Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2019
Debit | Credit | |||
ash |
$1,180 | |||
Accounts Receivable |
875 | |||
Supplies |
350 | |||
Prepaid Insurance |
1,210 | |||
Equipment |
1,200 | |||
Accumulated Depreciation—Equipment |
$40 | |||
Accounts Payable |
75 | |||
Salaries and Wages Payable |
56 | |||
Unearned Service Revenue |
300 | |||
Notes Payable |
2,000 | |||
Interest Payable |
15 | |||
Common Stock |
800 | |||
Dividends |
500 | |||
Service Revenue |
4,515 | |||
Salaries and Wages Expense |
1,006 | |||
Utilities Expense |
125 | |||
Advertising Expense |
165 | |||
Supplies Expense |
1,025 | |||
Depreciation Expense |
40 | |||
Insurance Expense |
110 | |||
Interest Expense |
15 | |||
$7,801 |
$7,801 |
1)Prepare and Income statement
2) Prepare an retained earnings statement for the 2 months ended December 31, 2019
3) Prepare a classified balance sheet at December 31, 2019. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2018.
4) Natalie has decided that her year-end will be December 31, 2019. Prepare closing entries as of December 31, 2019. and
5) Prepare a post-closing trial balance.
COOKIE CREATIONS Income Statement | ||
For the Two Months Ended December 31st | ||
Revenues | ||
Service revenue | $4,515 | |
Expenses | ||
Supplies expense | $1,025 | |
Salaries expense | 1006 | |
Utilities expense | 125 | |
Insurance expense | 110 | |
Advertising expense | 165 | |
Depreciation expense | 40 | |
Interest expense | 15 | |
Total expenses | 2,486 | |
Net income | $2,029 |
2) | ||
COOKIE CREATIONS |
||
Retained Earnings Statement | ||
For the Two Months Ended December 31, 2019 | ||
Retained earnings, beginning | $ - | |
Add: Net income | $ 2,029.00 | |
Less: Dividends | $ (500.00) | |
Retained earnings, December 31 | $ 1,529.00 | |
3) | ||
COOKIE CREATIONS |
||
Statement of Financial Position | ||
December 31 2019 | ||
Property, plant, and equipment |
||
Equipment | $ 1,200.00 | |
Less: Accumulated depreciation—equipment | $ 40.00 | $ 1,160.00 |
Current assets | ||
Prepaid expenses | $ 1,210.00 | |
Supplies | $ 350.00 | |
Accounts receivable | $ 875.00 | |
Cash | $ 1,180.00 | |
Total current assets | $ 3,615.00 | |
Total Assets | $ 4,775.00 | |
Equity and Liabilities | ||
Equity | ||
Share Capital—Ordinary | $ 800.00 | |
Retained Earnings | $ 1,529.00 | $ 2,329.00 |
Non-current liabilities |
||
Interest payable (2000 x 6%/12) x 1.5 months | $ 15.00 | |
Notes payable | $ 2,000.00 | |
Total non-current liabilities | $ 2,015.00 | |
Current liabilities | ||
Note payable—current portion | ||
Accounts payable | $ 75.00 | |
Salaries and wages payable | $ 56.00 | |
Unearned service revenue | $ 300.00 | |
Total current liabilities.. | $ 431.00 | |
Total liabilities | $ 2,446.00 | |
Total equity and liabilities | $ 4,775.00 | |
4) | ||
GENERAL JOURNAL | ||
Account titles | Debit | Credit |
Service Revenue |
$ 4,515.00 | |
Income Summary | ||
Income Summary | $ 2,486.00 | |
Supplies expense | $ 1,025.00 | |
Salaries expense | $ 1,006.00 | |
Utilities expense | $ 125.00 | |
Insurance expense | $ 110.00 | |
Advertising expense | $ 165.00 | |
Depreciation expense | $ 40.00 | |
Interest expense | $ 15.00 | |
Income Summary | $ 1,529.00 | |
Retained Earnings | $ 1,529.00 | |
Retained Earnings | 500 | |
Dividends | 500 | |
6) | ||
Cookie Creations | ||
Adjusted Trial Balance | ||
31-Dec-19 | ||
Debit | Credit | |
Cash | $ 1,180.00 | |
Accounts Receivable | $ 875.00 | |
Supplies | $ 350.00 | |
Prepaid Insurance | $ 1,210.00 | |
Equipment | $ 1,200.00 | |
Accumulated Depreciation—Equipment | $ 40.00 | |
Accounts Payable | $ 75.00 | |
Salaries and Wages Payable | $ 56.00 | |
Notes Payable | $ 2,000.00 | |
Unearned Service Revenue | $ 300.00 | |
Interest Payable | $ 15.00 | |
Share Capital—Ordinary | $ 800.00 | |
Retained Earnings | $ 1,529.00 | |
Total | $ 4,815.00 | $ 4,815.00 |
Income statement | ||
For the 2 months ended December 31, 2016 | ||
Revenues: | ||
Service Revenue | 4515 | |
Expenses: | ||
Salaries and Wages Expense | 1006 | |
Utilities Expense | 125 | |
Advertising Expense | 165 | |
Supplies Expense | 1025 | |
Depreciation Expense | 40 | |
Insurance Expense | 110 | |
Interest Expense | 15 | |
Total expenses | 2486 | |
Net income | 2029 |
Natalie had a very busy December. At the end of the month, after journalizing and posting...
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance December 31, 2019 Debit Credit $970 720 290 990 1,000 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Accounts Payable Salaries and Wages Payable Interest Payable Unearned Service Revenue Notes Payable Owner's Capital Owner's Drawings Service Revenue Salaries and Wages Expense Utilities Expense Advertising...
Instructions Using the information in the adjusted trial balance, do the following. (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year-end will be December 31, 2017. Prepare closing entries as of December...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 51 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable Salaries and Wages Payable Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary 688 Dividends 430 Service Revenue...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 51 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation-Equipment NT$38 Accounts Payable Salaries and Wages Payable Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary 688 Dividends 430 Service Revenue 3,882...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 66 51 258 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Interest Payable 18 Notes Payable 1,720 Share Capital-Ordinary Dividends 430 Service...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable Salaries and Wages Payable 51 Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary 688 Dividends 430 Service Revenue...
Instructions Using the information in the adjusted trial balance, do the following (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year end will be December 31, 2017. Prepare closing entries as of...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 736 49 252 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$992 Accounts Receivable Supplies 296 Prepaid Insurance 1,016 Equipment 1,008 Accumulated Depreciation Equipment NT$36 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Interest Payable 16 Notes Payable 1,680 Share Capital-Ordinary 672 Dividends 420 Service...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 51 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable Salaries and Wages Payable Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary 688 Dividends 430 Service Revenue...
Mei-ling had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance. 51 MATCHA CREATIONS Adjusted Trial Balance December 31, 2021 Account Titles Debit Credit Cash NT$1,016 Accounts Receivable 754 Supplies 304 Prepaid Insurance 1,040 Equipment 1,032 Accumulated Depreciation Equipment NT$38 Accounts Payable 66 Salaries and Wages Payable Unearned Service Revenue 258 Interest Payable Notes Payable 1,720 Share Capital-Ordinary Dividends 430 Service Revenue...