FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Do you have the work sheet and financial statement for the attached homework.  Critical thinking problem 5.2 Worksheet and Financial Statement?

Write a memo to Mr. Catalina explaining the effect on the financial statements of omitting the adjustments. Indicate the change to net income that results from the adjusting entries. Critical Thinking Problem 5.2 Worksheet and Financial Statements The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. 101 111 121 131 141 142. 202 301 302 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Reginald Pittman, Capital Reginald Pittman, Drawing $18,475 401 3,400 511 2,150 514 15,000 517 24,000 518 519 520 523 2,000 524 0 6,000 40,000 Fees Income Advertising Expense Depr. Expense-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense $30,925 1,500 0 0 2,500 6,700 0 350 850
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Transcribed Image Text:Write a memo to Mr. Catalina explaining the effect on the financial statements of omitting the adjustments. Indicate the change to net income that results from the adjusting entries. Critical Thinking Problem 5.2 Worksheet and Financial Statements The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. 101 111 121 131 141 142. 202 301 302 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accum. Depr.-Equip. Accounts Payable Reginald Pittman, Capital Reginald Pittman, Drawing $18,475 401 3,400 511 2,150 514 15,000 517 24,000 518 519 520 523 2,000 524 0 6,000 40,000 Fees Income Advertising Expense Depr. Expense-Equip. Insurance Expense Rent Expense Salaries Expense Supplies Expense Telephone Expense Utilities Expense $30,925 1,500 0 0 2,500 6,700 0 350 850
of analyzing business transactions: Accounting equation T Accounts Analyzing business trans 1. 2. Adjustments and the Worksheet accounts that is affected by a transaction be separate from the business INSTRUCTIONS 1. Prepare the Trial Balance section of the worksheet. 2. Record the following adjustments in the Adjustments section of the worksheet: a. Supplies used during the month amounted to $1,050. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for six months of insurance coverage. c. The equipment, purchased on January 1, 20X1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet (use the report form). 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Use 3 for the journal page number. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected?
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Transcribed Image Text:of analyzing business transactions: Accounting equation T Accounts Analyzing business trans 1. 2. Adjustments and the Worksheet accounts that is affected by a transaction be separate from the business INSTRUCTIONS 1. Prepare the Trial Balance section of the worksheet. 2. Record the following adjustments in the Adjustments section of the worksheet: a. Supplies used during the month amounted to $1,050. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for six months of insurance coverage. c. The equipment, purchased on January 1, 20X1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet (use the report form). 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Use 3 for the journal page number. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected?
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What are the entries to?

  1. Journalize and Post the Closing Entries
  2. Prepare the Post Closing Trial Balance.
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What are the entries to?

  1. Journalize and Post the Closing Entries
  2. Prepare the Post Closing Trial Balance.
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