Question 1
The following is the Bravo Unlimited unadjusted Trail Balance.
|
Bravo Unlimited
|
|
Unadjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
331,860
|
|
|
Supplies
|
6,255
|
|
|
Prepaid Rent
|
14,000
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$224,260
|
|
Accounts Payable
|
|
75,555
|
|
Wages Payable
|
|
0
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
111,145
|
|
Service Revenue
|
|
893,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
60,500
|
|
|
Wages Expense
|
527,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Utilities Expense
|
8,595
|
|
|
Depreciation Expense
|
144,000
|
|
|
Interest Expense
|
6,840
|
________
|
|
Totals
|
$1,525,565
|
$1,525,565
|
Adjusting Items:
1. The prepaid rent covers December 2016 thru March 2017 rents.
2. December depreciation on equipment is $12,500 per month.
3. At year end Wages of $14,000 were earned but unpaid.
Use this information to determine the adjusted account balances for the following:
1. Cash
2. Prepaid Rent
3. Equipment
4. Accumulated Depreciation
5. Wages Payable
6. Rent Expense
7. Wages Expense
8. Depreciation Expense
Question 2
The following is the Bravo Unlimited adjusted Trail Balance.
|
Bravo Unlimited
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
331,860
|
|
|
Supplies
|
10,255
|
|
|
Prepaid Rent
|
8,250
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$235,260
|
|
Accounts Payable
|
|
72,555
|
|
Wages Payable
|
|
10,000
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
111,145
|
|
Service Revenue
|
|
897,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
63,250
|
|
|
Wages Expense
|
537,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Utilities Expense
|
8,595
|
|
|
Depreciation Expense
|
155,000
|
|
|
Interest Expense
|
6,840
|
________
|
|
Totals
|
$1,547,565
|
$1,547,565
|
Prepare the general journal entry (without explanation) needed to close the revenue(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."
Question 3
The following is the Bravo Unlimited adjusted Trail Balance.
|
Bravo Unlimited
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
330,000
|
|
|
Supplies
|
9,255
|
|
|
Prepaid Rent
|
12,000
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$238,760
|
|
Accounts Payable
|
|
78,555
|
|
Wages Payable
|
|
15,000
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
111,145
|
|
Service Revenue
|
|
895,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
64,500
|
|
|
Wages Expense
|
542,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Depreciation Expense
|
167,095
|
|
|
Dividends
|
8,700
|
_________
|
|
Totals
|
$1,560,065
|
$1,560,065
|
Prepare the general journal entry (without explanation) needed to close expense(s) for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."
Question 4
The following is the Bravo Unlimited adjusted Trail Balance.
|
Bravo Unlimited
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
333,700
|
|
|
Supplies
|
15,255
|
|
|
Prepaid Rent
|
9,000
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$235,760
|
|
Accounts Payable
|
|
73,555
|
|
Wages Payable
|
|
12,000
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
111,145
|
|
Service Revenue
|
|
902,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
63,500
|
|
|
Wages Expense
|
539,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Depreciation Expense
|
164,095
|
|
|
Dividends
|
5,000
|
_________
|
|
Totals
|
$1,556,065
|
$1,556,065
|
Prepare the general journal entry (without explanation) needed to close Net Income or Net Loss for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."
Question 5
The following is the Bravo Unlimited adjusted Trail Balance.
|
Bravo Unlimited
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
331,860
|
|
|
Supplies
|
11,255
|
|
|
Prepaid Rent
|
5,500
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$236,260
|
|
Accounts Payable
|
|
72,555
|
|
Wages Payable
|
|
10,000
|
|
Capital Stock
|
|
220,000
|
|
Retained Earnings
|
|
111,145
|
|
Service Revenue
|
|
898,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
66,000
|
|
|
Wages Expense
|
537,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Depreciation Expense
|
164,595
|
|
|
Dividends
|
6,840
|
________
|
|
Totals
|
$1,549,565
|
$1,549,565
|
Prepare the general journal entry (without explanation) needed to close Dividends for the year end. Use compound entries where required. If no entry is required then write "No Entry Required."
Question 6
The following is the Bravo Unlimited adjusted Trail Balance.
|
Alpha Dog Company
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
150,000
|
|
|
Supplies
|
29,255
|
|
|
Stock Investment
|
172,000
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$238,760
|
|
Accounts Payable
|
|
43,555
|
|
Wages Payable
|
|
35,000
|
|
Capital Stock
|
|
200,000
|
|
Retained Earnings
|
|
146,145
|
|
Service Revenue
|
|
895,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
64,500
|
|
|
Wages Expense
|
542,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Depreciation Expense
|
167,095
|
|
|
Dividends
|
8,700
|
_________
|
|
Totals
|
$1,560,065
|
$1,560,065
|
What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)
1. Total Current Assets
2. Total Long Term Investments
3. Total Assets
4. Total Liabilities
5. Total Equity
Question 7
The following is the Devil Dog Company adjusted Trail Balance.
|
Devil Dog Company
|
|
Adjusted Trial Balance
|
|
December 31, 2016
|
|
Account Title
|
Debit
|
Credit
|
|
Cash
|
$88,450
|
|
|
Accounts Receivable
|
157,700
|
|
|
Supplies
|
35,255
|
|
|
Stock Investment
|
158,250
|
|
|
Equipment
|
295,285
|
|
|
Accumulated Depreciation
|
|
$235,260
|
|
Accounts Payable
|
|
47,555
|
|
Wages Payable
|
|
30,000
|
|
Capital Stock
|
|
200,000
|
|
Retained Earnings
|
|
136,145
|
|
Service Revenue
|
|
897,105
|
|
Interest Income
|
|
1,500
|
|
Rent Expense
|
63,250
|
|
|
Wages Expense
|
537,260
|
|
|
Supplies Expense
|
42,520
|
|
|
Depreciation Expense
|
163,595
|
|
|
Dividends
|
6,000
|
________
|
|
Totals
|
$1,547,565
|
$1,547,565
|
What are Devil Dog Company's ratios for the following: (Round all non-dollar value ratios to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value the number must be enclosed in brackets and does not use a minus sign.)
1. Current Ratio
2. Quick Ratio
3. Working Capital