FINANCE

3.
Prepare a partial work sheet consisting of the first six columns that includes the unadjusted trial balance, the March 31 adjustments (a) through (g), and the adjusted trial balance. Do not prepare closing entries and do not journalize the adjustments or post them to the ledger. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount. Leave no cells blank – be certain to enter “0” wherever required. Omit the “$” sign in your response.)

BUSINESS SOLUTIONS
Partial Work Sheet
March 31, 2012
Unadjusted
Trial Balance
Adjustments
Adjusted
Trial Balance
Acct.
No. Account Title Dr. Cr. Dr. Cr. Dr. Cr.
101 Cash
106.1 Alex’s Engineering Co.
106.2 Wildcat Services
106.3 Easy Leasing
106.4 IFM Co.
106.5 Liu Corporation
106.6 Gomez Co.
106.7 Delta Co
106.8 KC, Inc.
106.9 Dream, Inc.
119 Merchandise inventory
126 Computer supplies
128 Prepaid insurance
131 Prepaid rent
163 Office equipment
164 Accumulated depreciation—Office equipment
167 Computer equipment
168 Accumulated depreciation—Computer equip.
201 Accounts payable
210 Wages payable
236 Unearned computer services revenue
307 Common stock
318 Retained earnings
319 Dividends
403 Computer services revenue
413 Sales
414 Sales returns and allowances
415 Sales discounts
502 Cost of goods sold
612 Depreciation expense—Office equipment
613 Depreciation expense—Computer equipment
623 Wages expense
637 Insurance expense
640 Rent expense
652 Computer supplies expense
655 Advertising expense
676 Mileage expense
677 Miscellaneous expenses
684 Repairs expense—Computer
Totals

4.
Prepare an income statement (from the adjusted trial balance in part 3) for the three months ended March 31, 2012. Use a single-step format. List all expenses without differentiating between selling expenses and general and administrative expenses. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount. Input all amounts as positive values. Omit the “$” sign in your response.)
BUSINESS SOLUTIONS
Income Statement
For Three Months Ended March 31, 2012
Revenues
$

Total revenues
Expenses
$
Total expenses
$
5.
Prepare a statement of retained earnings (from the adjusted trial balance in part 3) for the three months ended March 31, 2012. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount. Input all amounts as positive values. Omit the “$” sign in your response.)

BUSINESS SOLUTIONS
Statement of Retained Earnings
For Three Months Ended March 31, 2012
$
$
6.
Prepare a classified balance sheet (from the adjusted trial balance) as of March 31, 2012. (Be sure to list the assets and liabilities in order of their liquidity. Amounts to be deducted should be indicated with minus sign. Do not round intermediate calculations. Round your final answers to the nearest dollar amount. Omit the “$” sign in your response.)

BUSINESS SOLUTIONS
Balance Sheet
December 31, 2011
Assets
Current Assets
$
Total Current Assets
Plant Assets
$
Total Plant Assets

Total Assets $

Liabilities
Current Liabilities
$
Equity
Total equity

Total Liabilities and Equity $

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