Tugas 3 - SIAK
Seany Sukmawati - 1106154034
E3-3 Concordia Industries collected $105,000 from customers in 2014. Of the amount collected, $28,000 was from revenue accrued from services performed in 2013. In addition, Concordia recognized $44,000 of revenue in 2014, which will not be collected until 2015. Concordia Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Concordia incurred $37,000 of expenses in 2014, which will not be paid until 2015. I nstru nstru ctions
(a) Compute 2014 cash-basis net income. (b) Compute 2014 accrual-basis net income. (a) 2014 cash-basic net income
Revenues
= $105,000
Expenses
= $72,000
Net income = 105,000 – 72,000 = $33,000 (b) 2014 accrual-basic net income
Revenues
= $105,000 - $28,000 + $44,000 = $121,000
Expenses
=
$72,000 - $30,000 + $37,000 = $ 79,000
Net income = 121,000 – 79,000 79,000 = $42,000
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
P3-3A Costello Advertising Agency Inc. was founded by Pat Costello in January of 2013. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2014.
I nstructions
(a) Journalize the annual adjusting entries that were made. (b) Prepare an income statement and a retained earnings statement for the year ending December 31, 2014, and a statement of finansial position at December 31. (c) Answer the following questions. (1) If the note has been outstanding 6 months, what is the annual interest rate on that note? (2) If the company paid $14,500 in salaries in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013?
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
(a) Journal Date
Account Title
2014 Des. 31
Adjusting Entries Supplies Expense Supplies (To record supplies used) Insurance Expense Prepaid Expense (To record insurance expired) Depreciation Expense Accumulated Depreciation---Equipment (To record monthly depreciation) Unearned Service Revenue Service Revenue (To record revenue for services performed) Accounts Receivable Service Revenue (To record revenue for services performed) Interest Expense Interest Payable (To record interest on notes payable) Salaries and Wages Expense Salaries dan Wages Payable (To record accrued salaries and wages)
Des. 31
Des. 31
Des. 31
Des. 31
Des. 31
Des. 31
Ref
Debit
Credit
3,600 3,600 850 850 5,000 5,000 1,600 1,600 3,500 3,500 150 150 1,300 1,300
(b) COSTELLO ADVERTISING AGENCY Income Statement For the Year Ended December 31, 2014 Revenues Service Revenue Expenses Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Total expenses Net income
Add: Less:
$63,700 $11,300 850 500 5,000 3,600 4,000
COSTELLO ADVERTISING AGENCY Statement of Retained Earnings For the Year Ended December 31, 2014 Retained Earnings, Jan 1 Net income Dividens Retained Earnings, Dec 31
25,250 $38,450
$5,500 38,450 12,000 $31,950
Tugas 3 - SIAK
Seany Sukmawati - 1106154034 COSTELLO ADVERTISING AGENCY Statement of Financial Position December 31, 2014 Assets
Cash Accounts Receivable Art Supplies Prepaid Insurance Equipment Accumulated Depreciation – Equip Total Assets
$11,000 23,500 5,000 2,500 $60,000 33,000
27,000 $69,000
Liabilities and Stockholders' Equity Liabilities Accounts Payable Interest Payable Notes Payable Unearned Advertising Revenue Salaries and Wages Payable Total Liabilities Stockholders' Equity Share Capital---Ordinary Retained Earnings Total liabilities and stockholders' equity
$5,000 150 5,000 5,600 1,300 $17,050
$20,000 31,950
51,950 $69,000
(c) Answer the following questions. (1) If the note has been outstanding 6 months, what is the annual interest rate on that note?
$150 * 2 = 300 annual interest on a principal balance of $5,000 = 6% simple interest per year. (2) If the company paid $14,500 in salaries in 2014, what was the balance in Salaries and Wages Payable on December 31, 2013?
$1,300 + $14,500 - $11,300 = $4,500 balance on December 31, 2013.
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
E4-6 Selected worksheet data for Freeman Company are presented below. Account Titles
Trial Balance Dr. Cr.
Adjusted Tral Balance Dr. Cr.
Accounts Receivable
?
34,000
Prepaid Insurance
26,000 7,000
18,000 ?
Supplies Accumulated Depreciation---Equipment
12,000 ? 88,000
Salaries and Wages Payable Service Revenue
? 5,000 95,000
Insurance Expense
? 10,000 4,700 49,000
Depreciation Expense Supplies Expense Salaries and Wages Expense
?
I nstructions
(a) Fill in the missing amounts. (b) Prepare the adjusting entries that were made. (a) Account Titles
Trial Balance Dr. Cr.
Accounts Receivable
3
Prepaid Insurance Supplies
Adjusted Tral Balance Dr. Cr.
23,000
34,000
26,000 7,000
18,000 2,300
(4)
Accumulated Depreciation---Equipment Salaries and Wages Payable
1
Service Revenue
12,000 0 88,000
Insurance Expense
5
6
Depreciation Expense Supplies Expense Salaries and Wages Expense
2
44,000
$100,000
Totals
$100,000
22,000 5,000 95,000
4,000 10,000 4,700 49,000
$122,000
$122,000
(b) Date
Account Title Supplies Expense Supplies (To record supplies used) Insurance Expense Prepaid Expense (To record insurance expired) Depreciation Expense Accumulated Depreciation---Equipment (To record monthly depreciation) Accounts Receivable Service Revenue (To record revenue for services performed) Salaries and Wages Expense Salaries dan Wages Payable (To record accrued salaries and wages)
Ref
Debit
Credit
4,300 4,300 4,000 4,000 10,000 10,000 11,000 11,000 5,000 5,000
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
P4-5B Tom Brennan opened Brennan's Cleaning Service on July 1, 2014. During July the following transactions were completed. July 1
Stockholders invested $20,000 cash in the business in exchange for ordinary shares.
1
Purchased used truck for $12,000, paying $4,000 cash and the balance on account.
3
Purchased cleaning supplies for $2,100 on account.
5
Paid $1,800 cash on one-year insurance policy effective July 1.
12 Billed customers $5,900 for cleaning services. 18 Paid $1,500 cash on amount owed on truck and $1,400 on amount owed on cleaning supplies. 20 Paid $4,500 cash for employee salaries. 21 Collected $4,400 cash from customers billed on July 12. 25 Billed customers $8,000 for cleaning services. 31 Paid $350 for the monthly gasoline bill for the truck. 31 Declared and paid a $1,200 cash dividend. The chart of accounts for Brennan's Cleaning Service contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 130 Prepaid Insurance, No. 157 Equipment, No. 158 Accumulated Depreciation---Equipment, No. 201 Accounts Payable, No. 212 Salaries and Wages Payable, No. 311 Share Capital---Ordinary, No. 320 Retained Earnings, No. 332 Dividends, No. 350 Income Summary, No. 400 Service Revenue, No. 633 Gasoline Expense, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 726 Salaries and Wages Expense. I nstructions
(a) Journalize and post the July transactions. Use page J1 for the journal and the threecolumn form of account. (b) Prepare a trial balance at July 31 on a worksheet. (c) Enter the following adjustments on the worksheet and complete the worksheet. (1) Services provided but unbilled and uncollected at July 31 were $3,300. (2) Depreciation on equipment for the month was $500. (3) One-twelfth of the insurance expired. (4) An inventory count shows $600 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $2,200. (d) Prepare the income statement and retained earnings statement for July and a classified balance sheet at July 31.
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
(e) Journalize and post adjusting entries. Use page J2 for the journal. (f) Journalize and post closing entries and complete the closing process. Use page J3 for the journal. (g) Prepare a post-closing trial balance at July 31.
(a)
J1
General Journal Date July 1
1
3
5
12
18
18
20
21
25
31
31
Account Titles and Explanation
Ref.
Debit
Cash Share Capital---Ordinary (Issued shares for cash) Equipment Cash Accounts Payable (Purchased truck for cash with balance on accounts) Supplies Account Payable (Purchased cleaning supplies on account) Prepaid insurance Cash (Paid one-year policy: effective date July 1) Account Receivale Service Revenue (Billed customer for services provided) Account Payable Cash (Paid cash on amount owed on truck) Account Payable Cash (Paid cash on amount owed on cleaning supplies) Salaries and Wages Expense Cash (Paid salaries expense) Cash Account Receivable (Receive cash for services provided billed on July 12) Account Receivale Service Revenue (Billed customer for services provided) Gasoline Expense Cash (Paid for the monthly gasoline bill f or the truck) Dividends Cash (declared and paid a cash dividends)
101 311
20,000
157 101 201
12,000
126 201
2,100
130 101
1,800
112 101
5,900
201 101
1,500
201 101
1,400
726 101
4,500
101 112
4,400
112 101
8,000
633 101
350
332 101
1,200
Credit 20,000
4,000 8,000
2,100
1,800
5,900
1,500
1,400
4,500
4,400
8,000
350
1,200
Tugas 3 - SIAK
Seany Sukmawati - 1106154034
General Ledger No. 101
Cash Date July 1 1 5 18 18 20 21 31 31
Explanation
Ref. J1 J1 J1 J1 J1 J1 J1 J1 J1
Debit 20,000
Credit 4,000 1,800 1,500 1,400 4,500
4,400 350 1,200
Explanation
Ref. J1 J1 J1
Debit 5,900
Credit 4,400
Explanation
Ref. J1
9,500 No. 126
Debit 2,100
Credit
Explanation
Ref. J1
Debit 1,800
Explanation
Ref. J1
Date July 1 3 18 18
Ref. J1
Debit
Credit 8,000 2,100
1,500 1,400
Date July 1
Explanation
Ref. J1
Debit
Balance 8,000 10,100 8,600
7,200 No. 311
Share Capital---Ordinary Credit 20,000
Balance
20,000
Credit
Balance
1,800
Credit
Balance
12,000
No. 332
Dividends Date Jul.31
Explanation
Ref. J1
Debit 1,200
Date Jul.12 25
Explanation
Ref. J1
Debit
Date Jul.31
Explanation
Ref. J1
Debit 350
No. 400
Credit 5,900 8,000
Explanation
Ref. J1
Debit 4,500
BRENNAN’S CLEANING SERVICE
Trial Balance July 31, 2014 Debit $ 9,650 9,500 2,100 1,800 12,000
Credit
$ 7,200 20,000 1,200 13,900 350 4,500 $ 41,100
$ 41,100
Balance 5,900
13,900 No. 633
Credit
Balance
350 No. 726
Salaries and Wages Expanse Date July 3
Balance
1,200
Gasoline Expanse
(b)
Cash Account Receivable Supplies Prepaid Insurance Equipment Accounts Payable Share Capital--Ordinary Dividends Service Revenue Gasoline Expense Salaries and Wages Expense
Credit
Service Revenue
No. 157
Debit 12,000
Explanation
No. 130
Equipment Date July 1
Balance
2,100
Prepaid Insurance Date July 5
Balance 5,900 1,500
8,000
Supplies Date July 3
9,650
No. 201
Account Payable
No. 112
Account Receivable Date Jul.12 21 25
Balance 20,000 16,000 14,200 12,700 11,300 6,800 11,200 10,850
Credit
Balance
4,500
Tugas 3 - SIAK (c)
Seany Sukmawati - 1106154034
