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    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

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Category > Accounting Posted 01 Jun 2017 My Price 7.00

The Langer Company has prepared the following partially completed worksheet

P3-12     Worksheet  The Langer Company has prepared the following partially completed worksheet for the year ended December 31, 2007:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

Income

Earnings

Balance

 

 

Trial Balance

Adjustments

Statement

Statement

Sheet

 

Accounts

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

Debit

Credit

 

Cash

1,000

 

 

 

 

 

 

 

 

 

 

Accounts receivable

2,700

 

 

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

30

 

 

 

 

 

 

 

 

 

Note receivable (due 5/1/08)

1,200

 

 

 

 

 

 

 

 

 

 

Inventory

9,200

 

 

 

 

 

 

 

 

 

 

Land

4,500

 

 

 

 

 

 

 

 

 

 

Buildings and equipment

20,600

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

8,790

 

 

 

 

 

 

 

 

 

Accounts payable

 

4,050

 

 

 

 

 

 

 

 

 

Notes payable (due 4/1/2010)

 

4,000

 

 

 

 

 

 

 

 

 

Capital stock (2,000 shares)

 

5,000

 

 

 

 

 

 

 

 

 

Retained earnings (1/1/07)

 

6,120

 

 

 

 

 

 

 

 

 

Dividends distributed

600

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

25,140

 

 

 

 

 

 

 

 

 

Rent revenue

 

550

 

 

 

 

 

 

 

 

 

Cost of goods sold

9,050

 

 

 

 

 

 

 

 

 

 

Salaries expense

2,750

 

 

 

 

 

 

 

 

 

 

Delivery expense

720

 

 

 

 

 

 

 

 

 

 

Heat and light expense

820

 

 

 

 

 

 

 

 

 

 

Other expenses

540

 

 

 

 

 

 

 

 

 

 

Totals

53,680

53,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following additional information is available: (a) salaries accrued but unpaid total $250; (b) the $80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals $810 on the buildings and equipment; (d) inter- est accrued on the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to Brix Specialty Company for $50 per month, and Brix has not yet paid its December rent; (f) interest accrued on the note receivable totals $80; (g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2008.

Required

1.      Complete the worksheet. (Round to the nearest dollar.)

2.      Prepare the company’s financial statements.

3.      Prepare (a) adjusting, and (b) closing entries in the general journal.

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 01 Jun 2017 10:06 AM My Price 7.00

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Attachments

file 1496312992-Answer.docx preview (290 words )
A-----------NSW-----------ER -----------1 ----------- Re-----------tai-----------ned----------- In-----------com-----------e E-----------arn-----------ing-----------s B-----------ala-----------nce----------- Tr-----------ial----------- Ba-----------lan-----------ce -----------Adj-----------ust-----------men-----------ts -----------Sta-----------tem-----------ent----------- St-----------ate-----------men-----------t S-----------hee-----------t A-----------cco-----------unt-----------s D-----------ebi-----------t C-----------red-----------it -----------Deb-----------it -----------Cre-----------dit----------- De-----------bit----------- Cr-----------edi-----------t D-----------ebi-----------t C-----------red-----------it -----------Deb-----------it -----------Cre-----------dit----------- Ca-----------sh -----------$ 1-----------,00-----------0 $----------- 1,-----------000----------- Ac-----------cou-----------nts----------- re-----------cei-----------vab-----------le -----------$ 2-----------,70-----------0 $----------- 2,-----------700----------- Al-----------low-----------anc-----------e f-----------or -----------dou-----------btf-----------ul -----------acc-----------oun-----------ts -----------$ 3-----------0 $----------- 70----------- $ -----------100----------- No-----------te -----------rec-----------eiv-----------abl-----------e (-----------due----------- 5/-----------1/0-----------8) -----------$ 1-----------,20-----------0 $----------- 1,-----------200----------- In-----------ven-----------tor-----------y $----------- 9,-----------200----------- $ -----------9,2-----------00 -----------Lan-----------d $----------- 4,-----------500----------- $ -----------4,5-----------00 -----------Bui-----------ldi-----------ngs----------- an-----------d e-----------qui-----------pme-----------nt -----------$ 2-----------0,6-----------00 -----------$20-----------,60-----------0 I-----------nte-----------res-----------t r-----------ece-----------iva-----------ble-----------
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