Case Warren Roofing and Nguyen Company

STUDENT COURSE CODE SEMESTER/ SEASSIONS : Aille Kimberly : AC46200 : 2022/2023 Sessions P4.1A (LO 1, 2, 4) Financial Statement The trial balance columns of the worksheet for Warren Roofing at March 31, 2020, are as follows Warren Roofing Worksheet For the Month Ended March 31, 2020 Trial Balance Account Titles Dr. Cr. Cash 4,500 Accounts Receivable 3,200 Supplies 2,000 Equipment 11,000 Accumulated Depreciation—Equipment 1,250 Accounts Payable 2,500 Unearned Service Revenue 550 Owner’s Capital 12,900 Owner’s Drawings 1,100 Service Revenue 6,300 Salaries and Wages Expense 1,300 Miscellaneous Expense 400 -------------------23,500 23,500 =========== Other data: 1. A physical count reveals only $480 of roofing supplies on hand. 2. Depreciation for March is $250. 3. Unearned revenue amounted to $260 at March 31. 4. Accrued salaries are $700. Instructions a. Enter the trial balance on a worksheet and complete the worksheet. b. Prepare an income statement and owner’s equity statement for the month of March and a classified balance sheet at March 31. T. Warren made an additional investment in the business of $10,000 in March. c. Journalize the adjusting entries from the adjustments columns of the worksheet. d. Journalize the closing entries from the financial statement columns of the worksheet. P4.2A (LO 1, 2, 4) Financial Statement The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, are as follows. Nguyen Company Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles Dr. Cr. 101 Cash 5,300 112 Accounts Receivable 10,800 126 Supplies 1,500 130 Prepaid Insurance 2,000 157 Equipment 27,000 158 Accumulated Depreciation—Equipment 5,600 200 Notes Payable 15,000 201 Accounts Payable 6,100 212 Salaries and Wages Payable 3,600 230 Interest Payable 600 301 Owner’s Capital 13,000 306 Owner’s Drawings 7,600 400 Service Revenue 61,000 610 Advertising Expense 9,000 631 Supplies Expense 4,000 711 Depreciation Expense 5,600 722 Insurance Expense 3,500 726 Salaries and Wages Expense 28,000 905 Interest Expense 600 ---------------------Totals 104,900 104,900 ============ Instructions a. Complete the worksheet by extending the balances to the financial statement columns. b. Prepare an income statement, owner’s equity statement, and a classified balance sheet. (Note: $4,000 of the notes payable become due in 2021.) C. Nguyen did not make any additional investments in the business during the year. c. Prepare the closing entries. Use J14 for the journal page. d. Post the closing entries. Use the three-column form of account. Income Summary is No. 350. e. Prepare a post-closing trial balance. P4.3A (LO 1, 2, 4) Financial Statement The completed financial statement columns of the worksheet for Bray Company are shown as follows Bray Company Worksheet For the Year Ended December 31, 2020 Account Income Statement Balance Sheet No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 2,800 157 Equipment 24,000 158 Accumulated Depreciation—Equip. 4,200 201 Accounts Payable 9,000 212 Salaries and Wages Payable 2,400 301 Owner’s Capital 19,500 306 Owner’s Drawings 11,000 400 Service Revenue 60,000 622 Maintenance and Repairs Expense 1,700 711 Depreciation Expense 2,800 722 Insurance Expense 1,800 726 Salaries and Wages Expense 30,000 732 Utilities Expense 1,400 ------------------------------------------Totals 37,700 60,000 57,400 35,100 Net Income 22,300 22,300 ---------------------------------------------60,000 60,000 57,400 57,400 ========================= Instructions a. Prepare an income statement, an owner’s equity statement, and a classified balance sheet. b. Prepare the closing entries. L. Bray did not make any additional investments during the year. c. Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. d. Prepare a post-closing trial balance.