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Complete income statement on worksheet

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Reference no: EM131712202

ACC7301 Accounting Assignment - PRACTICAL APPLICATION

Question - Given the following work sheet with the trial balance already entered, and the related adjustment information, complete the requirements listed below

Katies Kup Kake Eeatery  Accounting Work Sheet For the Year Ended December 31, 2011 (All numbers are in '$,000)

Account

Trial Balance

Adjustments

Inc. Statement

Balance Sheet

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

25






Accounts Rec.

12






Inventory

30






Prepaid Rent

6






Furniture

10






Accumulated

Amortization-

Furniture

2





Accounts Payable

12





Salary Payable

0





Unearned Revenue

15





Katie Kup, Capital

60





Katie Kup,

Withdrawals

2






Sales Revenue

86





Sales Discounts

4






Sales Returns and Allowances

2






Cost of Goods Sold

45






Salary Expense

31






Rent Expense

0






Utilities Expense

8






Amortization Expense-

Furniture








175

175





Net Income/Loss







Required:

1)  Create any adjusting entries needed from the following additional information:

a) The Prepaid rent account represents six months rent paid October 1, 2011

b) The Furniture was purchased January 1, 2010 and is expected to have a 5 year useful life with no salvage value.

c) The unearned revenue represents a prepayment on February 1, 2011 for merchandise to be delivered over 15 months.

d) The Eatery employs 5 people, each who earn $200 a day and they work Monday to Friday. The year end of  December 31, 2011 is on a Friday.  The employees have not been paid for the last 5 days.

e) The hydro bill of $3,000 for December was received but not recorded or paid.

f) A new employee has been hired for $150 a day, with a 5 day week, and will start work on January 1, 2012.

2) Post Adjusting Entries into Worksheet

3) Complete Income Statement on Worksheet

4) Complete Balance Sheet on Worksheet

5) Prepare in Good Form Multi Step Income Statement

6) Prepare in Good Form Statement of Equity

7) Prepare in Good Form Classified Balance Sheet

8) Journalize Closing Entries

Attachment:- Assignment.rar

Reference no: EM131712202

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