FIB - 1
Question 1 (18 points)
The following is the Bravo Unlimited unadjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
331,860
Supplies
6,255
Prepaid Rent
11,000
Equipment
295,285
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
60,500
Wages Expense
527,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
144,000
Interest Expense
6,840
Totals
$1,522,565
Credit
$224,260
72,555
0
220,000
111,145
893,105
1,500
_______
$1,522,565
Adjusting Items:
1. The prepaid rent covers December 2016 & January 2017 rents.
2. December depreciation on equipment is $12,000 per month.
3. At year end Wages of $10,300 were earned but unpaid.
Use this information to determine the adjusted account balances for the following:
1. Cash
2. Prepaid Rent
3. Equipment
4. Accumulated Depreciation
5. Wages Payable
6. Rent Expense
7. Wages Expense
8. Depreciation Expense
Question 1 options:
GJ - 2
Question 2 (15 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
Accounts Receivable
Supplies
Prepaid Rent
Equipment
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
Wages Expense
Supplies Expense
Utilities Expense
Depreciation Expense
Interest Expense
Totals
$88,450
331,860
11,255
5,500
295,285
$236,260
72,555
10,000
220,000
111,145
898,105
1,500
66,000
537,260
42,520
8,595
156,000
6,840
$1,549,565
________
$1,549,565
Prepare the general journal entry (without explanation) needed to close the revenue(s) for
the year end. Use compound entries where required. If no entry is required then write "No
Entry Required."
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GJ - 3
Question 3 (30 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
332,700
Supplies
10,255
Prepaid Rent
8,250
Equipment
295,285
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
Totals
$1,547,565
Credit
$235,260
72,555
10,000
220,000
111,145
897,105
1,500
________
$1,547,565
Prepare the general journal entry (without explanation) needed to close expense(s) for the
year end. Use compound entries where required. If no entry is required then write "No
Entry Required."
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GJ - 4
Question 4 (8 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
333,700
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Depreciation Expense
164,095
Dividends
5,000
Totals
$1,556,065
Credit
$235,760
73,555
12,000
220,000
111,145
902,105
1,500
_________
$1,556,065
Prepare the general journal entry (without explanation) needed to close Net Income or Net
Loss for the year end. Use compound entries where required. If no entry is required then
write "No Entry Required."
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GJ - 5
Question 5 (8 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
331,000
Supplies
13,255
Prepaid Rent
10,500
Equipment
295,285
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
64,000
Wages Expense
541,260
Credit
$236,760
75,555
14,000
220,000
111,145
900,105
1,500
Supplies Expense
Depreciation Expense
Dividends
Totals
42,520
165,095
7,700
$1,559,065
_________
$1,559,065
Prepare the general journal entry (without explanation) needed to close Dividends for the
year end. Use compound entries where required. If no entry is required then write "No
Entry Required."
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FIB - 6
Question 6 (12 points)
The following is the Alpha Dog Company adjusted Trail Balance.
Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
157,700
Supplies
35,255
Stock Investment
158,250
Equipment
295,285
Credit
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
Wages Expense
Supplies Expense
Depreciation Expense
Dividends
Totals
$235,260
47,555
30,000
200,000
136,145
897,105
1,500
63,250
537,260
42,520
163,595
6,000
$1,547,565
________
$1,547,565
What are the dollar values that will appear in Alpha Dog Company's year end financial
statements for the following line items: (For any negative dollar value the number must be
enclosed in brackets and do not use a minus sign.)
1. Total Current Assets
2. Total Long Term Investments
3. Total Assets
4. Total Liabilities
5. Total Equity
Question 6 options:
FIB - 7
Question 7 (9 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Devil Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Cash
$88,450
Accounts Receivable
150,000
Supplies
29,255
Stock Investment
172,000
Equipment
295,285
Accumulated Depreciation
Accounts Payable
Wages Payable
Capital Stock
Retained Earnings
Service Revenue
Interest Income
Rent Expense
64,500
Wages Expense
542,260
Supplies Expense
42,520
Depreciation Expense
167,095
Dividends
8,700
Totals
$1,560,065
Credit
$238,760
43,555
35,000
200,000
146,145
895,105
1,500
_________
$1,560,065
What are Devil Dog Company's ratios for the following: (Round all non dollar value ratios
to one decimal place. Do not enter the ":1" notation in the answer box. For dollar value
ratios enter the dollar sign followed by the whole dollar amount. Any negative dollar value
the number must be enclosed in brackets and do not use a minus sign.)
1. Current Ratio
2. Quick Ratio
3. Working Capital
Question 7 options:
How to complete the Jounal
Open and begin the series of questions. You have one attempt for the homework. Once
you submit your homework I will be notified & will begin the grading process. After I
grade each individual's homework you will see which questions you had correct &
incorrect.
My feeling is that homework is more of a learning experience than a "testing" function.
Therefore, be sure that you engage in the weekly Participation topic when you need
additional help on any one question.
Participation is key for our collaborative learning environment. Timeliness is also
important. Get in early during the week to discuss homework learning experiences.
o Notes for completing the homework in the LEO system:
>> general journal style problem
>>> a text entry general journal is provided
>>> there are enough journal lines for each general journal style problem
>>> for credit accounts be sure that there is a right indent, use the space bar (about 5
spaces) if necessary
>>> do not provide any general journal explanations
>>> be sure to use proper general journal entry style such as:
>>>> no dollar signs
>>>> use commas where appropriate
>> financial statement style problem
>>> a text entry financial statement is provided
>>> there are enough lines plus a few extra for format allowed differences
>>> be sure to use proper financial statement style such as:
>>>> proper dollar signs where required
>>>> use commas where appropriate
>>>> use the underline feature where required, no double underlines are in the text
function therefore substitute with single underlines
>> fill in the box(es) style problems
>>> where there are multiple boxes/answers you must answer in the order that the
questions are asked
>>> if a dollar amount (in the fill in the box(es) question) is the answer then you must
use a $ sign and must use commas. There are no (say again - NO) pennies or decimal
values (do not enter any character except the exact answer, for example the "dividends
paid were $1,000" you enter just the $1,000)
>>> if the value to be entered (number to be entered in the box) is not a dollar amount
follow the question instructions.
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