The balance sheet shown is JL's Q1 balance sheet.
Balance Sheet Cash and Equivalents Net Reveivables Notes Reveivables Pre-paid Exp Misc Current Assets Total current Assets 3/31/2010 80,500 76,135 20,300 27,000 6,200 210,135 Long Term Investments Land 6 Net PPE s Goodwill - Other Assets Total Assets 36,970 24,000 196,000 53,000 17,920 538,025 22,350 17,996 Accounts Payables Accrued Exp (Includes Accrued Accr. Int and Sal.) Unearned Revenue Notes Payable Current Part of LT Debt Total Current Liabilities 23,000 15,000 98,000 176,346 170,700 Long Term Debt Other Liabilities Total Liabilities 53,215 400,261 Stockholder Equity Total Equity 137,764 137,764 Total Liabilities and Equities - Check 538,025 JL completed the following transactions (economic events) Q2 2010. All transactions inthousands (000) USD: 1. Prepaid $7,000 cash for 2010 Q3 and Q4 office rent. 2. Made purchases of office equipment on account for $800. 3. Rented space to a testing labs and hospitals during the quarter for $17,200, and was paid $17,200 on the last day of the quarter. 4. Its consulting branch delivered a major study to Capital Investment Corp. on "Medical Office Space in CA's Imperial Valley," including estimates of the market values of manyproperties, and invoiced the firm $20,500 due within 30 days. 5. Paid $800 cash to settle the payable created in transaction 2. 6. Received $5,050 cash as partial payment for the work completed in transaction 4. 7. Purchased $1,500 of faux-slate roofing (PPE) on credit (le: received the roofing and was invoiced $1,500 for it). 8. On the last day of the period, paid $4,200 cash for the premium on a 24-month insurance policy. (12 months of the policy will be 'current,' and the other 12 months 'long term'). 9. Paid $950 cash for heating oil delivered/invoiced in March 2010. 10. Noted that its total depreciation expense for the quarter was $17,750. 11. Noted that its interest bearing liabilities accrue interest at 2.755% per quarter. 1. Create dr/cr style journal entries for (only) the above events. (13.75) ii. Create a balance sheet for JJL as of EOQ 2 2010 (14) Balance Sheet Cash and Equivalents Net Reveivables Notes Reveivables Pre-paid Exp Misc Current Assets Total current Assets 3/31/2010 80,500 76,135 20,300 27,000 6,200 210,135 Long Term Investments Land 6 Net PPE s Goodwill - Other Assets Total Assets 36,970 24,000 196,000 53,000 17,920 538,025 22,350 17,996 Accounts Payables Accrued Exp (Includes Accrued Accr. Int and Sal.) Unearned Revenue Notes Payable Current Part of LT Debt Total Current Liabilities 23,000 15,000 98,000 176,346 170,700 Long Term Debt Other Liabilities Total Liabilities 53,215 400,261 Stockholder Equity Total Equity 137,764 137,764 Total Liabilities and Equities - Check 538,025 JL completed the following transactions (economic events) Q2 2010. All transactions inthousands (000) USD: 1. Prepaid $7,000 cash for 2010 Q3 and Q4 office rent. 2. Made purchases of office equipment on account for $800. 3. Rented space to a testing labs and hospitals during the quarter for $17,200, and was paid $17,200 on the last day of the quarter. 4. Its consulting branch delivered a major study to Capital Investment Corp. on "Medical Office Space in CA's Imperial Valley," including estimates of the market values of manyproperties, and invoiced the firm $20,500 due within 30 days. 5. Paid $800 cash to settle the payable created in transaction 2. 6. Received $5,050 cash as partial payment for the work completed in transaction 4. 7. Purchased $1,500 of faux-slate roofing (PPE) on credit (le: received the roofing and was invoiced $1,500 for it). 8. On the last day of the period, paid $4,200 cash for the premium on a 24-month insurance policy. (12 months of the policy will be 'current,' and the other 12 months 'long term'). 9. Paid $950 cash for heating oil delivered/invoiced in March 2010. 10. Noted that its total depreciation expense for the quarter was $17,750. 11. Noted that its interest bearing liabilities accrue interest at 2.755% per quarter. 1. Create dr/cr style journal entries for (only) the above events. (13.75) ii. Create a balance sheet for JJL as of EOQ 2 2010 (14)
