Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem: Ana Alicia Advertising Corporation was founded in January 2003. Presented on the next page are the adjusted & unadjusted trial balances as of December 31, 2007

 

Ana Alicia Advertising
Trial Balance
December 31,2007

 

 

Unadjusted

Adjusted

Dr.

Cr.

Dr

Cr

Cash

$7,000

 

$7,000

 

Accounts Receivable

19,000

 

22,000

 

Art Supplies

8,500

 

5,500

 

Prepaid Insurance

3,250

 

2,500

 

Printing Equipment

60,000

 

60,000

 

Accumulated Depreciation

 

$27,000

 

$33,750

Accounts Payable

 

5,000

 

5,000

Interest Payable

 

 

 

150

Notes Payable

 

5,000

 

5,000

Unearned Service Revenue

 

7,000

 

5,600

Salaries Payable

 

 

 

1,500

Common Stock

 

10,000

 

10,000

Retained Earnings

 

4,500

 

4,500

Service Revenue

 

58,600

 

63,000

Salaries Expense

10,000

 

11,500

 

Insurance Expense

 

 

750

 

Interest Expense

350

 

500

 

Depreciation Expense

6,750

 

 

 

Art Supplies Expense

5,000

 

8,000

 

Rent Expense

4,000

 

4,000

 

 

$117,000

$117,000

$128,500

$128,500

Instructions;

[A] Journalize the yearly adjusting entries that were made.
[B] Make an income statement & a statement of retained earnings for year ending December 31, 2007, & an unclassified balance sheet at December 31, 2007.
[C] Answer the given problems.

(a) If the useful life of equipment is eight years, find out the expected salvage life?
(b) If the note has been outstanding three months, find out the annual interest rate on that note?
(c) If the company paid $12,500 in salaries in 2007, find out the balance in Salaries Payable on December 31, 2006?

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922658

Have any Question? 


Related Questions in Cost Accounting

Case questionsmarriott corporation the cost of capital

Case Questions Marriott Corporation: The Cost of Capital (Abridged) 1. What is the weighted average cost of capital for Marriott Corporation? a. What risk-free rate and risk premium did you use to calculate the cost of e ...

For your assignment you will apply the fundamental concepts

For your Assignment, you will apply the fundamental concepts of accounting and finance that you are studying to complete several problems indicative to real-world business scenarios and challenges. For this Assignment, t ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Assignment- show the step by step solutions to the

Assignment- Show the step by step solutions to the following questions: I. A firm is able to sell 10,000 units at $ 12 per piece. The company fixed cost is $30,000. Variable cost is $6 per unit. 1. What is the contributi ...

Quiz1 a process cost system would be used for all of the

QUIZ 1 A process cost system would be used for all of the following products except computer chips. chemicals. motion pictures. soft drinks. 2 Differences between a job order cost system and a process cost system include ...

Scenario-you seemed to develop significant interest with

Scenario- You seemed to develop significant interest with your talk on the future of cost accounting. Your boss has heard about the excellent presentation and you are hopeful that your early retirement will take place. A ...

Assignment1 the following information is from the

Assignment 1. The following information is from the manufacturing budget and the budgeted financial statements of Fabor Fabrication: Compute the budgeted amounts for: a. Purchases of direct materials during the year. b. ...

Instructionsnbspbull all questions carry equal marksbull

Instructions:   • All Questions carry equal marks. • All Questions are compulsory • All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subse ...

Assignment cost accountingoverviewthe final project for

Assignment: Cost Accounting Overview The final project for this course is the creation of a quantitative analysis with a memo to management. Classifying a company's costs allows for an in-depth analysis of the impact tha ...

Case questions rio grande medical center cost allocation

CASE QUESTIONS RIO GRANDE MEDICAL CENTER Cost Allocation Concepts 1. Is it "fair" for the Dialysis Center to suffer in profitability, and hence for the department head to possibly lose his bonus, just because the Outpati ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro