Problem 4-1A

Problem 4-1A

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 Complete the attached, Problem 4-1A Template.  Please refer to Ch. 4,  in your textbook for detailed instructions.  Save your completed work and submit via CANVAS.

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Chapter Review

4-8dPractice Exercises

PE 4-1A

Flow of accounts into financial statements

1. Obj. 1
   Example Exercise 4-1
   The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner’s equity, or balance sheet.
   1. Accounts Payable
   2. Depreciation Expense
   3. Nat Hager, Capital (beginning of period)
   4. Office Equipment
   5. Rent Revenue
   6. Supplies Expense
   7. Unearned Rent
   8. Wages Payable

PE 4-1B

Flow of accounts into financial statements

1. Obj. 1
   Example Exercise 4-1
   The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner’s equity, or balance sheet.
   1. Accumulated Depreciation
   2. Cash
   3. Fees Earned
   4. Insurance Expense
   5. Prepaid Rent
   6. Supplies
   7. Tina Greer, Drawing
   8. Wages Expense

PE 4-2A

Statement of owner’s equity

1. Obj. 2
   Example Exercise 4-2
   Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, Capital had a balance of $618,500. During the year, Marcie invested an additional $40,000 and withdrew $15,000. For the year ended December 31, 2018, Gemini Advertising Services reported a net income of $92,330. Prepare a statement of owner’s equity for the year ended December 31, 2018.

PE 4-2B

Statement of owner’s equity

1. Obj. 2
   Example Exercise 4-2
   Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2018, Blake Knudson, Capital had a balance of $918,000. During the year, Blake made no additional investments and withdrew $15,000. For the year ended December 31, 2018, Grab Bag Delivery Services reported a net loss of $43,500. Prepare a statement of owner’s equity for the year ended December 31, 2018.

PE 4-3A

Classified balance sheet

1. Obj. 2
   Example Exercise 4-3
   The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner’s equity section of the December 31, 2018, balance sheet of Waterloo Consulting.
   1. Building
   2. Cindy Sue Delaney, Capital
   3. Notes Payable (due in five years)
   4. Prepaid Rent
   5. Salaries Payable
   6. Supplies
   7. Taxes Payable
   8. Unearned Service Fees

PE 4-3B

Classified balance sheet

1. Obj. 2
   Example Exercise 4-3
   The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner’s equity section of the December 31, 2018, balance sheet of Kangaroo Consulting.
   1. Accounts Payable
   2. Accounts Receivable
   3. Accumulated Depreciation—Building
   4. Cash
   5. Lea Gabel, Capital
   6. Note Payable (due in ten years)
   7. Supplies
   8. Wages Payable

PE 4-4A

Closing entries

1. Obj. 3
   Example Exercise 4-4
   After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Pioneer Delivery Services Co.:
   Journalize the two entries required to close the accounts.

PE 4-4B

Closing entries

1. Obj. 3
   Example Exercise 4-4
   After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:
   Journalize the two entries required to close the accounts.

PE 4-5A

Accounting cycle

1. Obj. 4
   Example Exercise 4-5
   From the following list of steps in the accounting cycle, identify what two steps are missing:
   1. Transactions are analyzed and recorded in the journal.
   2. An unadjusted trial balance is prepared.
   3. Adjustment data are assembled and analyzed.
   4. An optional end-of-period spreadsheet is prepared.
   5. Adjusting entries are journalized and posted to the ledger.
   6. An adjusted trial balance is prepared.
   7. Closing entries are journalized and posted to the ledger.
   8. A post-closing trial balance is prepared.

PE 4-5B

Accounting cycle

1. Obj. 4
   Example Exercise 4-5
   From the following list of steps in the accounting cycle, identify what two steps are missing:
   1. Transactions are analyzed and recorded in the journal.
   2. Transactions are posted to the ledger.
   3. An unadjusted trial balance is prepared.
   4. An optional end-of-period spreadsheet is prepared.
   5. Adjusting entries are journalized and posted to the ledger.
   6. An adjusted trial balance is prepared.
   7. Financial statements are prepared.
   8. A post-closing trial balance is prepared.

PE 4-6A

Working capital and current ratio

1. Obj. 7
   Example Exercise 4-6
   Current assets and current liabilities for HQ Properties Company follow:
   
   1. Determine the working capital and current ratio for 2019 and 2018.
   2.  Does the change in the current ratio from 2018 to 2019 indicate a favorable or an unfavorable change?

PE 4-6B

Working capital and current ratio

1. Obj. 7
   Example Exercise 4-6
    Current assets and current liabilities for Brimstone Company follow:
   
   1. Determine the working capital and current ratio for 2019 and 2018.
   2.  Does the change in the current ratio from 2018 to 2019 indicate a favorable or an unfavorable change?