Question 2 REQUIRED: (1) Complete the following partial worksheet. (9 marks) (2) Using your worksheet information,...

Question 2 REQUIRED:

(1) Complete the following partial worksheet.

(2) Using your worksheet information, prepare closing entries (for December 31 of the current year) in the journal paper on the next page. Note: Explanations are NOT required.
(3) Assuming the journal entries prepared in part (2) have been posted, prepare a Post-Closing Trial Balance (on the next page). Hint: you may find it helpful to use a T-account for calculating Capital.

account titles adjusted trial balance income statement statement of changes in equity or balance sheet

	DR	CR	DR	CR	DR	CR
Cash	6,500
Accounts Receivable	1,500
Equipment	7,000
Accum. Dep. – Equipment		1,500
Accounts Payable		12,000
Unearned Revenue		2,000
Hugh Betcha, Capital		7,500
Hugh Betcha, Withdrawals	7,000
Fees Earned		7,000
Service Revenue		8,000
Wages Expense	9,000
Rent Expense	7,000
Totals	38,000	38,000

Expert Solution

ekkarill92 answered 10 months ago

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete...

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the above schedule of the company’s total costs and costs per unit. (Round the per unit variable cost and fixed cost to 2 decimal places.) Units Produced and Sold 69,000 89,000 109,000 Total costs: Variable costs $213,900 Fixed costs 390,000 Total costs $603,900 $0 $0 Cost per unit: Variable cost Fixed cost Total cost per unit $0.00 $0.00 $0.00

Complete the following partial worksheet for Pat Inc. and subsidiary Slinger Company for the first year...

Complete the following partial worksheet for Pat Inc. and subsidiary Slinger Company for the first year subsequent to acquisition intercompany bonds, 20X4 Pat Inc. and Subsidiary Slinger Company Partial Consolidated Worksheet For the Year Ended December 31, 20X4 Trial Balance Eliminations and Adjustments Pat Slinger Dr. Cr. Interest receivable 8,000 Investments in Slinger bonds 99,000 Interest payable (8,000) Bonds payable (100,000) Premium on bonds payable (200) Interest income (9,000) Interest expense 7,800 Elimination and Adjustments: (B1) Eliminate the intercompany bonds...

QUESTION 1 (20 Marks) REQUIRED In view of the information given below, answer the following questions:...

QUESTION 1 REQUIRED In view of the information given below, answer the following questions: 1.1 Explain THREE (3) costs or risks to businesses of holding little or no cash. 1.2 Explain THREE (3) motives for holding cash. 1.3 What advice would you offer financial managers to ensure the effective of cash?

Required information Problem 9-1B Record and analyze installment notes (LO9-2) Skip to question [The following information...

Required information Problem 9-1B Record and analyze installment notes (LO9-2) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage. Installment payments of $5,071.33 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 3 3-a. Record the first monthly mortgage payment on January...

PART II — WORKSHEET COMPLETION Instructions: Complete the partial worksheet presented below, inserting additional labels as...

PART II — WORKSHEET COMPLETION Instructions: Complete the partial worksheet presented below, inserting additional labels as needed AUBREY SERVICES AGENCY Partial Worksheet For the Month Ended April 30, 2012 Account Titles Adjusted Trial Balance Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Cash 6,500.00 Accounts Receivable 2,000.00 Supplies 3,075.00 Prepaid Insurance 2,000.00 Prepaid Rent 500.00 Equipment 35,000.00 Accum. Depreciation 4,000.00 Notes Payable 14,000.00 Account Payable 12,000.00 Unearned Service Revenue 2,000.00 Salaries and Wages Payable 1,300.00 Interest Payable 50.00...

Complete the attached worksheet. You will need to show your work for each question 1) CircumSpect...

Complete the attached worksheet. You will need to show your work for each question 1) CircumSpect Products produces a home sentry system, easily installed by a homeowner, that they can produce and ship at a cost of $214 per unit. The company has fixed costs of $11,000 per month. The company believes it can position the product as an upscale specialty item and retail it for $995, or it can use a broader market strategy and sell it for $495....

QUESTION 2 (20 Marks) REQUIRED Use the information provided below to prepare the Statement of Comprehensive...

QUESTION 2 REQUIRED Use the information provided below to prepare the Statement of Comprehensive Income for the year ended 29 February 2020. Use the following format as a guide: Statement of Comprehensive Income format Sales Cost of sales Gross profit Other operating income Gross operating income Operating expenses Operating profit Interest income Interest expense Net profit for the year vmc INFORMATION DURAVIT TRADERS PRE-ADJUSTMENT TRIAL BALANCE AS AT 29 FEBRUARY 2020 Debit (R) Credit (R) Balance Sheet accounts section Capital...

Complete the pension worksheet using the information provided below: Items Balance, Jan. 1, 2020 Annual Pension...

Complete the pension worksheet using the information provided below: Items Balance, Jan. 1, 2020 Annual Pension Expense Cash OCI - Prior Service Cost OCI- Gains/ Losses Pension Asset/ Liability Projected Benefit Obligation Plan Assets Service cost Interest cost Actual return Unexpected gain/loss Amortization of PSC Contributions Benefits Journal entry for 2020 2020 records of Lexxus Company provided the following data related to its noncontributory defined benefit pension plan. ACCOUNT BALANCES (‘000s) Jan. 1, 2020 Activity (‘000s) 2020 Projected Benefit Obligation...

Question 1 - 8 Using the information given, complete following financial statements for August and September...

Question 1 - 8 Using the information given, complete following financial statements for August and September 2014. ABC s tarted its business on August 1, 2014. August September Investment by stockholders 70 Investment by stockholders 60 (Cash investment) (Cash investment) Revenue 130 Revenue 90 (Out of 130 revenue, 30 is sales on credit.) (Out of 90 revenue, 20 is sales on credit. ) (25 of cash for credit sales made in August is collected.) Expense 90 Expense 100 (Our of...

Complete the following worksheet for Appliance Repair for the year ended 30 June 2020. (15 marks)...

Complete the following worksheet for Appliance Repair for the year ended 30 June 2020. Additional information to complete the worksheet: The equipment of $67,500 was purchased on 1 March 2020. The straight-line depreciation method is used with a useful life of 3 years and a scrap value of $2,700. No depreciation is ever recorded. The $75,000 bank loan was borrowed on 1 May 2020. It is an interest only loan. The interest rate is 0.8% per month. No interest is...

Question