Fundamentals of Financial Accounting
5th Edition
ISBN: 9780078025914
Author: Fred Phillips Associate Professor, Robert Libby, Patricia Libby
Publisher: McGraw-Hill Education
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Chapter 4, Problem 4.4PB
1.
To determine
To Calculate: The unadjusted net income for the year ended December 31, 2015.
2.
To determine
To name: The five pairs of balance sheet and income statement accounts that require adjustment and to indicate the amount of adjustment for each pair.
3.
To determine
To prepare: The adjusting
4.
To determine
To calculate: The adjusted net income that the company should report for the year ended December 31, 2015 and to show adjustments in the requirement (3) cause net income to increase or decrease.
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You have been provided with the following trial balance of Comvita for year ended 31st March and the management have requested you to apply accounting principles to prepare balance sheet and income statement for year ending 31st March 2019 and based on it provide an financial statement analysis reflecting the financial position of the Comvita to inform internal and external stakeholders.
Trial Balance for Comvita Year Ended March 31, 2019
All figures are in ‘000
Account Name
Debt
Account Name
Credit
Accounting Fee
9000
Accounts payable
63600
Accounts receivable
286650
Accumulated Depreciation – Motor Vehicle
30000
Advertising
6000
Accumulated Depreciation – Office Equipment
6000
Bad Debts
1500
Mortgage-non current
282600
Bank
60240
Discount Received
31200
Bank Fees
300
Allowance for Doubtful Debts
2865
Freight Out
36000
Retained earnings
1365000
Cost of goods sold
630000
Sales
1218300…
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019:
1. Prepare a multiple-step income statement.2. Prepare a statement of owner’s equity.3. Prepare a balance sheet, assuming that the current portion of the note payable is$7,000.4. Briefly explain how multiple-step and single-step income statements differ.
Complex Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month of September.
Instruction: Using the information given, prepare the adjusting entries that should be made by Complex Company on September 30.
Complex COMPANY
Trial Balance (Selected Accounts)
September 30, 2010
Debit Credit
Office Supplies....................................................................................$ 2,700
Prepaid Insurance..............................................................................$4,200
Office Equipment............................................................................. $16,200
Accumulated Depreciation—Office…
Chapter 4 Solutions
Fundamentals of Financial Accounting
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
Ch. 4 - What is the equation for each of the following...Ch. 4 - Prob. 12QCh. 4 - What is the purpose of closing journal entries?Ch. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - What is a post-closing trial balance? Is it a...Ch. 4 - The owner of a local business complains that the...Ch. 4 - Which of the following accounts would not appear...Ch. 4 - Which account is least likely to appear in an...Ch. 4 - When a concert promotions company collects cash...Ch. 4 - On December 31, an adjustments made to reduce...Ch. 4 - An adjusting journal entry to recognize accrued...Ch. 4 - Prob. 6MCCh. 4 - Company A has owned a building for several years....Ch. 4 - Which of the following trial balances is used as a...Ch. 4 - Assume the balance in Prepaid Insurance is 2,500...Ch. 4 - Assume a company receives a bill for 10,000 for...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Understanding Concepts Related to Adjustments...Ch. 4 - Matching Transactions with Type of Adjustment...Ch. 4 - Recording Adjusting Journal Entries Using the...Ch. 4 - Determine Accounting Equation Effects of Deferral...Ch. 4 - Prob. 4.6MECh. 4 - Determining Accounting Equation Effects of Accrual...Ch. 4 - Recording Adjusting Journal Entries Using be...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral...Ch. 4 - Preparing Journal Entries for Deferral and Accrual...Ch. 4 - Reporting Adjusted Account Balances Indicate...Ch. 4 - Preparing an Adjusted Trial Balance Macro Company...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Reporting a Balance Sheet Refer to M4-14. Prepare...Ch. 4 - Reporting an Income Statement The Sky Blue...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Preparing and Posting Adjusting Journal Entries At...Ch. 4 - Prob. 4.20MECh. 4 - Prob. 4.21MECh. 4 - Prob. 4.22MECh. 4 - Prob. 4.23MECh. 4 - Prob. 4.24MECh. 4 - Prob. 4.25MECh. 4 - Prob. 4.26MECh. 4 - Posting AJEs and Preparing an Adjusted Trial...Ch. 4 - Identifying Adjustments and Preparing Financial...Ch. 4 - Prob. 4.3ECh. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Determining Adjustments and Accounting Equation...Ch. 4 - Prob. 4.6ECh. 4 - Prob. 4.7ECh. 4 - Prob. 4.8ECh. 4 - Prob. 4.9ECh. 4 - Inferring Transactions from Accrual and Deferral...Ch. 4 - Reporting Depreciation The adjusted trial balance...Ch. 4 - Recording Transactions Including Adjusting and...Ch. 4 - Prob. 4.13ECh. 4 - Prob. 4.14ECh. 4 - Recording Adjusting Entries and Preparing an...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Recording Four Adjusting Journal Entries and...Ch. 4 - Prob. 4.18ECh. 4 - Prob. 4.19ECh. 4 - Prob. 4.1CPCh. 4 - Prob. 4.2CPCh. 4 - Prob. 4.3CPCh. 4 - identifying and Preparing Adjusting Journal...Ch. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Prob. 4.2PACh. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PACh. 4 - Preparing a Trial Balance, Closing Journal Entry,...Ch. 4 - Recording Adjusting Journal Entries Cactus...Ch. 4 - Determining Accounting Equation Effects of...Ch. 4 - Prob. 4.4PBCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.2COPCh. 4 - Prob. 4.3COPCh. 4 - Prob. 4.4COPCh. 4 - From Recording Transactions to Preparing Accrual...Ch. 4 - Prob. 4.6COPCh. 4 - Finding Financial Information Refer to the...Ch. 4 - Prob. 4.2SDCCh. 4 - Ethical Decision Making: A Mini-Case Assume you...Ch. 4 - Adjusting the Accounting Records Assume it is now...
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