Question

In: Accounting

Use the following information from the ADJUSTED TRIAL BALANCE of SAM Corp. for the fiscal year...

Use the following information from the ADJUSTED TRIAL BALANCE of SAM Corp. for the fiscal year ended December 31, 2008 to answer the next 17 questions.

Unearned Service Revenue                                      1,000

Wages Payable                                                      2,000

Wages Expense                                                   17,000               

Service Revenue                                                  37,000   

Rent Expense                                                        3,000

Retained Earnings, 1/1/2008                                    6,000

Prepaid Rent                                                         5,500                           

Notes Payable, Due 5/1/2020                                 20,000

Notes Payable, Due 5/1/2009                                   1,000

Land                                                                 30,000

Interest Revenue                                                    3,000

Interest Payable                                                     1,000   

Interest Expense                                                    1,000   

Equipment                                                         15,000

Dividends                                                            1,500

Depreciation Expense -- Equipment                          3,500   

Common Stock                                                   55,000   

Cash                                                                 40,000                                       

Accumulated Depreciation – Equipment                    5,000   

Accounts Receivable                                            17,500

Accounts Payable                                                              3,000

NET INCOME for the year is:

TOTAL CURRENT ASSETS reported on the December 31, 2008 balance sheet is:

TOTAL PROPERTY, PLANT, AND EQUIPMENT reported on the December 31, 2008 balance sheet is:

TOTAL ASSETS reported on the December 31, 2008 balance sheet is:

TOTAL CURRENT LIABILITIES reported on the December 31, 2008 balance sheet is:

TOTAL LONG-TERM LIABILITIES reported on the December 31, 2008 balance sheet is:

                           

TOTAL LIABILITIES reported on the December 31, 2008 balance sheet is:

8.    Afterall the necessary closing entries are made, the ending balance in RETAINED EARNINGS is:

TOTAL OWNERS’ EQUITY reported on the December 31, 2008 balance sheet is:

Solutions

Expert Solution

  • All working forms part of the answer
  • Follow below workings for all the answers
  • Income Statement:

Revenues:

Service Revenue

$       37,000.00

Interest Revenue

$          3,000.00

Total revenues

$       40,000.00

Expenses:

Wages Expenses

$       17,000.00

Rent Expense

$          3,000.00

Interest expense

$          1,000.00

Depreciation expense - equipment

$          3,500.00

Total expenses

$       24,500.00

Net Income

$       15,500.00

  • Balance Sheet data

ASSETS

Current Assets:

Cash

$     40,000.00

Accounts receivables

$     17,500.00

Prepair Rent

$       5,500.00

Total Current Assets

$         63,000.00

Property, Plant & Equipment:

Land

$         30,000.00

Equipment

$     15,000.00

Accumulated Depreciation Equipment

$     (5,000.00)

$         10,000.00

Total PPE

$         40,000.00

ASSETS

$     1,03,000.00

LIABILITIES

Current Liabilities:

Unearned Service Revenue

$       1,000.00

Wages payable

$       2,000.00

Notes Payable [short term]

$       1,000.00

Interest Payable

$       1,000.00

Accounts Payable

$       3,000.00

Total Current Liabilities

$           8,000.00

Long Term liabilities:

Notes Payable [long term]

$         20,000.00

Total Liabilities

$         28,000.00

STOCKHOLDERS' EQUITY

Common Stock

$     55,000.00

Retained Earnings [+ Net Income - Dividends]

$     20,000.00

Total Stockholder's Equity

$         75,000.00

LIABILITIES & STOCKHOLDERS' EQUITY

$     1,03,000.00

  • Answers

Net Income

$            15,500.00

Total Current Assets

$            63,000.00

Total Property Plant & Equipment

$            40,000.00

Total Assets

$        1,03,000.00

Total Current Liabilities

$              8,000.00

Total Long Term Liabilities

$            20,000.00

Total Liabilities

$            28,000.00

Retained earnings

$            20,000.00

Total Owner's Equity

$            75,000.00

ekkarill92 answered 1 year ago
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