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X 4:29 ACCT 301 Trial Balances Proje... Page 1/3 ss Solutions, Unadusted Trial Balance, December 31, 2020 Cede 100 Cash 106 receiv 126 Compr 12% Pre 131 Presid 163 164 167 Compr 168 Alated depreciation Computer proped 200 Ats 210 Wa 236 computer 300 Co 218 med rings 1 per 612 Depreciation expens 640x 613preciation Computer apcament 62) Wages 637 ... 65 compter supp 605 Advertung 675 MA 672 M Tota deprecato pret Business Solutions, Adjusted Trial Balance, December 31, 2020 . A Deb 210 10 106 va 126 Compute 129 Prep 131 TAS 164 Adeprecate 167 Computer m 168 Ad deprecomputer oppmerk Prepar p 236d computers a 30 comm 31 d 319 ble 400 Compress 612 Depreciation f Total 613 Depreciation Computer gent 633 Wax 630 ce 640 perse 52 Comptes regene 455 Ang 676 677 expe spense - Computer Business Solution pent 2020
Memo To: From Company Professor Robin Reilly Student name Business Solutions (financial statements dated December 31, 2020) Date: Subject: Project, Part II Analysis. 10 points. PART III. UPLOAD ANALYSIS MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form in Canvas. The following questions should be answered in your analysis, your writing must be in your own work Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the amounts in this format $ 5 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line" that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed. please describe what they are doing correctly. If your answer is yes improvement is needed, please provide a suggestion on how the company may improve. Upload this completed document in pdf format to Canvas for scoring prior to the due date.
PART II. UPLOAD THE 3 TRIAL BALANCE FORMS TO CANVAS, 15 POINTS. UNADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 9 POINTS Part 1, Step 1 listed above, contains instructions to prepare the unadjusted trial balance after posting the activity transactions to the general ledger. This consists of general ledger balances after the December activity has been posted, but before any adjusting journal entries are posted. Manually complete the unadjusted trial balance on the form you printed or saved. ADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part I, step 3 in Connect you completed the adjusted trial balance. This is NOT the same as the unadjusted trial balance. Enter your Connect solution on the adjusted trial balance form to upload to Canvas. A picture of your Connect unadjusted trial balance will earn zero points. POST-CLOSING TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part 1, step 8 in Connect you completed a post-closing trial balance. This is NOT the same as the other two previously completed trial balances. Enter your Connect solution onto the post closing trial balance form. A picture of your Connect post-closing trial balance will earn zero points. Upload the forms to Canvas Upload either your scanned or handwritten copies of your trial balances saved in pdf format to Canvas. A balancing and accurate set of three trial balances can earn a total of 15 points. The 31 Page 2022 scoring rubric is in Canvas. Your trial balances will be verified to your Connect work and scored manually in Canvas. A picture of your Connect post-closing trial balance will earn zero points. PART III. UPLOAD MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form. The following questions should be answered in your analysis, your writing must be your own work. Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the dollar amounts in this format: $=$_ +S 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed, please describe what they are doing correctly. If your answer is yes improvement is needed, please provide a suggestion on how the company may improve.
101 106 126 120 10 164 147 148 201 210 234 307 318 *** 319 PAY 403 632 613 423 ** 637 Account Title Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rest office equipment Accumulated depreciation office equipment Computer equipment Accumulated depreciation-Computer epipment Accounts payable pop Nages payable Unearned computer services revenue Common stock Betained earnings Dividende Computer services revenue Depreciation expense-Office equipment Depreciation expense-Computer equipment vages expense Issurance expense *** 640 MAY 452 655 676 677 Miscellaneous expenses SH Repairs experse-Computer Best expense Computer supplies expense Mvertising expens Mileage expense Debit $ 39,164 12,918 2,445 1,900 3,200 8.800 23,200 4,100 2,400 Credit • 47,000 1,400 444 230 735 $ 103,704 Business Solutions had the following transactions and events in December 2020 36,784 103,704 December 3 Paid $1,000 cash to Hillside mall for Business Solutions's share of all advertising costs. December 3 Paid $470 cash for minor repairs to the company's computer. December 4 Received $4,830 cash from Alex's Engineering Co. for the receivable from November. December 10 Paid cash to Lyn Addle for six days of work at the rate of $123 per day. December 14 Setified by Ales's Engineering Company that Business Solutions's bid of 57,600 on proposed project has been accepted. Alex's paid a $2,400 cash advance to Business Solutions. December 11 Purchased 12.100 of computer supplies os credit tree sarria office Producta. December 14 Sent a reminder to Gones Company to pay the fee for services recorded on November 1. Pecember 20 Completed project for Lis Corporation and received 15,875 cash. December 22-26 took the veek off for the holidays. December 28 Beceived $3,700 cash fron Gomes Company on its receivable. December 23 Beimbursed 5. Bey for business automobile mileage (400 miles at 30.22 per mile). December 31 The company paid $1,200 cash in dividende. Requirement 28. 8. Prepare a post-closing trial balance as of December 31, 2020 The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months a. The December 31 inventory count of computer supplies shows $600 still available b. Three months have expired since the 12-month insurance premium was paid in advance. c. As of December 31, Lyn Addie has not been paid for four days of work at $120 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value f. Three of the four months prepaid rent have expired. Required: 1. Prepare journal entries to record each of the December transactions and events for Business Solutions. 2-a. Prepare adjusting entries to reflect a through 2-b. Post the journal entries to record each of the December transactions from Requirement 1 and adjusting entries from Requirement 2A. After completing Requirement 7. post the closing entries to the general ledger accounts. 3. Prepare an adjusted trial balance as of December 31, 2020 4. Prepare an income statement for the three months ended December 31, 2020. 5. Prepare a statement of retained earnings for the three months ended December 31, 2020 6. Prepare a balance sheet as of December 31, 2020 7. Record the necessary closing entries as of December 31, 2019 and then post the closing entries to the p ledger in
Student Name: Business Solutions, Unadjusted Trial Balance, December 31, 2020 # Account Credit 101 Cash 106 Accounts receivable 126 Computer supplies 128 Prepaid insurance 131 Prepaid rent 163 Office equipment 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment 623 637 640 652 655 676 677 Miscellaneous expenses 684 Repairs expense-Computer Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Totals Debit
Business Solutions, Adjusted Trial Balance, December 31, 2020 # Account Credit 101 Cash 106 Accounts receivable 126 Computer supplies 128 131 Prepaid rent 163 Prepaid insurance 164 Accumulated depreciation-Office equipment 167 Computer equipment 168 Accumulated depreciation-Computer equipment 201 Accounts payable 319 403 Office equipment 210 Wages payable 236 Unearned computer services revenue 307 Common stock 318 Retained earnings 623 637 640 Dividends Computer services revenue 612 Depreciation expense-Office equipment 613 Depreciation expense-Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense 652 655 Advertising expense 676 Mileage expense 677 Miscellaneous expenses 684 Repairs expense-Computer Totals Debit Business Solutions, Post-Closing Trial Balance, December 31, 2020 # Credit Account Debit
Totals
Date: 4 Subject: Project, Part III. Analysis, 10 points. PART III. UPLOAD ANALYSIS MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form in Canvas. The following questions should be answered in your analysis, your writing must be in your own work. Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the amounts in this format: $ = $_ +$ 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line" that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current liabilities and calculate the overage or shortfall cash amount. Does Business Solutions need to improve this situation? If your answer is that no improvement is needed,
UNADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 9 POINTS Part I, Step 1 listed above, contains instructions to prepare the unadjusted trial balance after posting the activity transactions to the general ledger. This consists of general ledger balances after the December activity has been posted, but before any adjusting journal entries are posted. Manually complete the unadjusted trial balance on the form you printed or saved. ADJUSTED TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part 1, step 3 in Connect you completed the adjusted trial balance. This is NOT the same as the unadjusted trial balance. Enter your Connect solution on the adjusted trial balance form to upload to Canvas. A picture of your Connect unadjusted trial balance will earn zero points. POST-CLOSING TRIAL BALANCE ON DECEMBER 31, 2020, 3 POINTS During your work in Part 1, step 8 in Connect you completed a post-closing trial balance. This is NOT the same as the other two previously completed trial balances. Enter your Connect solution onto the post closing trial balance form. A picture of your Connect post-closing trial balance will earn zero points. Upload the forms to Canvas Upload either your scanned or handwritten copies of your trial balances saved in pdf format to Canvas. A balancing and accurate set of three trial balances can earn a total of 15 points. The 31 Page 2022 ACCT 301, Reilly, Summer 2022 scoring rubric is in Canvas. Your trial balances will be verified to your Connect work and scored manually in Canvas. A picture of your Connect post-closing trial balance will earn zero points. PART III. UPLOAD MEMO TO CANVAS, 10 POINTS. Analyze your results for Business Solutions by answering the specific questions on the provided memo form. The following questions should be answered in your analysis, your writing must be your own work. Based on your financial statements for Business Solutions answer the following questions: 1. Complete the accounting equation for Business Solutions using the dollar amounts in this format: $__________$____ +5 2. In discussing Business Solutions latest financial statements, you as the manager say that it is the "the net income results on the bottom line" that really count. What do you mean? Which financial statement are you referring to? Are the results reflected satisfactory? Explain your answers. 3. Does Business Solutions have enough cash to pay its liabilities on December 31, 2020? Please list the December 31 balance of cash, subtract the amount of total current abilities and calculate the Do Business Solutions provement is needed. need to improve this situation you please describe what they are doing correctly. If your answer is yes improvement is needed, please provide a suggestion on how the company may improve
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5:23 Requirement 1: Date Dec 02 Dec 03 Dec 04 Dec.10 Dec. 14 Dec.15 Dec.16 Dec 20 Dec 28 Dec 29 Dec 31 Answer 1 of 1 General Journal Advertising expense S Cash [To record advertising expense paid] Repairs expense- Computer S Cash [To record repairs expense paid Cash S Requirement 2a: Transaction Accounts receivable [To record cash collection] Wages expense [6*120] S Cash [To record wages expense paid] Cash S Uneamed computer services revenue [To record service revenue unearned] Computer supplies S Accounts payable To record computer supplies purchased] No Journal entry required Cash $ Computer services revenue [To record service revenue unearned) Cash S Accounts receivable [To record cash collection] Mileage expense [400*0.22] S Cash [To record mileage expense Divdends S Cash [To record divdends paid] Debit 1,000 470 4,850 720 2,400 2,100 5,875 3,700 88 1.200 S S S S S $ S S Credit S S Done Computer supplies Taitor cline anomal 1,000 470 4,850 720 2,400 2,100 5,875 3,700 General Journal Computer supplies expense [2645-2100-600 S 88 1,200 Debit 4,14
Dec 31 Requirement 2a: Transaction 4 b. R d. 5:24 f Divdends S Cash [To record divdends paid Requirement 2b: Cash Date General Journal Computer supplies expense (2645-2100-400 S Computer supplies To record computer supplies expense Dec 01 Dec 02 Dec 03 Dec 04 Dec 10 Dec 14 Dec 20 Dec 28 Answer 1 of 1 Depreciation expense-Computer equipment [23200/4+3/12] S Accumulated depreciation-computer equipment [To record depreciation expense Depreciation expense-Office equipment (88005+3/12 Accumulated depreciation-Office equipment [To record depreciation expense Dec 29 Dec 31 Computer Supplies Prepaid rent 1,200 Insurance expense [1980*3/12 S prepaid insurance [To recoed prepaid insurance expired 200 na Wages expense 14120 S Wages payable [To record wages expense Accumulated depreciation- office equipment Rent expense (3280 34 S Prepaid rent [To record rent expense Debit S $ 4,850 $2,400 $ 5,875 $ 3,700 1,200 Debit $ 2,100 Debit Debit Debit 4,145 495 4800 1,450 440 Done 2460 S S S S Credit S 1,450 4,145 Credit 495 480 S 2460 440 Accounts receivable Credit Prepaid insurance Credit Office equipment Credit Computer equipment 5 S 5
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5:24 Requiremena! Cash Accounts receivables Computer supplies Prepaid insurance Prepaid rent Office equipment BUSINESS SOLUTIONS Adjusted trail balance Accumulated depreciation Office equipment Computer equipment Accumulated depreciation- Computer equipment Accounts payable Wages payable December 31,2020 Account titles Unearned computer services revenue Common stock Retained earnings Dividends Repair expense Totals Requirement 4: Answer 1 of 1 Computer services revenue Depreciation expense- Office equipment Depreciation expense- Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense BUSINESS SOLUTIONS Income Statement For three months Ended December 31,2020 Revene Computer service revenue Expenses Total expenses Net income Requirement 5: Depreciation expense- office equipment Depreciation expense- Computer equipment Wages expense Insurance expense Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repair expense BUSINESS SOLUTIONS Contained coolam Debit $ 52,511 4,36K 600 1,485 820 8.800 S S S S S $ 23,200 S 7,300 S $ $ s $ S S S S S S $ 440 1,450 3,600 495 2,460 4,145 2.68K $ $ $ Done 440 1,450 3,600 495 2460 4,145 2.68K S Credit S $ S 752 S 210 S 1,205 S S S 752 S 210 $ 1,205 S 116,529 $ 116.529 S S 440 1,450 2,100 480 2,400 67,000 S 42.659 42.659 S 17,445 S 25.214
para gana wapumis Advertising expense Mileage expense Miscellaneous expense Repair expense 5:24 Total expenses Net income Requirement 5: Statement of retained earnings For the three months ended December 31,2020 Retained camings, October 1,2020 Add: Net income BUSINESS SOLUTIONS Less: Dividends Retained camings, December 31,2020 Requirement 6: Current assets Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Total current assets Plant assets Office equipment Answer 1 of 1 Common stock Retained earnings Date Dec 31 Accumulated depreciation- office equipment Computer equipment Accumulated depreciation- computer equipment Total plant assets Total assets Dec.31 BUSINESS SOLUTIONS Balance sheet December 31,2020 Accounts payable Wages payable Unearned computer service revenue Total liabilities Total equity Total liabilities and equity Requirement 7: Assets Liabilities Equity General Journal S $ 25,214 $25.214 $ 7,300 $ 17,914 Computer service revenue S Income summary [To close service revenue Debit 42,659 Income summary S 17,445 S S $ S $ $ HYPH 2,688 $ S 752 210 1,205 8,800 23,200 Credit $ 17,445 S 25,214 IS S 42,659 Done S 52.511 $ 5 $ 440 S 1,450 $ 5 $ S 59,784 S S S 4,368 600 1,485 820 S 8.360 21,750 30,110 89,894 2,100 480 2,400 4,980 S 67,000 S 17,914 S 84,914 S 89,894
5:25 Total liabilities and equity Requirement 7: Date Dec 31 Dec 31 Dec 31 Dec.31 Requirement 8: Answer 1 of 1 General Journal Income summary S Depreciation expense- Office equipment Depreciation expense- Computer equipment Wages expense Insurance expense Cash Accounts receivables Computer supplies Prepaid insurance Prepaid rent Office equipment Computer service revenue S Income summary [To close service revenue] Rent expense Computer supplies expense Advertising expense Mileage expense Miscellaneous expense Repairs expense- Computer [To close expense account] Income summary S Retained earnings [To close income summary Retained earnings S Dividends [To close dividends] BUSINESS SOLUTION Post closing trail balance December 31,2020 Account titles Accumulated depreciation- Office equipment Computer equipment Accumulated depreciation- Computer equipment Accounts payable Wages payable Unearned computer services revenue Common stock Retained earnings Totals Debit 42.659 S S S S 17,445 25,214 $ 7,300 S S 42,659 . 440 1,450 3,600 S 495 S 2,460 $ S . S S S 4,145 2,688 S S Done Credit Debit Credit $ 52,511 S $ 4,368 S 600 S 1,485 S S 820 S 8,800 S $ 23,200 S S S S S S S S 25,214 752 210 1,205 1,300 1450 2100 480 2400 67000 $ 17,914 $ 91,784 $ 91,784 440