- Description
HCS 380 Week 2 WileyPLUS: Week 2 Homework
Complete the Week Two Homework exercises assigned in WileyPLUS.
Note: Most assignment activities will be completed in WileyPLUS and will not require you to submit anything in the classroom. If this is the case, the system will tell you that nothing has been submitted; this is correct and does not mean you didn’t complete the assignment. As long as you completed the requirements in WileyPLUS, you will earn all appropriate points.
Exercise 4-6
Carla Vista Co., a ski tuning and repair shop, opened on November 1, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017.
Cash Receipts | Cash Payments | |||
Issuance of common shares | $19,900 | |||
Payment to purchase repair shop equipment | $9,100 | |||
Payments to landlord | 1,225 | |||
Newspaper advertising payment | 330 | |||
Utility bill payments | 810 | |||
Part-time helper’s wage payments | 2,700 | |||
Income tax payment | 10,300 | |||
Cash receipts from ski and snowboard repair services | 30,700 | |||
Subtotals | 50,600 | 24,465 | ||
Cash balance | 26,135 | |||
Totals | $50,600 | $50,600 |
Exercise 4-22
The adjusted trial balance for Ivanhoe Company is given below:
IVANHOE COMPANY Trial Balance August 31, 2017 | ||||||||
Before Adjustment | After Adjustment | |||||||
Dr. | Cr. | Dr. | Cr. | |||||
Cash | $11,070 | $11,070 | ||||||
Accounts Receivable | 8,990 | 9,540 | ||||||
Supplies | 2,640 | 1,210 | ||||||
Prepaid Insurance | 4,490 | 3,020 | ||||||
Equipment | 15,410 | 15,410 | ||||||
Accumulated Depreciation—Equipment | $3,467 | $4,667 | ||||||
Accounts Payable | 5,270 | 5,270 | ||||||
Salaries and Wages Payable | 0 | 1,050 | ||||||
Unearned Rent Revenue | 1,810 | 920 | ||||||
Common Stock | 15,950 | 15,950 | ||||||
Retained Earnings | 5,680 | 5,680 | ||||||
Dividends | 2,920 | 2,920 | ||||||
Service Revenue | 34,300 | 34,850 | ||||||
Rent Revenue | 13,520 | 14,410 | ||||||
Salaries and Wages Expense | 16,120 | 17,170 | ||||||
Supplies Expense | 0 | 1,430 | ||||||
Rent Expense | 18,357 | 18,357 | ||||||
Insurance Expense | 0 | 1,470 | ||||||
Depreciation Expense | 0 | 1,200 |
Exercise 4-9
The ledger of Sunland Company on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared.
Debit | Credit | |||
Supplies | $3,450 | |||
Prepaid Insurance | 4,140 | |||
Equipment | 25,200 | |||
Accumulated Depreciation—Equipment | $7,560 | |||
Notes Payable | 19,600 | |||
Unearned Rent Revenue | 10,650 | |||
Rent Revenue | 55,500 | |||
Interest Expense | 0 | |||
Salaries and Wages Expense | 14,100 |
An analysis of the accounts shows the following.
1. | The equipment depreciates $330 per month. | |
2. | Half of the unearned rent revenue was earned during the quarter. | |
3. | Interest of $470 is accrued on the notes payable. | |
4. | Supplies on hand total $800. | |
5. | Insurance expires at the rate of $460 per month. |