Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem: PORTER COMPANY Worksheet for the Year Ended December 31, 2008

Account No.

Account Titles

Adjusted Trial Balance

 

 

Income Statement

 

Balance Sheet

 

 

Dr.

Cr.

Dr

Cr.

Dr.

Cr.

101

Cash

18,800

 

 

 

18,800

 

112

Accounts Receivable

16,200

 

 

 

16,200

 

126

Supplies

2,300

 

 

 

2,300

 

130

Prepaid Insurance

4,400

 

 

 

4,400

 

151

Office Equipment

44,000

 

 

 

44,000

 

152

Accumulated Depreciation-Office Equipment

20,000

 

 

 

 

 

200

Notes Payable

 

20,000

 

 

 

20,000

201

Accounts Payable

 

8,000

 

 

 

8,000

212

Salaries Payable

 

2,600

 

 

 

2,600

230

Interest Payable

 

1,000

 

 

 

1,000

311

Common Stock

 

30,000

 

 

 

30,000

320

Retained Earnings

 

6,000

 

 

 

6,000

332

Dividends

12,000

 

 

 

 

 

400

Service Revenue

77,800

77,800

 

77,800

 

 

610

Advertising Expense

12,000

 

12,000

 

12,000

 

631

Supplies Expense

3,700

 

3,700

 

 

 

711

Depreciation Expense

8,000

 

8,000

 

 

 

722

Insurance Expense

4,000

 

4,000

 

 

 

726

Salaries Expense

39,000

 

39,000

 

 

 

905

Interest Expense

1,000

 

1,000

 

 

 

 

Totals

165,400

165,400

67,700

77,800

97,700

87,600

 

Net Income

 

 

10,100

 

 

10,100

 

Totals

 

 

77,800

77,800

97,700

97,700

Instructions
Use above Potter company worksheet to prepare the following.

[A] Create an income statement, a retained earnings statement, and a classified balance sheet. $10,000 of the notes payable becomes due in 2009. No additional issuance of common stock occurred during 2008.

[B] Create closing entries. Use J14 for the journal page.

[C] Post the closing entries. Apply the three-column form of account. Income Summary is account
No. 350.

[D] Create a post-closing trial balance.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M921863

Have any Question? 


Related Questions in Cost Accounting

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 ...

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 ...

Cost accounting- little debbie brownieshere is a copy of

Cost Accounting- Little Debbie Brownies Here is a copy of the assignment. My snack of choice is the Little Debbie Fudge Brownies Comprehensive Product Costing Select your favorite drink or snack item manufactured by a pu ...

Write 500 words that respond to the following

Write 500 words that respond to the following questions: • Discuss what absorption, variables, and throughput costing are. • Determine when each would be used. • Provide an explanation and example of all three.

Module 3 - slpstrategic choicessimulationin module 3 you

Module 3 - SLP Strategic Choices SIMULATION In Module 3, you will use CVP analysis to inform the pricing of your 3 products. SCENARIO CONTINUATION: You've now completed SLP2, and it the date is (once again) January 1, 20 ...

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 ...

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 ...

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 ...

Assignmentdolan products is a small family owned audio

Assignment Dolan Products is a small, family owned audio component manufacturer. Several years ago, the company decided to concentrate on only three models, which were sold under many brand names to electronic retailers ...

Polarisreading the case and answer the all question polaris

Polaris Reading the case and answer the all question: Polaris: Suggested assignment questions Why does the Polaris outsource the manufacture of most components but in-source final assembly? Which manufacturing location o ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen