Glenn Contractors, Inc_Financial Statements
Account_tutorFinancial Statement Homework #1 Name___________________
Glenn Contractors, Inc
December 31, 2014
Unadjusted Trial balance
Cash | 38,900 |
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Accounts Receivable | 20,000 |
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Supplies on Hand | 5,000 |
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Prepaid Insurance | 36,000 |
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Inventory | 10,000 |
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Vehicle | 15,000 |
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Equipment | 75,000 |
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Accumulated Depreciation |
| 52,000 |
Accounts Payable |
| 8,000 |
Unearned Revenue |
| 14,900 |
Wages Payable |
| 2,000 |
Long-Term Notes Payable |
| 45,000 |
Common Stock |
| 46,000 |
Retained Earnings (1/1/2014) |
| 116,000 |
Dividends | 5,000 |
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Sales |
| 416,000 |
Sales Discounts | 10,000 |
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COGS | 100,000 |
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Delivery Expense | 45,000 |
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Depreciation Expense | 16,000 |
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Rent Expense | 54,000 |
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Insurance Expense | 20,000 |
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Wages Expense | 195,000 |
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Supplies Expense | 16,000 |
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Interest Expense | 4,000 |
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Income Tax Expense | 35,000 |
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Total | 689,900 | 689,900 |
Part 1: Prepare the adjusting journal entries:
1. Prepaid 12-month insurance policy started on Sept 1st and no adjustments were made from Sept 1st – December 31st. Write the adjusting journal entry for Dec 31st.
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2. Depreciation expense of $15,000 needs to be recorded for the year ended 2014.
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3. Additional wages due to employees of $5,000 ($5,000 more than the recorded $2,000) needs to be recorded at year end. These wages will be paid to employees on January 9, 2014. (next month)
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4. Company has completed $6,900 of the $14,900 in unearned revenue as of Dec. 31st.
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5. On Dec 31st Glenn Contractors purchased inventory on account 2/10 net 30 for $11,000.
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6. On Dec 31 st Glenn Contractors sold merchandise on account for $17,500 with a cost of $6,500 terms 3/10 net 30.
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Part 2: Post the adjusting journal entries to t-accounts :
Part 3: Prepare the Adjusted Trial Balance (i.e., after the previous 6 journal entries are posted)
Glenn Contractors, Inc
December 31, 2014
Adjusted Trial balance
Cash |
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Accounts Receivable |
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Supplies on Hand |
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Prepaid Insurance |
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Inventory |
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Vehicle |
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Equipment |
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Accumulated Depreciation |
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Accounts Payable |
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Unearned Revenue |
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Wages Payable |
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Long-Term Notes Payable |
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Common Stock |
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Retained Earnings (1/1/2014) |
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Dividends |
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Sales |
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Sales Discount |
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COGS |
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Delivery Expense |
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Depreciation Expense |
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Rent Expense |
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Insurance Expense |
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Wages Expense |
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Supplies Expense |
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Interest Expense |
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Income Tax Expense |
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Total |
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Part 4: Prepare the Multistep Income Statement, the Statement of Retained Earnings and a Classified Balance Sheet. Include the appropriate titles, subtotals and totals.
(You may not use all the lines provided in the statements depending on how you label titles)
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______________________________
______________________________
______________________________
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_____________________
___________________________
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Part 5: Answer the following questions using the above completed financial statements:
What is Net Income?
What is Total Current Assets?
What is Total Current Liabilities?
What is Total Assets?
What is Total Stockholders Equity?
11 years ago
Purchase the answer to view it
glenn_contractors_inc_financial_statements.xlsx
