Homework Answers
Part A & B
| Unadjusted Trial Balance | Type of Account | ||
| Account Titles | Debit | Credit | |
| Cash | $ 1,50,000 | P | |
| Accounts Receivable | $ 1,30,000 | P | |
| Prepaid Rent | $ 2,40,000 | P | |
| Prepaid Insurance | $ 30,000 | P | |
| Inventory | $ 3,00,000 | P | |
| Equipment | $ 8,70,000 | P | |
| Accumulated Depreciation | $ 2,00,000 | P | |
| Accounts Payable | $ 1,60,000 | P | |
| Unearned Service Revenue | $ 80,000 | P | |
| Notes Payable (due 6/1/18) | $ 2,00,000 | P | |
| Notes Payable (due 6/1/22) | $ 3,00,000 | P | |
| Common Stock | $ 2,20,000 | P | |
| Retained Earnings | $ 4,18,000 | P | |
| Sales Revenue | $ 5,00,000 | T | |
| Advertising Expense | $ 20,000 | T | |
| Interest Expense | $ 10,000 | T | |
| Salaries and Wages Expense | $ 3,28,000 | T | |
| Total | $ 20,78,000 | $ 20,78,000 | |
Part C
Revenue and expense accounts are temporary accounts, balance sheet
accounts are permanent accounts as their balances are carried
forward
Current Assets
| Account Titles | |
| Cash | $ 1,50,000 |
| Accounts Receivable | $ 1,30,000 |
| Prepaid Rent | $ 2,40,000 |
| Prepaid Insurance | $ 30,000 |
| Inventory | $ 3,00,000 |
| Total Current Assets | $ 8,50,000 |
Total Assets
| Account Titles | |
| Cash | $ 1,50,000 |
| Accounts Receivable | $ 1,30,000 |
| Prepaid Rent | $ 2,40,000 |
| Prepaid Insurance | $ 30,000 |
| Inventory | $ 3,00,000 |
| Equipment | $ 8,70,000 |
| Accumulated Depreciation | $ -2,00,000 |
| Total Assets | $ 15,20,000 |
Currrent Ratio = Current Assets / Current Liabilities
= $850000 / $360000 = 2.36
Total Debt
| Account Titles | |
| Accounts Payable | $ 1,60,000 |
| Notes Payable (due 6/1/18) | $ 2,00,000 |
| Notes Payable (due 6/1/22) | $ 3,00,000 |
| Unearned Service Revenue | $ 80,000 |
| Total Debt | $ 7,40,000 |
Net Income = Revenue - Expenses
= $500000 - 20000 - 10000 - 328000 = $1420000
Add Answer to:
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