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

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 ...

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 discussion-cost accumulation systemwhen

Assignment: Discussion-Cost Accumulation System When companies accumulate costs, they generally use either a job-order or a process costing system. The type of system used often varies based on the type of product or ser ...

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 ...

Accounting1 lisa inc estimates that its employees will

Accounting 1. Lisa Inc. estimates that its employees will utilize 200,000 direct labor hours during the coming year. Total overhead costs are estimated to be $6,700,000 and machine hours are estimated to be 100,000. Actu ...

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 ...

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.

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 ...

Requirementsdo not use any direct quotes andor cut and

Requirements: Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 words are required (this is the minimum and totally feel ...

Cost of capital assignment questions -1 what does the cost

Cost of Capital Assignment Questions - 1. What does the cost of capital represents? What is should reflect? 2. How do taxes affect the cost of debt? 3. What are the retained earnings? Do they have any costs for the firm? ...

  • 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