Documente Academic
Documente Profesional
Documente Cultură
EXERCISE 3-7
Revenues
Service revenue ($5,500 + $650).............................. $6,150
Expenses
Salaries and wages expense ($2,300 + $300)......... $2,600
Supplies expense ($1,200 – $250)........................... 950
Utilities expense........................................................ 600
Insurance expense.................................................... 400
Depreciation expense............................................... 150
Total expenses.................................................. 4,700
Net income........................................................................ $1,450
EXERCISE 4-1
DIXON COMPANY
Worksheet
For the Month Ended June 30, 2017
Unearned Service
Revenue 240 (b) 140 100 100
Salaries and
Wages Expense 560 (c) 210 770 770
Miscellaneous
Expense 160 160 160
(a)
Supplies Expense 1,380 1,380 1,380
Salaries and
(c) 210 210 210
Wages Payable
Totals 1,730 1,730 7,570 7,570 2,310 2,540 5,260 5,030
SAVAGLIA COMPANY
(Partial) Worksheet
For the Month Ended April 30, 2017
Adjusted Income
Trial Balance Statement Balance Sheet
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 10,000 10,000
Accounts Receivable 7,840 7,840
Prepaid Rent 2,280 2,280
Equipment 23,050 23,050
Accum. Depreciation
— Equipment 4,900 4,900
Notes Payable 5,700 5,700
Accounts Payable 4,920 4,920
Owner’s Capital 27,960 27,960
Owner’s Drawings 3,650 3,650
Service Revenue 15,590 15,590
Salaries and Wages
Expense 10,840 10,840
Rent Expense 760 760
Depreciation Expense 650 650
Interest Expense 57 57
Interest Payable 57 57
Totals 59,127 59,127 12,307 15,590 46,820 43,537
Net Income 3,283 3,283
Totals 15,590 15,590 46,820 46,820
(a) WARREN ROOFING
Worksheet
Adjusted Income
Account Titles Trial Balance Adjustments Trial Balance Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
Accumulated
Depreciation—Equipment
1,250 (b) 250 1,500 1,500
Accounts Payable
2,500 2,500 2,500
Unearned Service Revenue
550 (c) 290 260 260
Owner’s Capital
12,900 12,900 12,900
Owner’s Drawings
1,100 1,100 1,100
Service Revenue
6,300 (c) 290 6,590 6,590
Salaries and Wages
Expense
1,300 (d) 700 2,000 2,000
Miscellaneous Expense
400 400 400
Totals
23,500 23,500
Supplies Expense
(a) 1,520 1,520 1,520
Depreciation Expense
(b) 250 250 250
Salaries and Wages
Payable
(d) 700 700 700
Totals
2,760 2,760 24,450 24,450 4,170 6,590 20,280 17,860
Net Income
2,420 2,420
Totals
6,590 6,590 20,280 20,280
Key: (a) Supplies Used; (b) Depreciation Expensed; (c) Service Revenue Recognized; (d) Salaries
Accrued.
PROBLEM 4-1A (Continued)
Revenues
Service revenue..................................................
$6,590
Expenses
Salaries and wages expense............................. $2,000
Supplies expense................................................ 1,520
Miscellaneous expense...................................... 400
Depreciation expense......................................... 250
Total expenses............................................
4,170
Net income..................................................................
$2,420
WARREN ROOFING
Owner’s Equity Statement
For the Month Ended March 31, 2017
12,420
15,320
Less: Drawings....................................................... 1,100
Owner’s Capital, March 31...................................... $14,220
WARREN ROOFING
Balance Sheet
March 31, 2017
Assets
Current assets
Cash..................................................................... $4,500
Accounts receivable........................................... 3,200
Supplies............................................................... 480
Total current assets.................................... $ 8,180
Property, plant, and equipment
Equipment........................................................... 11,000
Less: Accum. depreciation—equipment.......... 1,500
9,500
Total assets.................................................. $17,680
PROBLEM 4-1A (Continued)
WARREN ROOFING
Balance Sheet (Continued)
March 31, 2017