Ch2--Answers to be submitted in Canvas Use the data to set up a Trial Balance and...

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Answer 1

Answer #1

Trial balance
	Debit $	Credit $
Cash	33000
Accounts receivable	50000
Supplies	1500
Prepaid rent	3000
Building & Equipment (balancing figure)	759500
Accounts Payable		14000
Salaries Payable		28000
Interest Payabble		4000
Deferred revenue		12000
Notes Payable		325000
Common Stock		200000
Retained earnings		191000
Dividends	6500
Service revenue		450000
Salaries expenses	241000
Rent expenses	15000
Interest expenses	5000
Supplies expenses	1000
Utilities expenses	6500
Advertising expenses	102000
TOTAL	1224000	1224000

1) Total credits = $1224000
2) Building & equipment = $1224000 - $464500 = $759500

3) Calculation of Net income		$
Service revenue		450000
Less:
Salaries expenses	241000
Rent expenses	15000
Interest expenses	5000
Supplies expneses	1000
Utilities expenses	6500
Advertising expenses	102000	-370500
Net Income		79500

4) Calculation of ending retained earnings
		$
Retained earnings, opening balance		191000
Add: Net income		79500
Less: Dividend paid		-6500
Retained earnings, ending balance		264000

5) Total Assets:		$
Cash		33000
Accounts receivable		50000
Supplies		1500
Prepaid rent		3000
Building & Equipment (balancing figure)		759500
TOTAL		847000

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Answer 2

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