BUSINESS

Adjusting Entry for Depreciation
Cowley Company just  completed its first year of operations. The December 31 equipment  account has a balance of $40,000. There is no balance in the Accumulated  Depreciation—Equipment account or in the Depreciation Expense account.  The accountant estimates the yearly equipment depreciation to be $8,000.  Prepare the required adjusting entry to record the yearly depreciation  for equipment.

 

Adjusting Entry for Prepaid Insurance
Cooper Inc.  recorded the purchase of a three-year insurance policy on July 1 in the  amount of $5,400 by debiting Prepaid Insurance and crediting Cash.

Prepare the necessary December 31 year-end adjusting entry.

 

Prepare Closing Entries to Retained Earnings
The Century Company’s adjusted trial balance contains the following balances as of December 31:

Retained Earnings $18,700; Dividends $4,400; Sales $44,000; Cost of  Goods Sold $17,600; Selling and Administrative Expenses $6,600; Interest  Expense $3,300.

Prepare the closing entries for The Century Company.  Close the temporary accounts straight to retained earnings.

The balance of $18,700 in the retained earnings account is from the  beginning of the year. What is the ending retained earnings balance  after posting the closing entries?

 

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Question 4

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Question text

Closing Entries In the midst of closing procedures,  Claremont Corporation’s accountant became ill and was hospitalized. You  have volunteered to complete the closing of the books, and you find  that all revenue and expense accounts have zero balances. The Dividends  account has a debit balance of $29,000. The Retained Earnings accounts  has a beginning credit balance of $119,000. Expenses totaled $320,800  and revenues totaled $349,400.

Prepare journal entries to complete the closing procedures as of year-end directly to Retained Earnings.
After these entries are posted, what is the balance in the Retained Earnings account?

Preparing a Classified Balance Sheet The following  financial data for the St. John Corporation was collected as of December  31, 2013. All accounts have normal balances.

 

Multi-step Income Statements The adjusted trial balance of Crane Distributors on December 31, 2013 is shown below.

 

Prepare a multi-step income  statement for the year ended December 31, 2013. Combine all the  operating expenses into one line on the income statement for selling,  general and administrative expenses.

 

Preparing the Statement of Stockholders’ Equity Presented below is financial data for Likert & Co. as of year-end 2013:

Required

 

Ratio Analysis The following balances were reported in the financial statements for Nafooz Company.
Prepare a statement of stockholders’ equity for Likert & Co. as of December 31, 2013

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