Reference no: EM13852354
1. The trial balance of Speedy G Internet, Inc., at May 31, 2011, follows:
SPEEDY G INTERNET, INC.
Trial Balance
May 31, 2011
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Trial Balance
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Account
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Debit
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Credit
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Cash
Accounts receivable Prepaid rent
Supplies
Equipment
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4,200 15,000 2,200 1,000 31,500
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Accumulated depreciation
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4,000
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Accounts payable
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6,100
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Salary payable
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Unearned service revenue
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4,000
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Common stock
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7,000
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Retained earnings
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19,600
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Dividends
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3,600
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Service revenue
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19,000
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Salary expense
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2,200
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Rent expense
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Depreciation expense
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Supplies expense
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Total
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59,700
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59,700
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Adjusting data at May 31:
a. Unearned service revenue still unearned, $1,000
b. Prepaid rent still in force, $1,900
c. Supplies used during the month, $700
d. Depreciation for the month, $500
e. Accrued salary expense, $800
Requirements
R1. Journalize adjusting journal entries.
R2. Enter the trial balance on a work sheet and complete the work sheet of Speedy G Internet.
R3. Prepare the income statement, statement of retained earnings, and classified balance sheet in report form.
R4. Using the work sheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T-accounts. Use dates and show the ending balance of each account.
R5. Prepare a postclosing trial balance.
R6. Calculate the current and debt ratios for the company.
2 Financial Statement Case
This case, based on the balance sheet of Amazon.com in the 2009 Amazon.com Financial Statements handout, will familiarize you with some of the assets and liabilities of that company. Use the Amazon.com balance sheet to answer the following questions.
Requirements
R1. Which balance sheet format does Amazon.com use?
R2. Name the company's largest current asset and largest current liability at December 31, 2009.
R3. Compute Amazon's current ratios at December 31, 2009 and 2008. Did the current ratio improve, worsen, or hold steady during 2009?
R4. Under what category does Amazon report furniture, fixtures, and equipment?
R5. What was the cost of the company's fixed assets at December 31, 2009? What was the amount of accumulated depreciation? What was the book value of the fixed assets? See Note 3 for the data.
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