Using the information given below, answer next 20 questions

Rainmaker Environmental Consultants is just finifhing is seconf year of operations. The Company's unadjusted Trial Balance is as follows

Rainmaker prepares adjsutments each October 31. The following addiitonal information is available on October 31, 2020.

1. It was determined that $ 12,000 of unearned consulting revenue had not yet been earned.

2. It was discovered that $ 14,000 of the balance in Consulting Revenue Account was for Services to be performed in November.

3. The Balance in Prepaid Rent Account Represents 3 months of rent beginning September 1, 2020.

4. Accrued Wages at October 31 totals $ 6,800.

5. The office Furniture was purchased on March 1, 2019 and has an estimated useful life of two years. After two years furniture will be worthless. Rainmaker uses Straight Line Method for calcualting depreciation. { (Depreciation under SLM = (Cost- Residual Value)/ Useful Life}

6. Accrued Consulting Revenue at the year end totalled $ 4,200

7. Interest of $ 85 had accrued on the note receivable, fo rthe month of October.

8. The Balance in prepaid Insurance account represents the remaining balance of two year policy purchased on April 1, 2019.

9. A count of supplies on october 31, revealed a balance remaining of $ 620.

Question 11 (2 points)

Profit/ (loss) as per Unadjsuted Trial Balance is

a

$ 10,300 Profit

b

$ 10,300 Loss

c

$ 10,780 Loss

d

$ 3,980 Loss

Question 12 (2 points)

Profit or Loss as per adjusted Trail Balance

a

Loss of $ 79,895

b

Loss of $ 68,415

c

Profit of $ 68,415

d

Profit of $ 79,895

Question 13 (2 points)

Total Revenue before any adjustments would be

a

$ 232,020

b

$ 232,500

c

$ 231.540

d

none

Question 14 (2 points)

Net effect of the adjsutments on Consulting revenue is

a

Decreased by $ 12,000

b

Increased by $ 4,200

c

Increased by $ 14,000

d

Decreased by $ 14,000

Question 15 (2 points)

Total of Current Liabilities prior to any adjsutments

a

$ 18,000

b

$ 26,000

c

$ 34,000

d

None

Question 16 (2 points)

The net impact of adjsutments on Current Liabilities is

a

Decreased by $ 14,000

b

Increased by $ 14,000

c

Increased by $ 6,800

d

Decreased by $ 6,800

Question 17 (2 points)

Total of equity balance without considering adjsutments ( after taking profit or loss before any adjsutments)

a

$ 223,000

b

$ 195,000

c

$ 184700

d

$ 221720

Question 18 (2 points)

Depreciation of furniture for year ended October 31st, 2020 would be

a

28000

b

56000

c

42000

d

36000

Question 19 (2 points)

Closing balance in Prepaid rent account after adjustmnets would be

a

27000

b

18000

c

9000

d

0 (zero)

Question 20 (2 points)

Balance in unearned revenue Account, after adjustments would be

a

26,000

b

14,000

c

12,000

d

0 (Zero)

Question 21 (2 points)

Insurance expense for the year, after adjsutments would be

a

0 (zero)

b

1200

c

2400

d

3400

Question 22 (2 points)

Net impact of adjsutments on cash acocunt is

a

Increased by $ 5,600

b

Decreased by $ 5,600

c

Difficult to determine the impact

d

Not impacted by adjustments

Question 23 (2 points)

Total of credits side of adjusted trial balance would be

a

550,585

b

580,585

c

572,500

d

527,500

Question 24 (2 points)

Balance in Non-current assets (after adjsutments) would be

a

Debit 84,000

b

Credit 28,000

c

Credit 45,000

d

Debit 14,000

Question 25 (2 points)

Total expenses (after adjsutments) would be

a

$ 192,000

b

$ 242,800

c

$ 361,860

d

$ 316,680

Question 26 (2 points)

Total wages expenses that would be presented on Financial Statements is

a

$ 192,000

b

$ 198,800

c

$ 6,800

d

$ 185,200

Question 27 (2 points)

The balance of Equity that would be shown on Balance sheet (after all adjsutments and considering adjsuted profit/Loss)

a

$115,105

b

$ 195,000

c

$ 223,000

d

$ 184,700

Question 28 (2 points)

Total of Curent Assets before any adjsutments

a

$ 146,700

b

$ 230,700

c

$ 172,700

d

$ 256,700

Question 29 (2 points)

Total of current Assets after adjustments would be

a

$ 151905

b

$ 195105

c

$ 159105

d

$159905

Question 30 (2 points)

Net impact of adjustments on Acounts Payable is

a

Zero (Nil)

b

Increased by $ 6,800

c

Can not be determined

d

Increased by $ 4,200