Following is data for Pitt-Vaughn Academy (PVA). Use the data below to answer each of the enumerated requirements.
Pitt-Vaughn Academy (PVA), a school owned by Lily Pitt-Vaughn,
provides training to individuals who pay tuition directly to the
school. PVA also offers training to groups in off-site locations.
PVA initially records prepaid expenses and unearned revenues in
balance sheet accounts. Its unadjusted trial balance as of December
31 follows along with descriptions of items a through h that
require adjusting entries on December 31.
Additional Information Items
Pitt-Vaughn Academy |
|||||
Debit |
Credit |
||||
Cash |
$ |
27,396 |
|||
Accounts receivable |
0 |
||||
Teaching supplies |
10,536 |
||||
Prepaid insurance |
15,806 |
||||
Prepaid rent |
2,108 |
||||
Professional library |
31,610 |
||||
Accumulated depreciation—Professional library |
$ |
9,484 |
|||
Equipment |
73,751 |
||||
Accumulated depreciation—Equipment |
16,861 |
||||
Accounts payable |
36,022 |
||||
Salaries payable |
0 |
||||
Unearned training fees |
13,500 |
||||
L. Pitt-Vaughn, Capital |
67,016 |
||||
L. Pitt-Vaughn, Withdrawals |
42,149 |
||||
Tuition fees earned |
107,477 |
||||
Training fees earned |
40,040 |
||||
Depreciation expense—Professional library |
0 |
||||
Depreciation expense—Equipment |
0 |
||||
Salaries expense |
50,579 |
||||
Insurance expense |
0 |
||||
Rent expense |
23,188 |
||||
Teaching supplies expense |
0 |
||||
Advertising expense |
7,376 |
||||
Utilities expense |
5,901 |
||||
Totals |
$ |
290,400 |
$ |
290,400 |
|
Required:
Use the information in the financial statements to calculate the following ratios:
Below are the industry averages for the corresponding ratios
How does the company’s performance compare to that of the industry? Provide a brief discussion of the company’s performance. Your discussion should be at least 4 well-articulated sentences.
Following is data for Pitt-Vaughn Academy (PVA). Use the data below to answer each of the...
I am having a hard time balancing my adjusted trial balance. - I made a mistake somewhere but I cannot find it. Here is the problem: Following is data for Pitt-Vaughn Academy (PVA). Use the data below to answer each of the enumerated requirements. Pitt-Vaughn Academy (PVA), a school owned by Lily Pitt-Vaughn, provides training to individuals who pay tuition directly to the school. PVA also offers training to groups in off-site locations. PVA initially records prepaid expenses and unearned...
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Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items...
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