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In: Accounting
Unadjusted account balances at December 31, 2013, for Rapisarda Company are as follows: Particulars Debit Credit...
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.
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Expert Solution
| 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 ) | ||||||||||
| Rent Expense |
 ekkarill92 answered 1 year agoRelated SolutionsUnadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:Preparation of a Worksheet (Appendix 3A)
Unadjusted account balances at December 31, 2019, for Rapisarda Company are as follows:
The following data are not yet recorded:
a. Depreciation on the equipment is $18,350.
b. Unrecorded wages owed at December 31, 2019: $4,680.
c. Prepaid rent at December 31, 2019: $9,240.
d. Income taxes expense: $5,463.
Required:
Prepare a completed worksheet for Rapisarda Company.
The unadjusted trial balance of Marin Inc. at December 31, 2017, is as follows: Debit Credit...The unadjusted trial balance of Marin Inc. at December 31, 2017,
is as follows:
Debit
Credit
Cash
$17,340
Accounts Receivable
106,100
Allowance for Doubtful Accounts
$3,670
Inventory
61,700
Prepaid Insurance
4,599
Bond Investment at Amortized Cost
50,400
Land
28,100
Buildings
152,700
Accumulated Depreciation—Buildings
6,045
Equipment
34,800
Accumulated Depreciation—Equipment
5,800
Goodwill
16,750
Accounts Payable
101,100
Bonds Payable (20-year, 7%)
168,000
Common Shares
120,500
Retained Earnings
61,184
Sales Revenue
190,500
Rent Revenue
11,100
Advertising Expense
23,100
Supplies Expense
10,600
Purchases
97,900
Purchase...
Selected unadjusted account balances at December 31, 2017, are shown below for Demron Servicing. Account Debit...Selected unadjusted account balances at December 31, 2017, are
shown below for Demron Servicing.
Account
Debit
Credit
Accounts
receivable
$78,000
Allowance for
doubtful accounts
$
1,260
Sales (all on
credit)
552,000
Sales discounts
16,000
Required:
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Ensemble Co.
Unadjusted Trial Balance
For the Year Ending December 31, 2018
Debit Balances
Credit Balances
Cash
42,900
Accounts Receivable
123,500
Prepaid Insurance
27,000
Equipment
300,000
Accounts Payable
52,000
Salaries Payable
4,800
Common Stock
40,000
Retained Earnings
137,200
Dividends
5,000
Service Revenue
1,216,000
Salary Expense
660,000
Advertising Expense
275,000
Miscellaneous Expense
16,600
1,801,500
1,801,500
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Ensemble Co.
UNADJUSTED TRIAL BALANCE
ACCOUNT TITLE
DEBIT
CREDIT
1
Cash
2
Accounts Receivable
3
Prepaid insurance
4
Equipment
5
Accounts Payable...
Account Balances as of December 31, 2018 Debit Balance Credit Balance 100000 Bank Account $277,518 110100...Account Balances as of December 31, 2018
Debit Balance Credit Balance
100000 Bank Account $277,518
110100 Accounts Receivable (Direct Posting Account) 92,670
110150 Allowance for Bad Debts 2,500
200600 Inventory-Operating Supplies 8,832
200900 Inventory-Raw Materials (Direct Post) 52,000
200910 Inventory-Finished Goods (Direct Post) 281,298
200920 Inventory-Trading Goods (Direct Post) 66,474
210000 Prepaid Insurance 5,000
212000 Prepaid Advertising 1,100
220110 Land (Direct Post) 425,000
220210 Production Machinery, Equip & Fixtures (Dir.Post)
915,000
220310 Accumulated Depreciation-Machinery (Direct Post)
305,000
300200 Accounts Payable...
Pete's Roofing, Inc. Unadjusted Trial Balance December 31, 2014 Account Debit Credit Cash $ &nbs
Pete's Roofing, Inc.
Unadjusted Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$ 5,000
Accounts Receivable
20,000
Supplies
6,000
Prepaid Rent
10,500
Equipment
850,000
Accumulated Depreciation
235,000
Other Assets
65,000
Accounts Payable
10,500
Unearned Service Revenue
12,500
Note Payable
60,000
Common Stock
285,000
Retained Earnings
35,000
Service Revenue
625,000
Wages Expense
205,000
Rent Expense
92,600
Interest Expense
8,900
Totals
$ 1,263,000
$ 1,263,000
At year end, you have the following data for
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Debit
Credit
Cash
$
265,100
Accounts receivable
51,000
Interest receivable
23,200
Notes receivable (due in 90 days)
173,000
Office supplies
15,500
Automobiles
173,000
Accumulated depreciation—Automobiles
$
55,000
Equipment
140,000
Accumulated depreciation—Equipment
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Land
84,000
Accounts payable
97,000
Interest payable
50,000
Salaries payable
22,000
Unearned fees
34,000
Long-term notes payable
154,000
Common stock
35,580
Retained earnings
320,220
Dividends
53,000
Fees earned
584,000
Interest earned
32,000
Depreciation expense—Automobiles
27,500
Depreciation...
The adjusted trial balance for Chiara Company as of December 31 follows. Debit Credit Cash $...The adjusted trial balance for Chiara Company as of December 31
follows.
Debit
Credit
Cash
$
157,200
Accounts receivable
51,500
Interest receivable
18,600
Notes receivable (due in 90 days)
171,500
Office supplies
16,000
Automobiles
168,000
Accumulated depreciation—Automobiles
$
55,000
Equipment
140,000
Accumulated depreciation—Equipment
27,000
Land
81,000
Accounts payable
96,000
Interest payable
25,000
Salaries payable
26,000
Unearned fees
36,000
Long-term notes payable
154,000
Common stock
27,580
Retained earnings
248,220
Dividends
53,000
Fees earned
574,000
Interest earned
28,000
Depreciation expense—Automobiles
27,000
Depreciation...
On December 1, 2017, Waylon Company had the account balances shown below. Debit Credit...On December 1, 2017, Waylon Company had the account
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Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800*
Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000
$31,500 $31,500 * ( 3,000 ×
$ 0.60 ) (3,000×$0.60) The following transactions occurred during
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Dec. 3. Purchased 4,000 units of inventory on account at a cost of
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Dec 5. Sold 4,400 units of...
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Trial Balance Adjustments Account Title Debit Credit Cash 22,750
Accounts Receivable 1,200 Office Supplies 600 (d) 250 (d) 350
Prepaid Insurance 450 (c) 450 Truck 17,000 Acc. Dep.—Truck Accounts
Payable 0 Salaries Payable Unearned Revenue 1,700 (e) 600 (e) 1100
Common Stock 34,000 Dividends 2,700 Service Revenue 12,500 (e)
12500 Salaries Expense 1,500 (a) 1500 Dep. Exp.—Truck (b) 1600
Insurance Expense Fuel Expense 200 200 Rent Expense 1,800 1800
Supplies Expense 48,200...
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