Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
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Category > Management Posted 05 Feb 2018 My Price 7.00

Mystic Masters, Inc

Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the com- pany has experienced severe financial difficulty. Its accountant prepares adjusting entries on a monthly basis, and closing entries on an annual basis, at December 31. An adjusted trial balance dated December 31, 2011, follows.

 

 

 

 

MYSTIC MASTERS, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011

 

 

Debits

 

Credits

Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$     960

 

 

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

300

 

 

Unexpired insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,000

 

 

Prepaid rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,500

 

 

Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

200

 

 

Furniture and fixtures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,400

 

 

Accumulated depreciation: furniture and fixtures . . . . . . . . . . . . . . . . . . .

 

 

$ 5,200

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

6,540

Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

24,000

Salaries payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

1,700

Interest payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

360

Unearned client revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

200

Capital stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

4,000

Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

2,600

Client revenue earned  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

 

 

52,000

Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,000

 

 

Office rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9,000

 

 

Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

440

 

 

Salary expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

48,000

 

 

Depreciation expense: furniture and fixtures  . . . . . . . . . . . . . . . . . . . . . .

1,400

 

 

Office and telephone expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3,000

 

 

Internet service expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,900

 

 

Legal expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,500

 

 

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,000

 

 

Miscellaneous expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5,000

 

            

 

$96,600

 

$96,600

 

 

 

 

Instructions

a.       Prepare an income statement and statement of retained earnings for the year ended December 31, 2011. Also prepare the company’s balance sheet dated December 31, 2011. (Hint: The company incurred no income taxes expense in 2011.)

b.       Prepare the necessary year-end closing entries.

c.        Prepare an after-closing trial balance.

d.       Using the financial statements prepared in part a, briefly evaluate the company’s performance.

e.        Identify information that the company is apt to disclose in the notes that accompany the finan- cial statements prepared in part a.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Feb 2018 06:02 PM My Price 7.00

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