Business during year, Financial Accounting

 

No.         Account Title                                                                                     Debit                     Credit

101         Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             $ 6,400

104         Short- term investments . . . . . . . . . . . . . . . . . . . .                                  10,200

126         Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             3,600

128         Prepaid insurance . . . . . . . . . . . . . . . . . . . . . . . . . .                                 800

167         Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             18,000

168         Accumulated depreciation- Equipment . . . . . . .                                                                    $    3,000

173         Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             90,000

174         Accumulated depreciation- Building . . . . . . . . .                                                                         9,000

183         Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             28,500

201         Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . .                                                                  2,500

203         Interest payable . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                  1,400

208         Rent payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                 200

210         Wages payable . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                               1,180

213         Property taxes payable . . . . . . . . . . . . . . . . . . . . . .                                                                2,330

233         Unearned professional fees . . . . . . . . . . . . . . . . . .                                                                  650

251         Long- term notes payable . . . . . . . . . . . . . . . . . . . .                                                                32,000

301         J. Giovanni, Capital . . . . . . . . . . . . . . . . . . . . . . . . .                                                               91,800

302         J. Giovanni, Withdrawals . . . . . . . . . . . . . . . . . . . .                                   14,500

401         Professional fees earned . . . . . . . . . . . . . . . . . . . .                                                                   57,000

406         Rent earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                    6,600

407         Dividends earned . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                    1,500

409         Interest earned . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                                                   1,120

606         Depreciation expense- Building . . . . . . . . . . . . . .                                       2,000

612         Depreciation expense- Equipment . . . . . . . . . . . .                                        1,000

623         Wages expense . . . . . . . . . . . . . . . . . . . . . . . . . . .                                  17,500

633         Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . .                                5,200

637         Insurance expense . . . . . . . . . . . . . . . . . . . . . . . . .                                  1,425

640         Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                   1,800

652         Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . .                                   900

682         Postage expense . . . . . . . . . . . . . . . . . . . . . . . . . . .                                   310

683         Property taxes expense . . . . . . . . . . . . . . . . . . . . .                                   3,825

684         Repairs expense . . . . . . . . . . . . . . . . . . . . . . . . . . .                                1,579

688         Telephone expense . . . . . . . . . . . . . . . . . . . . . . . .                                     921

690         Utilities expense . . . . . . . . . . . . . . . . . . . . . . . . . . .                                 1,820

Totals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                          $210,280                        $210,280

 

A.avinash invested $30,000 cash in the business during year 2011 (the December 31, 2010, credit balance of the A.avinash, Capital account was $ 61,800).

 

Needed:

1. Make the income statement and the statement of owner's equity for the calendar year 2011 and the classified balance sheet at December 31, 2011.

2. Make the essential closing entries at December 31, 2011.

3. Use the information in the financial statements to calculate these ratios: ( a) return on assets ( total assets at December 31, 2010, were $ 130,000), ( b) debt ratio, ( c) profit margin ratio ( use total revenues as the denominator), and ( d) Present ratio.

 

Posted Date: 3/22/2013 1:23:07 AM | Location : United States







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