Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 304 Weeks Ago, 6 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 Oct 2017 My Price 8.00

Yorkis Perez,

(Adjusting Entries and Financial Statements) The following are the trial balance and the other information related to Yorkis Perez, a consulting engineer.

1. Fees received in advance from clients $6,000.

2. Services performed for clients that were not recorded by December 31, $4,900.

3. Bad debt expense for the year is $1,430.

4. Insurance expired during the year $480.

5. Equipment is being depreciated at 10% per year.

6. Yorkis Perez gave the bank a 90-day, 10% note for $7,200 on December 1, 2014.

7. Rent of the building is $750 per month. The rent for 2014 has been paid, as has that for January 2015.

8. Office salaries and wages earned but unpaid December 31, 2014, $2,510.

Instructions

(a) From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2014. (Omit explanations.)

(b) Prepare an income statement for 2014, a statement of owner’s equity, and a classified balance sheet. Yorkis Perez withdrew $17,000 cash for personal use during the year.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Oct 2017 09:10 PM My Price 8.00

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