accounting

Question 1

Foxy Investigative Services is an investigative services stable that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the totalityant for Foxy Investigative Services fitted an end-of-period spreadsheet, a multiply of which follows:

Foxy Investigative ServicesEnd-of-Period SpreadsheetFor the Year Ended November 30, 2018
~Adjusted Tribulation BalanceAccount Title~Dr.Cr.
~

Cash~23,000
Accounts Receivable~71,800
Supplies~4,500
Prehired Insurance~2,500
Building~444,000
Accumulated Depreciation-Building~
44,600Accounts Payable~
11,200Salaries Payable~
2,900Unearned Rent~
1,500Common Stock~
80,000Retained Earnings~
293,200Dividends~11,500
Service Fees~
719,450Rent Revenue~
11,500Salaries Expense~525,000
Rent Expense~46,000
Supplies Expense~10,500
Depreciation Expense-Building~7,400
Utilities Expense~7,350
Repairs Expense~2,500
Insurance Expense~2,300
Miscellaneous Expense~6,000

~1,164,3501,164,350




Required:1.A.Prepare an pay declaration for the year ended November 30, 2018. If a net waste has been incurred, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Use the schedule of Labels and Sum Descriptions for the rectify representationing of extract items other than totality names. You allure not want to penetrate colons (:) on the pay declaration. Refer to the Chart of Accounts for chasten representationing of totality titles.B.Prepare a retained hues declaration for the year ended November 30, 2018. If a net waste is incurred or dividends were hired, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Use the schedule of Labels and Sum Descriptions for the rectify representationing of extract items. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.C.Prepare a counteract quibble as of November 30, 2018. Fixed possessions must be penetrateed in classify according to totality reckon. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) or the representation "Less" on the counteract quibble; they allure automatically inoculate where requisite. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names. For those boxes in which you must penetrate subtracted or indirect reckons use a minus symptom.2.Based upon the end-of-period spreadsheet, lifeize the bankruptcy entries. Refer to the Chart of Accounts for chasten representationing of totality titles.3.If Retained Hues had instead decreased $40,000 succeeding the bankruptcy entries were posted, and the dividends remained the selfsame, what would feel been the sum of net pay or net waste? If justd, use a minus symptom to manifest a net waste.

Chart of Accounts

CHART OF ACCOUNTSFoxy Investigative ServicesGeneral Ledger
ASSETS11Cash12Accounts Receivable13Supplies14Prehired Insurance17Building18Accumulated Depreciation-Building
LIABILITIES21Accounts Payable22Salaries Payable23Unearned Rent
EQUITY31Common Stock32Retained Earnings33Dividends34Income Summary
REVENUE41Service Fees42Rent Revenue
EXPENSES51Salaries Expense52Rent Expense53Supplies Expense54Depreciation Expense-Building55Utilities Expense56Repairs Expense57Insurance Expense59Miscellaneous Expense

Labels and Sum Descriptions

Labels
Current possessions
Current liabilities
Expenses
For the Year Ended November 30, 2018
November 30, 2018
Property, establish, and equipment
Revenues
Amount Descriptions
Change in retained hues
Dividends
Net pay
Net waste
Retained hues, December 1, 2017
Retained hues, November 30, 2018
Total possessions
Total ordinary possessions
Total expenses
Total liabilities
Total liabilities and stockholders’ equity
Total wealth, establish, and equipment
Total revenues
Total stockholders’ equity

Income Statement

1A. Prepare an pay declaration for the year ended November 30, 2018. If a net waste has been incurred, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Use the schedule of Labels and Sum Descriptions for the rectify representationing of extract items other than totality names. You allure not want to penetrate colons (:) on the pay declaration. Refer to the Chart of Accounts for chasten representationing of totality titles.

Foxy Investigative Services

Income Statement

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Retained Hues Statement

1B. Prepare a retained hues declaration for the year ended November 30, 2018. If a net waste is incurred or dividends were hired, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Use the schedule of Labels and Sum Descriptions for the rectify representationing of extract items. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.

Foxy Investigative Services

Retained Hues Statement

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Balance Sheet

1C. Prepare a counteract quibble as of November 30, 2018. Fixed possessions must be penetrateed in classify according to totality reckon. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) or the representation "Less" on the counteract quibble; they allure automatically inoculate where requisite. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names. For those boxes in which you must penetrate subtracted or indirect reckons use a minus symptom.

Foxy Investigative Services

Balance Sheet

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Assets

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Liabilities

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Stockholders’ Equity

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Journal

2. Based upon the end-of-period spreadsheet, lifeize the bankruptcy entries. Refer to the Chart of Accounts for chasten representationing of totality titles.

PAGE 11

JOURNAL

ACCOUNTING EQUATION

DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY

1

Closing Entries

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Final Question

3. If Retained Hues had instead decreased $40,000 succeeding the bankruptcy entries were posted, and the dividends remained the selfsame, what would feel been the sum of net pay or net waste? If justd, use a minus symptom to manifest a net waste.

Question 2

he unadjusted tribulation counteract of Epicpenetrate Laundry at June 30, 2018, the end of the fiscal year, follows:

Epicpenetrate Laundry
UNADJUSTED TRIAL BALANCE
June 30, 2018

ACCOUNT TITLEDEBITCREDIT1Cash11,000.00 2Laundry Supplies21,500.00 3Prehired Insurance9,600.00 4Laundry Equipment232,600.00 5Accumulated Depreciation 125,400.006Accounts Payable 11,800.007Common Stock 40,000.008Retained Hues 65,600.009Dividends10,000.00 10Laundry Revenue 232,200.0011Wages Expense125,200.00 12Rent Expense40,000.00 13Utilities Expense19,700.00 14Miscellaneous Expense5,400.00 15Totals475,000.00475,000.00


The facts wanted to mention year-end adjustments are as follows:
A.Laundry eatables on laborer at June 30 are $3,600.B.Insurance premiums expired during the year are $5,700.C.Depreciation of laundry equipment during the year is $6,500.D.Wages accrued but not hired at June 30 are $1,100.

Required:
Note: Download the spreadquibble on the T Accounts panel, calculating the Excel smooth to your computer. Be believing to catch your fruit in Excel. The spreadquibble input allure not be interposed in your gait in CengageNOW on this sum.1. For each totality scheduleed in the unadjusted tribulation counteract, penetrate the counteract in a T totality. Authenticate the counteract as “Bal.”2. Using the Excel spreadquibble downloaded from the T Accounts panel, click the Fruit Quibble tab. Penetrate the unadjusted tribulation counteract on the end-of-period fruit quibble and consummate the fruit quibble.3. a. Journalize the adjusting entries on page 10 of the life. Adjusting entries are recitative on June 30. Refer to the Chart of Accounts for chasten representationing of totality titles.3. b. Post the adjusting entries. In the T totalitys, authenticate the adjustments by “Adj.” and the new counteracts as “Adj. Bal.” (Be believing to add a posting relation to the life.)4. Prepare an adjusted tribulation counteract.5. a. Prepare an pay declaration for the year ended June 30, 2018. If a net waste has been incurred, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) on the pay declaration. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.5. b. Prepare a retained hues declaration for the year ended June 30, 2018. If a net waste is incurred or dividends were hired, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.5. c. Prepare a counteract quibble as of June 30, 2018. Fixed possessions must be penetrateed in classify according to totality reckon. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) on the counteract quibble; they allure automatically inoculate where requisite. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names. For those boxes in which you must penetrate subtracted or indirect reckons use a minus symptom.6. a. Journalize the bankruptcy entries on page 11 of the life. Refer to the Chart of Accounts for chasten representationing of totality titles. (Note: Consummate the adjusted tribulation counteract, the pay declaration, the retained hues declaration, and the counteract quibble BEFORE completing multiply 6. a.)6. b. Post the bankruptcy entries. In the T totalitys, authenticate the bankruptcy entries by “Clos.” (Be believing to add a posting relation to the life.)7. Prepare a post-bankruptcy tribulation counteract.

Chart of Accounts


CHART OF ACCOUNTSEpicpenetrate LaundryGeneral LedgerASSETS11Cash13Laundry Supplies14Prehired Insurance17Laundry Equipment18Accumulated Depreciation
LIABILITIES21Accounts Payable22Wages Payable
EQUITY31Common Stock32Retained Earnings33Dividends34Income SummaryREVENUE41Laundry Revenue
EXPENSES51Wages Expense52Rent Expense53Utilities Expense54Laundry Eatables Expense55Depreciation Expense56Insurance Expense59Miscellaneous Expense

Labels and Sum Descriptions


LabelsCurrent possessionsCurrent liabilitiesExpensesFor the Year Ended June 30, 2018June 30, 2018Property, establish, and equipmentAmount DescriptionsChange in retained huesNet payNet wasteRetained hues, June 30, 2018Retained hues, July 1, 2017Total possessionsTotal ordinary possessionsTotal expensesTotal liabilitiesTotal liabilities and stockholders’ equityTotal wealth, establish, and equipmentTotal stockholders’ equity

T Accounts


Note:Download the SPREADSHEET, calculating the Excel smooth to your computer. Be believing to catch your fruit in Excel. The spreadquibble input allure not be interposed in your gait in CengageNOW on this sum.1. For each totality scheduleed in the unadjusted tribulation counteract, penetrate the counteract in a T totality. Authenticate the counteract as “Bal.”3. b. Post the adjusting entries. In the T totalitys, authenticate the adjustments by “Adj.” and the new counteracts as “Adj. Bal.”6. b. Post the bankruptcy entries. In the T totalitys, authenticate the adjustments by “Clos.”

Work Sheet


2. Using the Excel spreadquibble downloaded from the T Accounts panel, click the Fruit Quibble tab. Penetrate the unadjusted tribulation counteract on the end-of-period fruit quibble and consummate the fruit quibble.

Journal


3. a. Journalize the adjusting entries on page 10 of the life. Adjusting entries are recitative on June 30. Refer to the Chart of Accounts for chasten representationing of totality titles. 6. a. Journalize the bankruptcy entries on page 11 of the life. Refer to the Chart of Accounts for chasten representationing of totality titles. (Note: Consummate the adjusted tribulation counteract, the pay declaration, the retained hues declaration, and the counteract quibble BEFORE completing multiply 6. a.)
PAGE 10PAGE 11

JOURNAL
ACCOUNTING EQUATION

DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 Adjusting Entries      23456789


Adjusted Tribulation Balance


4. Prepare an adjusted tribulation counteract. If an sum box does not just an memorandum, permission it unmitigated.

Epicpenetrate Laundry
ADJUSTED TRIAL BALANCE
June 30, 2018

ACCOUNT TITLEDEBITCREDIT1Cash2Laundry Supplies3Prehired Insurance4Laundry Equipment5Accumulated Depreciation6Accounts Payable7Wages Payable8Common Stock9Retained Earnings10Dividends11Laundry Revenue12Wages Expense13Rent Expense14Utilities Expense15Laundry Eatables Expense16Depreciation Expense17Insurance Expense18Miscellaneous Expense19Totals


Income Statement



5. a. Prepare an pay declaration for the year ended June 30, 2018. If a net waste has been incurred, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) on the pay declaration. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.

Epicpenetrate LaundryIncome Statement1 2  3 4 5 6 7 8 9 10 11


Retained Hues Statement


5. b. Prepare a retained hues declaration for the year ended June 30, 2018. If a net waste is incurred or dividends were hired, penetrate that sum as a indirect reckon using a minus symptom. Be believing to consummate the declaration designation. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names.

Epicpenetrate LaundryRetained Hues Statement1 2 3 4 5


Balance Sheet


5. c. Prepare a counteract quibble as of June 30, 2018. Fixed possessions must be penetrateed in classify according to totality reckon. Be believing to consummate the declaration designation. You allure not want to penetrate colons (:) on the counteract quibble; they allure automatically inoculate where requisite. Refer to the Chart of Accounts for chasten representationing of totality titles. Refer to the schedules of Labels and Sum Descriptions for chasten representationing of the response choices for extract entries other than totality names. For those boxes in which you must penetrate subtracted or indirect reckons use a minus symptom.

Epicpenetrate LaundryBalance Sheet1Assets  2  3 4 5 6 7  8 9 10 11 12Liabilities  13  14 15 16 17Stockholders’ Equity  18 19 20 21


Post-bankruptcy Tribulation Balance


7. Prepare a post-bankruptcy tribulation counteract.

Epicpenetrate Laundry
POST-CLOSING TRIAL BALANCE
June 30, 2018

ACCOUNT TITLEDEBITCREDIT1Cash2Laundry Supplies3Prehired Insurance4Laundry Equipment5Accumulated Depreciation6Accounts Payable7Wages Payable8Common Stock9Retained Earnings10Totals

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