ACC 557 Week 3, Chapter 4 (E4-5, E4-7, E4-13, P4-4A)

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Exercise 4-5 (a) Accounts Receivable…………………………………… 600 Service Revenue……………………………………. 600 Insurance Expense………………………………………. 400 Prepaid Insurance…………………………………. 400 Depreciation Expense………………………………….. 900 Accumulated Depreciation—Equipment. 900 Salaries and Wages Expense………………………. 500 Salaries and Wages Payable………………… 500 (b) Income Statement Balance Sheet Dr. Cr. Dr. Cr. Accounts Receivable X Prepaid Insurance X Accum. Depreciation—Equip. X Salaries and Wages Payable X Service Revenue X Salaries and Wages Expense X Insurance Expense X Depreciation Expense X Exercise 4-7 (a) Service Revenue……………………………………………… 4,300 Income Summary………………………………………. 4,300 Income Summary…………………………………………….. 3,424 Salaries and Wages Expense……………………. 1,344 Miscellaneous Expense……………………………. 180 Supplies Expense……………………………………… 1,900 Income Summary…………………………………………….. 876 Retained Earnings…………………………………….. 876 Retained Earnings…………………………………………… 600 Dividends…………………………………………………… 600 (b) LANZA COMPANY Post-Closing Trial Balance For the Month Ended June 30, 2014 Account Titles Debit Credit Cash………………………………………………………………… $3,712 Accounts Receivable………………………………………. 3,904 Supplies………………………………………………………….. 480 Accounts Payable…………………………………………… $1,556 Salaries and Wages Payable…………………………… 344 Unearned Service Revenue…………………………….. 160 Common Stock……………………………………………….. 4,000 Retained Earnings…………………………………………… 2,036 $8,096 $8,096 Exercise 4-13 EXERCISE 4-13 1. Accounts Payable ($840 – $480)………………………. 360 Cash…………………………………………………………… 360 2. Supplies…………………………………………………………….. 380 Equipment………………………………………………….. 38 Accounts Payable………………………………………. 342 3. Dividends…………………………………………………………… 500 Salaries and Wages Expense……………………. 500 Problem 4-4A a) IS ATTACHED AS SCANNED DOCUMENT (b) EXCELSIOR AMUSEMENT PARK Balance Sheet September 30, 2014 Assets Current assets Cash……………………………………….. $34,400 Supplies…………………………………. 2,200 Prepaid insurance………………….. 10,900 Total current assets………… $ 47,500 Property, plant, and equipment Land……………………………………….. 80,000 Equipment………………………………. $120,000 Less: Accum. depreciation— equipment……………………. 42,200 77,800 157,800 Total assets…………………….. $205,300 Liabilities and Stockholders’ Equity Current liabilities Mortgage payable (due in 2015)………….. $15,000 Accounts payable………………….. 14,600 Interest payable……………………… 2,000 Property taxes payable…………… 3,000 Unearned ticket revenue……………………………….. 1,000 Total current liabilities…….. $ 35,600 Long-term liabilities Mortgage payable…………………… 35,000 Total liabilities…………………. 70,600 Stockholders’ equity Common stock……………………….. 60,000 Retained earnings………………….. 74,700* Total stockholders’ equity. 134,700 Total liabilities and stockholders’ equity…….. $205,300 *$36,100 + $52,600 – $14,000 (c) Sept. 30 Supplies Expense…………………… 16,400 Supplies………………………………….. 16,400 30 Insurance Expense………………………… 19,000 Prepaid Insurance…………………… 19,000 30 Depreciation Expense……………………. 6,000 Accumulated Depreciation— Equipment…………………………….. 6,000 30 Unearned Ticket Revenue……………… 2,900 Ticket Revenue……………………….. 2,900 30 Property Tax Expense……………………. 3,000 Property Taxes Payable………….. 3,000 30 Interest Expense…………………………….. 2,000 Interest Payable………………………. 2,000 (d) Sept. 30 Ticket Revenue……………………….. 280,800 Income Summary…………………….. 280,800 30 Income Summary……………………………. 228,200 Salaries and Wages Expense…. 98,000 Maintenance and Repairs Expense……………………………….. 30,500 Insurance Expense…………………. 19,000 Property Tax Expense…………….. 24,000 Supplies Expense…………………… 16,400 Utilities Expense……………………… 16,900 Interest Expense……………………… 8,000 Advertising Expense………………. 9,400 Depreciation Expense…………….. 6,000 30 Income Summary……………………………. 52,600 Retained Earnings…………………… 52,600 30 Retained Earnings………………………….. 14,000 Dividends………………………………… 14,000 (e) EXCELSIOR AMUSEMENT PARK Post-Closing Trial Balance September 30, 2014 Debit Credit Cash……………………………………………………………… $ 34,400 Supplies……………………………………………………….. 2,200 Prepaid Insurance………………………………………… 10,900 Land……………………………………………………………… 80,000 Equipment……………………………………………………. 120,000 Accumulated Depreciation—Equipment……… $ 42,200 Accounts Payable………………………………………… 14,600 Interest Payable……………………………………………. 2,000 Property Taxes Payable……………………………….. 3,000 Unearned Ticket Revenue……………………………. 1,000 Mortgage Payable………………………………………… 50,000 Common Stock…………………………………………….. 60,000 Retained Earnings……………………………………….. 74,700 $247,500 $247,500