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Answer & Explanation:ACCT 220 Week 3 – Chapter 4 homework.xlsxplease show work. There are nine tabs on the bottom of the spreadsheet. thanks
acct_220_week_3___chapter_4_homework.xlsx
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B-04.01
Amber Nestor has an eye for quality. She recently formed an art gallery where she allows artists to
display their artwork for sale. Customers buy the artwork through the gallery, but payments are
actually made payable directly to the originating artist. Artists, in turn, pay Amber a 20% commission
that is appropriately reflected as revenue of the gallery.
Following is Amber’s trial balance after the first year of operation. This trial balance does not reflect
the adjustments that are necessary, as described by the additional infomation.
AMBER NESTOR ART GALLERY
Trial Balance
As of December 31, 20X4
Debits
Cash
$
Supplies
Credits
18,400
$
–
6,790
–
15,000
–
Loan payable
–
7,500
Capital stock
–
25,000
Revenues
–
48,590
Rent expense
11,000
–
Salaries expense
24,000
–
Interest expense
500
–
Utilities expense
5,400
–
Display equipment
$
81,090
$
81,090
The Display equipment was purchased near the beginning of the year. It has a 3-year life and no
salvage value. Its cost should be depreciated equally over its life.
Amber is entitled to receive $17,900 of commissions for art sold. This revenue has not yet been
recorded, but it is fully expected that the artists will soon be making payment.
Supplies on hand at year end were counted, and amount to $3,400.
December’s rent of $1,000 has not yet been paid.
(a) Prepare the necessary adjusting enties as of December 31, 20X4.
(b) Use T-accounts to determine the adjusted balances of the accounts.
(c) Prepare the adjusted trial balance for Amber Nestor.
Name:
B-04.01(a)
Date:
Section:
GENERAL JOURNAL
Date
Page
Accounts
Debit
Credit
Debits
Credits
Dec. 31
Dec. 31
Dec. 31
Dec. 31
AMBER NESTOR ART GALLERY
Adjusted Trial Balance
As of December 31, 20X4
Cash
Accounts receivable
Supplies
Display equipment
Accumulated depreciation
Rent payable
Loan payable
Capital stock
Revenues
Rent expense
Name:
Date:
B-04.01(a)
Section:
Salaries expense
Interest expense
Utilities expense
Total Debits/Credits
Name:
Date:
B-04.01(a)
Section:
CASH
REVENUES
ACCOUNTS RECEIVABLE
RENT EXPENSE
SUPPLIES
SALARIES EXPENSE
DISPLAY EQUIPMENT
INTEREST EXPENSE
ACCUMULATED DEPRECIATION
UTILITIES EXPENSE
RENT PAYABLE
LOAN PAYABLE
CAPITAL STOCK
B-04.02
Reagan Sakai is in charge of financial management for Land Monitrix. Land Monitrix utilizes satellite
technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping,
and other encroachments on property these customers own around the globe. Customers typically
purchase one-year contracts for this service, and the pricing depends on the number and size of sites
monitored.
Mr. Sakai desires to review financial reports — an income statement, statement of retained earnings,
and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Sakai needs
this information for internal review purposes, and does not require a classified balance sheet. The
operating data relate to the full year, and the blank worksheet already includes partial data.
LAND MONITRIX CORPORATION
Adjusted Trial Balance
As of December 31, 20X5
Debits
Cash
$
Accounts receivable
Credits
834,221
$
–
345,909
–
Prepaid expenses
45,787
–
Supplies
66,665
–
3,009,000
–
Accumulated depreciation
–
1,222,199
Accounts payable
–
544,190
Unearned revenues
–
455,000
Loan payable
–
1,000,000
Capital stock
–
560,000
Retained earnings, Jan. 1
–
228,892
Dividends
50,000
–
Revenues
–
2,373,402
Selling expenses
476,445
–
Interest expense
80,000
–
Salaries expense
677,667
–
Maintenance and supplies expense
222,989
–
Depreciation expense
575,000
–
Satellite equipment
$
6,383,683
$
6,383,683
Name:
B-04.02
Date:
Section:
Income Statement
Revenues
Services to customers
$
–
Expenses
$
–
Net income
$
–
$
–
$
–
LAND MONITRIX CORPORATION
Statement of Retained Earnings
Beginning retained earnings
Plus: Net income
$
–
$
–
LAND MONITRIX CORPORATION
Balance Sheet
Assets
Satellite equipment
Less: Accumulated depreciation
Total assets
$
–
$
–
Name:
Date:
B-04.02
Section:
Liabilities
$
–
Total liabilities
$
–
Stockholders’ equity
$
–
Total stockholders’ equity
Total liabilities and equity
$
–
B-04.04
Identify the following accounts as real (permanent) accounts OR
nominal (temporary) accounts.
1 Capital Stock
2 Revenues
3 Accumulated Depreciation
4 Salaries Expense
5 Accounts Payable
6 Dividends
7 Supplies
8 Rent Expense
9 Unearned Revenues
10 Income Summary
11 Equipment
12 Prepaid Rent
13 Interest Payable
14 Retained Earnings
15 Loan Payable
B-04.05
Timber Creek prepared the following adjusted trial balance on December 31, 20X3. The company has
completed preparation of financial statements and is now ready to prepare closing entries.
TIMBER CREEK
Adjusted Trial Balance
As of December 31, 20X3
Debits
Cash
$
Accounts receivable
Credits
35,600
$
–
23,700
–
7,500
–
325,700
–
Accumulated depreciation
–
40,400
Accounts payable
–
34,800
Loan payable
–
100,000
Capital stock
–
80,000
Retained earnings
–
70,000
Dividends
20,000
–
Revenues
–
478,400
Rent expense
120,000
–
Salaries expense
235,600
–
Supplies expense
18,000
–
Interest expense
7,400
–
10,100
–
Supplies
Equipment
Depreciation expense
$
803,600
$
803,600
(a) Prepare the necessary closing entries.
GENERAL JOURNAL
Date
Accounts
Dec. 31
Page
Credit
Debit
To close revenues to Income Summary
Dec. 31
To close expenses to Income Summary
Dec. 31
To close Income Summary to retained earnings
Dec. 31
To close dividends
(c) Prepare the post-closing trial balance.
TIMBER CREEK
Post-Closing Trial Balance
As of December 31, 20X3
Debits
$
$
Credits
–
$
$
–
(b) Use T-accounts to determine the post-closing balances of the accounts.
CASH
DIVIDENDS
closing
ACCOUNTS RECEIVABLE
REVENUES
closing
SUPPLIES
RENT EXPENSE
closing
EQUIPMENT
SALARIES EXPENSE
closing
ACCUMULATED DEPRECIATION
SUPPLIES EXPENSE
closing
ACCOUNTS PAYABLE
INTEREST EXPENSE
closing
LOAN PAYABLE
DEPRECIATION EXPENSE
closing
CAPITAL STOCK
INCOME SUMMARY
closing
closing
RETAINED EARNINGS
closing
closing
closing
B-04.08
Liz Ross Corporation prepares a classified balance sheet that includes the following traditional
sections:
Current Assets
Long-term Investments
Property, Plant & Equipment
Intangibles
Other Assets
Current Liabilities
Long-term Liabilities
Stockholders’ Equity
In which section of the classified balance sheet would the following accounts appear? Some of the accounts may not
appear in the balance sheet. Please use the drop-down menu provided
Note Payable (due in 3 months)
Accumulated Depreciation
Investment in Government Bonds
Accounts Receivable
Accounts Payable
Long-term Receivable From Employee
Dividends
Capital Stock
Patent
Supplies
Retained Earnings (ending)
Rent Expense
Unearned Revenues
Income Summary
Equipment
Revenues
Prepaid Rent
Interest Payable
Retained Earnings (beginning)
Loan Payable (due in 5 years)
B-04.08
ar? Some of the accounts may not
Current Liabilities
Please find the financial statements of your selected company. You can do this by either going to SEC.gov and
searching for your company’s 10K (annual report), or you can go to the company’s website directly and click
through investor relations until you find the financial reports. If you have any difficulties finding the Financial
Statements, please let me know and I can assist you. Then answer the following questions:
1 What is Net Income for the most current year for your company?
2 What are Total Assets for the most current year for your company?
…
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