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Category > Accounting Posted 23 Aug 2017 My Price 11.00

Beta Company

P3-7B. Record  adjustments and prepare financial  statements.  (LO  1, 2, 3, 4)

The accounting records for Beta Company contained the following balances as of Decem­ ber31,  2008:

 

Assets

 

Liabilities and Shareholders'  Equity

Cash

$50,000

Accounts payable           $17,500

Accounts receivable

26,500

 

Prepaid rent

3,600

Common stock                  48,600

Land

    10,500

Retained earnings          24,500

Totals

$90,600

$90,600

The following  accounting  events apply to Beta's  2009 fiscal  year:

 

 

a.    Jan.

 

b.    Mar.

c.    May

 

1 Beta purchased a computer that cost $18,000 for cash. The computer  had  a no salvage value and a 3-year useful  life.

The company borrowed $20,000 by issuing a 2-year note at 12%.

The company paid $6,000 cash in advance for a 6-month  lease starting on July  1 for office space.

 

d.    June   1    The company  declared and paid dividends  of $2,000 to the  owners.

 

 

 

 

 

e.    July

f.  Aug.

g.     Aug.

 

h.    Sept. 1

i.     Oct.   1

j.     Nov.  1

 

k.    Dec. 31

 

1.       Dec. 31

m.   Dec. 31

 

The company purchased  land  that cost $15,000 cash. Cash payments  on accounts payable  amounted  to $5,500.

Beta received $13,200 cash in advance for 12 months of service to be pe1formed monthly for the next year, beginning on receipt of payment. Beta sold a parcel of land  for  $13,000,  its  original  cost of  the  land. Beta purchased  $1,300 of  supplies on account.

Beta purchased short-term investments for $10,000. The investments earn a fixed rate of  5% per  year.

The company earned service revenue on account during the year that amounted  to $50,000.

Cash collections from accounts receivable amounted to $46,000.

The company incurred other operating expenses on account during the year  that  amounted to $5,850.

 

Additional  information:

1.  Salaries that had been earned by the sales staff but not yet paid amounted to $2,300.

2.    Supplies on hand at the end of the period totaled    $200.

3.    The beginning balance of $3,600 in prepaid rent was completely used up by the end of the year.

Required

a.     Set up an accounting equation worksheet and record the account balances as of December  31, 2008.

b.     Record the transactions that occurred during 2009 and the necessary  adjustments  at year-end.

c.     Prepare all four financial statements for the year ended December 31, 2009 (balance  sheet at December  31, 2009).

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Aug 2017 10:08 PM My Price 11.00

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