Utilize the information provided in the attached file Acctg 55 Final Exam -Sp 20
ID: 2408459 • Letter: U
Question
Utilize the information provided in the attached file Acctg 55 Final Exam -Sp 2018-2.png, Unadjusted Trial Balance for Ewan Co. and prepare a complete worksheet. The adjusting entries are already provided.
Requirements:
1. Prepare the worksheet of Ewan Co. 25 points
2. Prepare an Income Statement. 25 points
3. Prepare the Balance Sheet. 25 points
3. Prepare a Retained Earning Statement. 25 points
If you need any assistance, refer to the Accoutning 1 textbook on reserve in the library (Reserve for Acctg 31) or any accouting 1 textbook.
End-of-Period Spreadsheet For the Year Ended June 30,2018 Adjustments Cr Cr 13 Building DeprBuilding 10050 4,550 1,900 ,5003,000 21 Retained Earnings 3,000 1,900 5 Salaries &Wages; Expense 145,100 5,875 913 200 913.200Explanation / Answer
WORKSHEET 31-Dec-18 Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 5,100 5,100 5,100 Accounts Receivable 22,750 3,750 26,500 26,500 Prepaid Insurance 3,600 1300 2300 2300 Supplies 2,025 1,500 525 525 Land 80,000 80,000 80,000 Building 340,000 340,000 340,000 Acc Dep-Building 190000 3000 193000 193000 Equipment 140000 140000 140000 Accumulated Dep-Equipment 54,450 4550 59,000 59,000 Accounts payable 9750 9,750 9,750 Salaries Payable 1,900 1,900 1,900 Unearned rent 4,500 3,000 1,500 1,500 Common Stock 90,000 90,000 90,000 Retained earnings 271300 271300 271300 Dividend 20000 20000 20000 Ffees Earned 280,000 3,750 283,750 283,750 Rent revenue 3000 3000 3000 Saalriees and wages paid 145,100 1,900 147,000 147,000 Advertising expense 86800 86,800 86800 Utilities expense 30,000 30,000 30,000 Travel expense 18,750 18,750 18,750 Dep Expense-Building 4550 4,550 4,550 Dep Expennse-Equipment 3000 3,000 3,000 Supplies Expense 1500 1,500 1,500 Insurance Expnese 1300 1,300 1,300 Misc expense 5875 5,875 5,875 Total 900,000 900000 3,310 3,310 913,200 913,200 298,775 286,750 614,425 626,450 Net Loss 12,025 12025 Total 298,775 298775 626450 626450 Statement of Income Revenue Fees earned 283750 Rent revenue 3000 Total revenue 286750 Less: Expense Saalriees and wages paid 147000 Advertising expense 86800 Utilities expense 30000 Travel expense 18750 Dep Expense-Building 4550 Dep Expennse-Equipment 3000 Supplies Expense 1500 Insurance Expnese 1300 Misc expense 5875 298775 Net Loss -12025 Statement of Retained earnings: Beginning Balance 271300 Lesss: Net loss -12025 Less: Dividend paid -20000 Ending balance of RE 239275 Balance Sheet: Assets: Current Assets: Cash 5100 Accounts receivable 26500 Prepaid insurance 2300 Supplies 525 Total Current assets 34425 PPE Land 80000 Building 340000 Less: Accumulated dep 193000 147000 Equipment 140000 Less: Accumulated dep 59000 81000 308000 Total Assets 342425 Liabilities Current liabilities: Accounts payable 9750 Saalries and wages payable 1900 Unearned rent 1500 13150 Equity: Common Stock 90000 Retained earnings 239275 329275 Total Liabilities and Stockholders' equity 342425
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