FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 32E
a.
To determine
Prepare necessary adjustments using financial statement which effects template.
b.
To determine
Prepare
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Required 1. Prepare and complete a 10-column work sheet for fiscal year 2019, starting with the unadjusted trial balance and including adjustments based on these additional facts. a. The supplies available at the end of fiscal year 2019 had a cost of $7,900. b. The cost of expired insurance for the fiscal year is $10,600. c. Annual depreciation on equipment is $7,000. d. The April utilities expense of $800 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $800 amount owed needs to be recorded. e. The company’s employees have earned $2,000 of accrued and unpaid wages at fiscal year-end. f. The rent expense incurred and not yet paid or recorded at fiscal year-end is $3,000. g. Additional property taxes of $550 have been assessed for this fiscal year but have not been paid or recorded in the accounts. h. The $300 accrued interest for April on the long-term notes payable has not yet been paid or recorded. 2. Using information…
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7.
Required: In the general journal below, complete the year-end entry to record depreciation.
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Debit
Credit
Dec 31
?
40,000
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40,000
The estimated amount of depreciation on equipment for the current year is $8,330.
Journalize the adjusting entry, to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
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- Which of the following statements is true for real rental property that has been depreciated using the mid-month convention in the year of disposition? (a) The depreciation in the year of disposition will be the same as the depreciation in a regular year. Â (b) The deductible amount will be half the depreciation determined for the full year. Â (c) The deductible amount will be determined by the month in which the asset is disposed. Â (d) Using information from the MACRS percentage tables, the calculation is made based on a short tax year.arrow_forwardRequired: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,000. (b) for simplicity, the building and equipment are being depreciated using the straight- line method over an estimated life of 20 years with no residual value. (c) supplies on hand at the end of the year total $600. (d) bad debts expense for the year totals $610; and (e) the income tax rate is 30%; income taxes are payable in the first quarter of 2017.arrow_forwardUsing the following information, Make the December 31 adjusting journal entry for depreciation. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000arrow_forward
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