| TOBIQUE LTD. | ||
| Income Statement | ||
| Month Ended August 31,2018 | ||
| Revenues: | ||
| Service Revenue | $9,290 | |
| Interest Revenue | $20 | |
| Total revenues | $9,310 | |
| Expenses: | ||
| Depreciation Expense | $203 | |
| Rent Expense | $380 | |
| Advertising Expense | $220 | |
| Supplies expense | $750 | |
| Salaries expense | $6,230 | |
| Total Expenses | $7,783 | |
| Income before income tax | $1,527 | |
| Income tax | $290 | |
| Net income | $1,237 | |
| TOBIQUE LTD. Statement of Changes in Equity Month Ended August 31, 2018 |
||||||
| Common Shares | Retained Earnings | Total Equity | ||||
| Beginning balance | $12000 | $6040 | $18040 | |||
| Net income |
|
|
|
|||
| Dividend |
|
|
|
|||
| Ending balance | 12000 |
$6727 |
$18727 | |||
G.
closing journal entries
|
Date |
Account Titles and Explanation |
Debit |
Credit |
-
Closing entry
Date account and explanation Debit Credit Aug 31 Service revenue 9290 Interest revenue 20 Income summary 9310 (To close revenue) Aug 31 Income summary 8073 Depreciation expense 203 Rent expense 380 Advertising expense 220 Supplies expense 750 Salaries expense 6230 Income tax expense 290 (To close expense) Aug 31 Income summary 1237 Retained earnings 1237 (To close net income) Aug 31 Retained earnings 550 Dividend 550 (To close dividend)
G.)
Post the closing journal entries and calculate and enter balances. Assume Tobique closes its books monthly. (Post entries in the order of journal entries presented in the previous part. If the ending balance is 0 select Bal for the date and enter 0 for the normal balance for that account.)
Homework Answers
| Retained Earnings | |||
| Aug 1 | 6,040 | ||
| Aug 31 Cls. | 550 | Aug 31 Cls. | 1,237 |
| Aug 31 Bal. | 6,727 | ||
| Dividend Declared | |||
| Aug 31 | 550 | Aug 31 Cls. | 550 |
| Bal | 0 | ||
| Service Revenue | |||
| Aug 13 | 4,100 | ||
| Aug 27 | 4,400 | ||
| Aug 31 Adj. | 790 | ||
| Aug 31 Cls. | 9,290 | Aug 31 Bal. | 9,290 |
| Bal | 0 | ||
| Salaries Expense | |||
| Aug 10 | 1450 | ||
| Aug 24 | 3110 | ||
| Aug 31 Adj. | 1670 | ||
| Aug 31 Bal. | 6,230 | Aug 31 Cls. | 6,230 |
| Bal. | 0 | ||
| Rent Expense | |||
| Aug 31 Adj. | 380 | Aug 31 Cls. | 380 |
| Bal. | 0 | ||
| Supplies Expense | |||
| Aug 31 Adj. | 750 | Aug 31 Cls. | 750 |
| Bal. | 0 | ||
| Income Tax Expense | |||
| Aug 31 Adj. | 290 | Aug 31 Cls. | 290 |
| Bal. | 0 | ||
| Advertisement Expense | |||
| Aug 31 Adj. | 220 | Aug 31 Cls. | 220 |
| Bal. | 0 | ||
| Income Summary | |||
| Aug 31 Cls. | 8073 | Aug 31 Cls. | 9,310 |
| Aug 31 Cls. | 1,237 | ||
| Bal | 0 | ||
Add Answer to:
TOBIQUE LTD.
Income Statement
Month Ended August 31,2018
Revenues:
Service Revenue
$9,290
Interest Revenue
$20
Total...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
Tobique records adjustments monthly. Adjustment data for the month of August are as follows: 1. One...
Tobique records adjustments monthly. Adjustment data for the
month of August are as follows:
1.
One month’s worth of advertising services have been
received.
2.
The August rent has expired.
3.
Accrued salaries payable are $1,670.
4.
Depreciation for the month is $203.
5.
Supplies on hand at August 31 are $1,000.
6.
Services were performed to satisfy $790 of unearned
revenue.
7.
One month of interest revenue related to the $4,000 note
receivable has accrued. The note was issued...
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the following opening account balances,...
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
Salsa Inc Income Statement For the month ended August 31,20X1 Service revenue Expenses Salaries expense Rent...
Salsa Inc Income Statement For the month ended August 31,20X1 Service revenue Expenses Salaries expense Rent expense Interest expense Utilities expense Other expense $ 50,000 10,000 5,000 4,000 8,000 Total expenses Net Income $_200,000 Salsa Inc. Statement of Stockholders' Equity For the month ended August 31,20X1 Common Stock $ 20,000 8,000 Retained Earnings $ 19,000 Total Stockholders' Equity Beginning balances - Aug 1 Add: New stock issuances Add: Net income Less: Dividends $ 39,000 8,000 200,000 200,000 Ending balances -...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
Tobique records adjustments monthly. Adjustment data for the
month of August are as follows:
1.
One month’s worth of advertising services have been
received.
2.
The August rent has expired.
3.
Accrued salaries payable are $1,670.
4.
Depreciation for the month is $203.
5.
Supplies on hand at August 31 are $1,000.
6.
Services were performed to satisfy $790 of unearned
revenue.
7.
One month of interest revenue related to the $4,000 note
receivable has accrued. The note was issued...
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year,
the following opening account balances, listed in alphabetical
order, were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
On August 1, 2018, the beginning of its current fiscal year, the
following opening account balances, listed in alphabetical order,
were reported by Tobique Ltd.
Accounts payable
$2,500
Interest receivable
20
Accounts receivable
4,740
Note receivable, due October 31, 2018
4,000
Accumulated depreciation—equipment
2,030
Retained earnings
6,040
Cash
5,520
Salaries payable
1,460
Common shares
12,000
Supplies
1,030
Equipment
10,100
Unearned revenue
1,380
During August, the following summary transactions were
completed.
Aug. 1
Paid $440 cash for advertising in local newspapers....
Salsa Inc Income Statement For the month ended August 31,20X1 Service revenue Expenses Salaries expense Rent expense Interest expense Utilities expense Other expense $ 50,000 10,000 5,000 4,000 8,000 Total expenses Net Income $_200,000 Salsa Inc. Statement of Stockholders' Equity For the month ended August 31,20X1 Common Stock $ 20,000 8,000 Retained Earnings $ 19,000 Total Stockholders' Equity Beginning balances - Aug 1 Add: New stock issuances Add: Net income Less: Dividends $ 39,000 8,000 200,000 200,000 Ending balances -...
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