Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.1BPR
Financial statements and closing entries
Last Chance Company offers legal consulting advice to prison inmates. Last Chance pre pared the end-of-period spreadsheet that follows at June 30, 2018, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30.
2. Prepare a retained earnings statement for the year ended June 30.
3. Prepare a
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing
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Financial statements and closing entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.
Instructions
1. Prepare an income statement for the year ended June 30, 20Y3.
2. Prepare a statement of stockholders’ equity for the year ended June 30, 20Y3. During the year ended June 30, 20Y3, additional common stock of $20,000 was issued.
3. Prepare a balance sheet as of June 30, 20Y3.
4. On the basis of the end-of-period spreadsheet, journalize the closing entries.
5. Prepare a post-closing trial balance.
Closing Entries and Completing the Accounting Cycle
Define the following:
Accounting cycle
Closing entry
End- of- period worksheet
Fiscal business year
Income Summary
Natural business year
Nominal account
Permanent account
List the steps to the accounting cycle
Using the end- of- period spreadsheet for week 2- make all appropriate closing entries and post them to the spreadsheet. Prepare the Income Statement, Balance Sheet and Statement of Retained Earnings
Name of Company
End- of Period Spreadsheet (Worksheet)
For the period ended
Unadjusted
Adjusted
Closing Entires
Post- closing
Trial Balance
Adjustments
Trial Balance
Income Statement
Balance Sheet
Trial Balance
Account Title
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Dr
Cr
Cash
2065
2065
2065
A/R
2220
(d) 500
2720
2720
Supplies
2000
(a) 1240…
Journalizing transactions and posting to T-accounts
Roland Poster Optical Dispensary completed the following transactions during the latter part of March:
Requirements
Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry.
Open the following accounts (use T-account format): Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account.
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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