ISU ACCT 284 - Chapter4 (7 pages)

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Chapter4



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Chapter4

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Pages:
7
School:
Iowa State University
Course:
Acct 284 - Financial Accountng
Financial Accountng Documents

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2 S t 3 rd 10outof 10 00 The follov ng adjusted trial balance contains the accounts and balances of Cruz Company as of December 31 2013 the end of its fiscal year No 101 126 128 167 168 301 302 404 612 622 637 640 652 Account Title Debit 18 000 10 100 2 000 23 000 Cash Supplies Prepaid insurance Equipment Accumulated depreciation Equipment T Cruz Capital T Cruz Withdrawals Services revenue Depreciation expense Equipment Salaries expense Insurance expense Rent expense Supplies expense Credit 6 500 42 720 6 000 43 200 2 000 25 186 1 81 4 2 894 1 426 Totals 92 420 92 420 1 Prepare the December 31 2013 closing enlries for Cruz Company Assume the account number for Income Summary is 901 General Journal Date Dec 31 Debit Services revenue Dec 31 43 200 Income summary 43 200 Income summary 33 320 Depreciation expens quipment 2 000 1 Salaries expense Dec 31 25 186 Insurance expense 1 814 Rent expense 2 894 Supplies expense 1 426 Income summary T Cruz Capital Dec 31 T Cruz Capital T Cruz Wrthdrawals 2 Prepare the December 31 2013 post losing 9 880 6 000 9 880 6 000 trial balance for Cruz Company CRUZ COMPANY Post Closing Trial Balance Decenlber31 2013 II II Debit Cash 18 000 Supplies 10 100 Prepaid insurance 2 000 Equipment 23 000 Accumulated depreciation Equipment T Cruz Capital Credit 6 500 46 600 r Totals Credit 1 53 100 53 100 I 8 2 2017 2 Assignment Print View Award 1 out of 1 00 point Exercise 4 11 Preparing the nancial statements LO C2 The following is the adjusted trial balance of Wilson Trucking Company Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation Trucks Land Accounts payable Interest payable Long term notes payable K Wilson Capital K Wilson Withdrawals Trucking fees earned Depreciation expense Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals Debit 8 000 17 500 3 000 172 000 Credit 36 000 85 000 12 000 4 000 53 000 175 000 20 000 130 000 23 500 61 000 8 000 12 000 410 000 410 000 The K Wilson Capital account balance is 175 000 at December 31 2014 1 Prepare the income statement for the year ended December 31 2015 WILSON TRUCKING COMPANY Income Statement For Year Ended December 31 2015 Revenues Trucking fees earned 130 000 Expenses Depreciation expense Trucks Office supplies expense 23 500 8 000 Repairs expense Trucks 12 000 Salaries expense 61 000 Total expenses Net income http ezto mheducation com hm accounting tpx todo printviewSingle 104 500 25 500 2 3 8 2 2017 Assignment Print View 2 Prepare the statement of owner s equity for the year ended December 31 2015 WILSON TRUCKING COMPANY Statement of Owner s Equity For Year Ended December 31 2015 K Wilson Capital December 31 2014 Add Net income 175 000 25 500 200 500 Less Withdrawals K Wilson



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