怀尔德会计学原理答案Chapter - 03(5)

Problem 3-3A (Continued) Part 4

WELLS TEACHING INSTITUTE

Income Statement

For Year Ended December 31, 2009

Revenues

Tuition fees earned ............................................ $115,000 Training fees earned .......................................... 46,000 Total revenues .................................................... $161,000 Expenses

Depreciation expense—Professional library ... 5,000 Depreciation expense—Equipment .................. 10,000 Salaries expense ................................................ 52,480 Insurance expense ............................................. 3,000 Rent expense ...................................................... 26,136 Teaching supplies expense ............................... 9,000 Advertising expense .......................................... 8,000 Utilities expense ................................................. 6,000 Total expenses ................................................... 119,616 Net income ............................................................ $ 41,384 WELLS TEACHING INSTITUTE Statement of Owner’s Equity For Year Ended December 31, 2009 T. Wells, Capital, December 31, 2008 ................................. Plus: Net income .................................................................. Less: Withdrawals by owner ............................................... T. Wells, Capital, December 31, 2009 ................................. $ 71,000 41,384 112,384 44,000 $ 68,384 ?McGraw-Hill Companies, 2009

Solutions Manual, Chapter 3

139

Problem 3-3A (Concluded)

WELLS TEACHING INSTITUTE

Balance Sheet December 31, 2009

Assets Cash ................................................................................. $ 28,064 Accounts receivable ...................................................... 4,000 Teaching supplies .......................................................... 2,000 Prepaid insurance .......................................................... 13,000 Professional library ........................................................ $33,000 Accumulated depreciation—Professional library ....... (15,000) 18,000 Equipment ....................................................................... 75,800

Accumulated depreciation—Equipment ...................... (25,000) 50,800 Total assets ..................................................................... $115,864 Liabilities Accounts payable ........................................................... $ 39,500 Salaries payable ............................................................. 480 Unearned training fees .................................................. 7,500 Total liabilities ................................................................ 47,480 Equity

T. Wells, Capital .............................................................. 68,384 Total liabilities and equity ............................................. $115,864

?McGraw-Hill Companies, 2009 140

Fundamental Accounting Principles, 19th Edition

Problem 3-4A (45 minutes) — Part 1

Unadjusted Adjusted Account Trial Balance Adjustments Trial Balance Cash ......................................... $ 86,000 $ 86,000 Accounts receivable ........... 15,000 (a) 4,000 19,000 Office supplies ...................... 17,800 (b) 8,800 9,000 Prepaid insurance ................ 6,040 (c) 2,080 3,960 Office equipment .................. 87,000 87,000

Accumulated depreciation

$ 24,000 (d) 2,000 $ 26,000 —Office equipment ...........

Accounts payable ................ 9,100 (e) 14,900 24,000 Interest payable ..................... (f) 2,500 2,500 Salaries payable ................... (g) 15,000 15,000 Unearned consulting fees . 20,000 (h) 7,000 13,000 Long-term notes payable .. 54,000 54,000 K. Jenkins, Capital ............... 46,000 46,000 K. Jenkins, Withdrawals .... 10,000 10,000

(a) 4,000 Consulting fees

165,000 (h) 7,000 176,000 earned ....................................

Depreciation expense—

(d) 2,000 2,000 Office equipment ................

Salaries expense .................. 67,990 (g) 15,000 82,990 Interest expense ................... 1,270 (f) 2,500 3,770 Insurance expense .............. (c) 2,080 2,080 Rent expense ........................ 14,540 14,540 Office supplies expense .... (b) 8,800 8,800 Advertising expense ........... 12,460 _______ (e) 14,900 ______ 27,360 _______

Totals ........................................ $318,100 $318,100

$56,280 $56,280 $356,500 $356,500 (a) (b) (c) (d) (e) (f) (g) (h)

Adjustment description Earned but uncollected revenues. Cost of office supplies used.

Cost of expired insurance coverage.

Depreciation expense on office equipment. Incurred but unpaid advertising expense. Incurred but unpaid interest expense. Incurred but unpaid salaries expense.

Earned revenues previously received in advance.

?McGraw-Hill Companies, 2009

Solutions Manual, Chapter 3 141

Problem 3-4A (Continued)

Part 2

KLJ COMPANY Income Statement

For Year Ended July 31, 2009

Revenues

Consulting fees earned ................................ $176,000 Expenses

Depreciation expense—Office equipment .. $ 2,000 Salaries expense .......................................... 82,990 Interest expense ........................................... 3,770 Insurance expense ....................................... 2,080 Rent expense ................................................ 14,540 Office supplies expense .............................. 8,800 Advertising expense .................................... 27,360 Total expenses .............................................. 141,540 Net income ....................................................... $ 34,460 KLJ COMPANY Statement of Owner’s Equity For Year Ended July 31, 2009 $ 46,000 34,460 80,460 10,000 $ 70,460 K. Jenkins, Capital, July 31, 2008 .................. Plus: Net income ............................................. Less: Owner withdrawals ............................... K. Jenkins, Capital, July 31, 2009 .................. ?McGraw-Hill Companies, 2009 142

Fundamental Accounting Principles, 19th Edition

Problem 3-4A (Concluded)

Part 3

KLJ COMPANY Balance Sheet July 31, 2009

Assets

Cash ............................................................................. $ 86,000 Accounts receivable .................................................. 19,000 Office supplies ............................................................ 9,000 Prepaid insurance ...................................................... 3,960 Office equipment ........................................................ $87,000 Accumulated depreciation—Office equipment ....... (26,000) 61,000 Total assets ................................................................. $178,960

Liabilities

Accounts payable ....................................................... $ 24,000 Interest payable .......................................................... 2,500 Salaries payable ......................................................... 15,000 Unearned consulting fees ......................................... 13,000 Long-term notes payable ........................................... 54,000 Total liabilities ............................................................ 108,500

Equity

K. Jenkins, Capital ..................................................... 70,460 Total liabilities and equity ......................................... $178,960

?McGraw-Hill Companies, 2009

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