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Category > Accounting Posted 24 Sep 2017 My Price 9.00

Ironside Security Services

A Financial statements and closing entries OBJ. 2, 3 Ironside Security Services is an investigative services firm that is owned and operated by Don Chadwell. On April 30, 2014, the end of the current fiscal year, the accountant for Ironside Security Services prepared an end-of-period spreadsheet, a part of which is shown as per below :

Iron side Security Services End-of-Period Spreadsheet For the Year Ended April 30, 2014
 

Adjusted
 

Trial Balance

Account Title

Dr.

Cr.
     

Cash

18,000

  

Accounts Receivable

37,200

  

Supplies

7,500

  

Prepaid Insurance

4,800

  

Building

240,500

  

Accumulated Depreciation—Building

55,200

Accounts Payable

  

6,000

Salaries Payable

  

1,500

Unearned Rent

  

3,000

Capital Stock

  

35,000

Retained Earnings

  

144,300

Dividends

10,000

  

Service Fees

  

480,000

Rent Revenue

  

25,000

Salaries Expense

336,000

  

Rent Expense

62,500

  

Supplies Expense

12,000

  

Depreciation Expense—Building

6,000

  

Utilities Expense

4,400

  

Repairs Expense

3,200

  

Insurance Expense

2,800

  

Miscellaneous Expense

5,100

  
 

750,000

750,000

Instructions

1. Prepare an income statement, a retained earnings statement, and a balance sheet.

2. Journalize the entries that were required to close the accounts at April 30.

3. If Retained Earnings has instead decreased $47,500 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 10:09 PM My Price 9.00

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