventories 2014 Bal 8.911 Accounts Payable 5.124 2014 Bal 5.633 2015 Bal 2015 Bal 9,458 a. Use the financial statement effects template to record Lowe's purchases during fiscal 2015. Use a negative sign with answers, if appropriate Balance Sheet Noncash Contrib Earned Transaction Llabilities | Capital , Capital Expenses Purchase of inventory on account b. What amount did Lowe's pay in cash to its suppliers during fiscal year 2015? million c. Use the financial statement effects template to record cost of sales for 2015. Use a negative sign with answers if appropriate Balance Sheet Noncash Assets Contri Canical Earned Capital 1 Habilities I Le | Revenues Transaction | Cash Assere Recognize cost of goods sold