HCS 380 Wk 2 Individual: WileyPLUS Quiz Activity

Due Sunday evening 11: 59 om AZT. Time listed above is EST. All work due 11:59 pm AZT. Complete the assigned Quiz activity in WileyPLUS. Remember that you have 3 attempts for each question to achieve the best score!

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.