WORKSHEET
Fix-It ix-It Service Service Co.. which speciali specializes zes in applianc appliance e repair repair services. services. is owned owned and opera operated ted by Ronald onald Thorp. Thorp. Fix-It ix-It Servic Service e Co.’s Co.’s accou accounti nting ng cler cler prepa preparred the !ollowing unad"usted trial balance at #ece$ber %&. '(&) * Fix-It Service Co. Trial Balance December 31. !1" Debit
Cash ccounts Receivable /repaid Insurance Supplies 0and 1uilding ccu$ulated #epreciation 3 1uilding 67uip$ent ccu$ulated #epreciation 3 67uip$ent ccounts /ayable 8nearned Rent Share Capital-9rdinary Retained 6arnings #ividend Service Revenue Salaries and :ages 6xpense 8tilities 6xpense
+
Cre#it
,.'(( '(.(( .((( &.,)( &((.((( &2&.)(( +
4).5((
2(.&(( %).%(( 5.)(( 5.'(( &)5.&(( ).((( ')5.'(( &(&.2(( '2.'((
%. /repare an Inco$e State$ent. State$ent o! Retained 6arning and State$ent o! Financial /osition as #ece$ber %&. '(&).
Solution : 1. No. 1
ADJUSTING ENTRIES Account Titles& Explanations Depreciation Expense – Building
2
Accumulated Depreciation - Building Depreciation Expense – Equipment
3
Accumulated Depreciation - Equipment alaries ! "ages Expense
4
alaries ! "ages #a$a%le 'nsurance Expense
Ref
Debit (! 6.300
6.300 2.400 2.400 1.&20 1.&20 2.*00
#repaid 'nsurance
*
('nsurance Expired) 6.000 – 3.*00 ) 2.*00+ Accounts ,eceia%le
6
erice ,eenue upplies Expense
&
2.*00
4.3*0 4.3*0 1.0&*
upplies
(upplies Exp ) 1.4*0 – 3&* ) 1.0&*+ nearned ,ent ,ent ,eenue
(,ent ,eenue ) &.200 – 2./00 ) 4.400+
"#e$it (!
1.0&*
4.400 4.400
No
Account Titles
1 2 3 4 * 6 & / 10 11 12 13 14 1*
as Accounts ,eceia%le #repaid 'nsurance upplies and Buliding Accum Depreciation-Building Equipment Accum Depreciation-Equipment Accounts #a$a%le alaries ! "ages #a$a%le nearned ,ent are apital rdinar$ Diidend erice ,eenue
16 1& 1/ 1 20 21 22 23 24 2*
,ent ,eenue alaries ! "ages Expense tilities Expense Adertising Expense ,epair Expense Depreciation Exp – Building Depreciation Exp - Equipment 'nsurance Expense upplies Expense 5iscellaneous Expense et 'ncome
%ixIt Se#'ice "o. o#)S*eet %o# t*e +ea# en$e$ Dece,be# -1. /10 A$2uste$ T#ial T#ial alance A$2ust,ent alance D# "# D# "# D# "# 4.200 4.200 20.600 *+ 4.3*0 24.*0 6.000 4+ 2.*00 3.*00 1.4*0 6+ 1.0&* 3&* 100.000 100.000 1/1.*00 1/1.*00 *.&00 1+ 6.300 102.000 /0.100 /0.100 3*.300 2+2.400 3&.&00 &.*00 &.*00 3+ 1.&20 1.&20 &.200 &+ 4.400 2./00 1*&.100 1*&.100 *.000 *.000 2*&.200 *+ 261.**0 4. 3 * 0 &+ 4.400 4.400 101./00 3+ 1.&20 103.*20 2/.200 2/.200 1*.000 1*.000 12.100 12.100 1+ 6.300 6.300 2+ 2.400 2.400 4+ 2.*00 2.*00 6+ 1.0&* 1.0&* 4.0*0 4.0*0 03/./// 03/./// .450 .450 045.44/ 045.44/
Inco,e State,ent D#
"#
alance S*eet D# 4.200 24.*0 3.*00 3&* 100.000 1/1.*00
"#
102.000 /0.100 3&.&00 &.*00 1.&20 2./00 1*&.100 *.000 261.**0
4.400 103.*20 2/.200 1*.000 12.100 6.300 2.400 2.*00 1.0&* 4.0*0 140.150 0./0* 30.60/
30.60/
-66.30
30.60/
-66.30
-/7.7/ 0./0* -66.30
8a9lo Se#'ice "o. Inco,e State,ent %o# t*e +ea# en$e$ Dece,be# -1. //3 Re'enues : erice ,eenue ,ent ,eenue 8otal ,eenues
7 261.**0 4.400 726*.*0
Expenses :
alaries and "ages Expense tilities Expense Adertising Expense ,epair Expense Depreciation Expense – Building Depreciation Expense – Equipment 'nsurance Expense upplies Expense 5iscellaneous Expense 8otal Expenses Net Inco,e
7 103.*20 2/.200 1*.000 12.100 6.300 2.400 2.*00 1.0&* 4.0*0 (71&*.14*+ 6/.7/0
8a9lo Se#'ice "o. State,ent of Retaine$ Ea#nins %o# t*e +ea# en$e$ Dece,be# -1. //3
,9E. Beginning Add : et 'ncome ess : Diidend ,9E. Ending
7
0 0./0* ( *.000+ 7 /*./0*
8a9lo Se#'ice "o. State,ent of %inancial ;osition Dece,be# -1. //3 ASSETS Non"u##ent Assets Equipment Accumulated Depreciation – Equipment Building Accumulated Depreciation – Building and 8otal on-current Assets "u##ent Assets #repaid 'nsurance upplies Accounts ,eceia%le as 8otal urrent Assets Total Assets E
7 /0.100 ( 3&.&00+ 1/1.*00 (102.000+ 100.000 7221.00 3.*00 3&* 24.*0 4.200 7 33.02* 05.6/0
71*&.100 /*./0* 7242./0*
&.*00 1.&20 2./00
8otal ia%ilities Total E>uit+ an$ 8iabilities
7 12.020 05.60
