Question

Unadjusted account balances at December 31, 2013, for Rapisarda Company are as follows:

Particulars	Debit	Credit
Cash	2,000
Accounts receivable	33,000
Prepaid rent	26,000
Equipment	211,000
Accumulated depreciation (Equipment)		75,000
Other assets	24,000
Accounts payable		12,000
Note payable (due to 10 years)		40,000
Common stock		100,000
Retained earnings, 12/31/2012		11,000
Service revenue		243,000
Rent expense	84,000
Wages expense	97,000
Interest expense	4,000
Totals	481,000	481,000

The following data are not yet recorded:

a. Depreciation on the equipment is $18,350.

b. Unrecorded wages owed on December 31, 2013: $4,680.

c. Prepaid rent at December 31, 2013: $9,240.

d. Income tax expense: $5,463.

Required:

Prepare a completed worksheet for the Rapisarda Company.

Please do not copy from Chegg. I need an original answer with a proper explanation with step by step explanation.

Answer 1

Rapisarda Company
For the month ended December 31st,2013
	(A)	(B)	(C )	(D)	(A)+(C )-(D)	(B)+(D )-(C )
	Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement	Balance Sheet
Account Name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	$            2,000.00				$       2,000.00				$       2,000.00
Accounts Receivable	$          33,000.00				$    33,000.00				$     33,000.00
Prepaid Rent	$          26,000.00			$   9,240.00	$    16,760.00				$     16,760.00
Equipment	$      2,11,000.00				$ 2,11,000.00				$ 2,11,000.00
Accumulated Dpreciation-Equipment		$            75,000.00		$ 18,350.00		$     93,350.00				$      93,350.00
Other Assets	$          24,000.00				$    24,000.00				$     24,000.00
Accounts Payable		$            12,000.00				$     12,000.00				$      12,000.00
Wages Payable				$   4,680.00		$       4,680.00				$         4,680.00
Income tax Payable				$   5,463.00		$       5,463.00				$         5,463.00
Notes Payable		$            40,000.00				$     40,000.00				$      40,000.00
Common Stock		$        1,00,000.00				$ 1,00,000.00				$   1,00,000.00
Retained Earnings		$            11,000.00				$     11,000.00				$      11,000.00
Service Revenue		$        2,43,000.00				$ 2,43,000.00		$ 2,43,000.00
Rent Expense	$          84,000.00		$         9,240.00		$    93,240.00		$      93,240.00
Wages Expense	$          97,000.00		$                4,680.00		$ 1,01,680.00		$   1,01,680.00
Interest Expense	$            4,000.00				$       4,000.00		$         4,000.00
Depreciation Expense			$             18,350.00		$    18,350.00		$      18,350.00
Income tax expense			$                5,463.00		$       5,463.00		$         5,463.00
Total	$      4,81,000.00	$        4,81,000.00	$             37,733.00	$ 37,733.00	$ 5,09,493.00	$ 5,09,493.00	$   2,22,733.00	$ 2,43,000.00	$ 2,86,760.00	$   2,66,493.00
Net Income							$      20,267.00			$      20,267.00
Total							$   2,43,000.00	$ 2,43,000.00	$ 2,86,760.00	$   2,86,760.00
Adjusted Journal Entries
a)	Dr	Cr
Depreciation Expense	$     18,350.00
Acumulated Depreciation-Equipment		$      18,350.00
b)
Wages Expense	$       4,680.00
Wages Payable		$        4,680.00
c )
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