ch04习题答案

Prob. 3

1)

FLAMINGO COMPANY

Work Sheet

For the Year Ended July 31, 2006

Adjusted Income Balance Trial Balance Adjustments Trial Balance Statement Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 1 Cash ................................ 4,500 .............. ............... ............... 4,500 ............... .............. .............. 4,500 ............. 2 Accounts Receivable..... 13,500 .............. (a) 3,500 ............... 17,000 ............... .............. .............. 17,000 ............. 3 Prepaid Insurance ......... 3,000 .............. ............... (b) 2,000 1,000 ............... .............. .............. 1,000 ............. 4 Supplies .......................... 1,950 .............. ............... (c) 1,600 350 ............... .............. .............. 350 ............. 5 Land ................................ 70,000 .............. ............... ............... 70,000 ............... .............. .............. 70,000 ............. 6 Building ........................... 100,500 .............. ............... ............... 100,500 ............... .............. .............. 100,500 ............. 7 Accum. Depr.—Bldg. ..... ............... 71,700 ............... (d) 1,520 ............... 73,220 .............. .............. ............... 73,220 8 Equipment ...................... 71,400 .............. ............... ............... 71,400 ............... .............. .............. 71,400 ............. 9 Accum. Depr.—Equip. ... ............... 60,800 ............... (e) 2,160 ............... 62,960 .............. .............. ............... 62,960 10 Accounts Payable .......... ............... 4,100 ............... ............... ............... 4,100 .............. .............. ............... 4,100 11 Unearned Rent ............... ............... 1,500 (g) 1,000 ............... ............... 500 .............. .............. ............... 500 12 Mac Copas, Capital ........ ............... 55,700 ............... ............... ............... 55,700 .............. .............. ............... 55,700 13 Mac Copas, Drawing ..... 4,000 .............. ............... ............... 4,000 ............... .............. .............. 4,000 ............. 14 Fees Revenue ................. ............... 181,200 ............... (a) 3,500 ............... 184,700 .............. 184,700 ............... ............. 15 Sal. & Wages Expense .. 73,200 .............. (f) 2,800 ............... 76,000 ............... 76,000 .............. ............... ............. 16 Advertising Expense ..... 15,500 .............. ............... ............... 15,500 ............... 15,500 .............. ............... ............. 17 Utilities Expense ............ 8,100 .............. ............... ............... 8,100 ............... 8,100 .............. ............... ............. 18 Repairs Expense ............ 6,300 .............. ............... ............... 6,300 ............... 6,300 .............. ............... ............. 19 Misc. Expense ................ 3,050 .............. ............... ............... 3,050 ............... 3,050 .............. ............... ............. 20 375,000 375,000 21 Insurance Expense ........ ............... .............. (b) 2,000 ............... 2,000 ............... 2,000 .............. ............... ............. 22 Supplies Expense .......... ............... .............. (c) 1,600 ............... 1,600 ............... 1,600 .............. ............... ............. 23 Depr. Exp.—Building ..... ............... .............. (d) 1,520 ............... 1,520 ............... 1,520 .............. ............... ............. 24 Depr. Exp.—Equip. ........ ............... .............. (e) 2,160 ............... 2,160 ............... 2,160 .............. ............... ............. 25 Sal. & Wages Payable ... ............... .............. ............... (f) 2,800 ............... 2,800 .............. .............. ............... 2,800 26 Rent Revenue ................. ............... .............. ............... (g) 1,000 ............... 1,000 .............. 1,000 ............... ............. 27 14,580 14,580 384,980 384,980 116,230 185,700 268,750 199,280 28 Net income...................... 69,470 .............. ............... 69,470 29 185,700 185,700 268,750 268,750 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

5

2)

Accounts Receivable..................................................... Fees Revenue ........................................................... Insurance Expense ........................................................ Prepaid Insurance .................................................... Supplies Expense .......................................................... Supplies .................................................................... Depreciation Expense ................................................... Building ..................................................................... Depreciation Expense ................................................... Equipment ................................................................. Salaries and Wages Expense ....................................... Salaries and Wages Payable ................................... Unearned Rent ............................................................... Rent Revenue ...........................................................

3,500

2,000

1,600

1,520

2,160

2,800

1,000

3,500 2,000 1,600 1,520 2,160 2,800 1,000

3)

FLAMINGO COMPANY Adjusted Trial Balance

July 31, 2006

Cash .................................................................................... Accounts Receivable ......................................................... Prepaid Insurance .............................................................. Supplies .............................................................................. Land ..................................................................................... Building ............................................................................... Accumulated Depreciation—Building .............................. Equipment ........................................................................... Accumulated Depreciation—Equipment .......................... Accounts Payable .............................................................. Unearned Rent .................................................................... Salaries and Wages Payable ............................................. Mac Copas, Capital ............................................................ Mac Copas, Drawing .......................................................... Fees Revenue ..................................................................... Rent Revenue ..................................................................... Salaries and Wages Expense ............................................ Advertising Expense .......................................................... Utilities Expense ................................................................ Repairs Expense ................................................................ 4,500

17,000 1,000 350 70,000 100,500 ............ 71,400 ............ ............ ............ ............ ............ 4,000 ............ ............ 76,000 15,500 8,100 6,300 ............. ............. ............. ............. ............. ............. 73,220 ............. 62,960 4,100 500 2,800 55,700 ............. 184,700 1,000 ............. ............. ............. .............

6

Depreciation Expense—Equipment .................................. Insurance Expense ............................................................ Supplies Expense .............................................................. Depreciation Expense—Building ...................................... Miscellaneous Expense ..................................................... 2,160

2,000 1,600 1,520 3,050 384,980 ............. ............. ............. ............. 384,980

4)

FLAMINGO COMPANY Income Statement

For the Year Ended July 31, 2006

Revenues: Fees revenue ............................................................... Rent revenue ............................................................... Total revenues ......................................................... Operating expenses: Salaries and wages expense ..................................... Advertising expense ................................................... Utilities expense .......................................................... Repairs expense.......................................................... Depreciation expense—equipment ........................... Insurance expense ...................................................... Supplies expense ........................................................ Depreciation expense—building................................ Miscellaneous expense .............................................. Total operating expenses ....................................... Net income .......................................................................... 5)

FLAMINGO COMPANY Statement of Owner’s Equity For the Year Ended July 31, 2006

$184,700 1,000 $185,700 $ 76,000 15,500 8,100 6,300 2,160 2,000 1,600 1,520 3,050 116,230 $ 69,470 Mac Copas, capital, August 1, 2005 .................................. Net income for the year ..................................................... Less withdrawals ............................................................... Increase in owner’s capital ............................................... Mac Copas, capital, July 31, 2006 .....................................

$ 55,700

$69,470 4,000 65,470 $121,170 7

6)

FLAMINGO COMPANY

Balance Sheet July 31, 2006

Assets Current assets: Cash ............................................. Accounts receivable ................... Prepaid insurance ....................... Supplies ....................................... Total current assets ................. Property, plant, and equipment: Land.............................................. Building ........................................

Less accum. depreciation ........ Equipment .................................... Less accum. depreciation ........ Total property, plant, and equipment ............................ Total assets .....................................

7) $69,470 ÷ $185,700 = 37.4%

Liabilities Current liabilities:

$ 4,500 Accounts payable ................ $4,100 17,000 Salaries and wages

1,000 payable ............................... 2,800 350 Unearned rent ....................... 500 $ 22,850 Total liabilities ................... $ 7,400 $70,000 $100,500 Owner’s Equity 73,220 27,280

Mac Copas, capital .................

121,170 $ 71,400 62,960 8,440 105,720 Total liabilities and $128,570 owner’s equity ...................... $128,570 8