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Accounting homework questions sample
The trial balance of Palicio Security Services Inc. as of January 1, 2016, had the following normal balances:
Accounts receivable 13,500
Prepaid rent 3,200
Merchandise inventory (24 @ $265; 1 @ $260) 6,620
Accounts payable 1,950
Unearned revenue 980
Salaries payable 1,000
Common stock 50,000
Retained earnings 47,800
The following transactions took place during 2016 for Palacio Security Services:
1. Paid the salaries payable from 2015.
2. On March 1, 2016, Palacio established a $100 petty cash fund to handle small expenditures.
3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance.
4. Paid $7,200 on May 2, 2016, for one year's office rent in advance.
5. Purchased $400 of supplies on account.
6. Purchased 100 alarm systems for $28,000 cash during the year.
7. Sold 102 alarm systems for $57,120. All sales were on account.
(Compute cost of goods sold using the FIFO cost flow method)
8. Paid $2,100 on accounts payable during the year.
9. Replenished the petty cash fund on August 1. At this time, the petty cash fund had only $7 of currency left. It contained the following receipts: office supplies expense $23, cutting grass $55, and miscellaneous $14.
10. Billed $52,000 of monitoring services for the year.
11. Paid installers and other employees a total of $25,000 cash for salaries.
12. Collected $89,300 of accounts receivable during the year.
13. Paid $3,600 of advertising expenses during the year.
14. Paid $2,500 of utility expense for the year.
15. Paid a dividend of $10,000 to the shareholders.
1. Prepare the trial balance for December 31, 2016, for Palicio Security Services Inc.
2. Prepare the income statement, statement of changes in equity, and balance sheet for Palicio Security Services Inc.
This is a pretty tricky and advanced accounting question. You should only try it if you have a pretty good understanding of the following topics
- The Trial Balance,
- Financial Statements and
- Inventory (including the FIFO Method and Cost of Goods Sold).
Additionally, this question also deals with prepaid expenses and income received in advance, which are concepts I don't go into detail about on this website.
Here are some brief explanations, though: Prepaid expenses are expenses you paid too early. Because it is paid too early, it is as if you are owed the amount you paid. The prepaid expense essentially is a debtor/receivable Sponsored Content.
Similarly, income earned in advance means you have been paid money before delivering the services/products, so it is as if you owe this amount. Thus, income earned in advance is a creditor/payable.
Note also that we are dealing with a company or corporation in this exercise, not a simple sole proprietor. With a corporation, there are some new terms and concepts.
First of all, there are many owners in a corporation, and these owners are called shareholders.
Also, each shareholder owns shares in the corporation, which is also known as common stock.
Finally, instead of "drawings," we have dividends paid to all the shareholders from the accumulated profits (AKA retained earnings).
Okay, so now that we've cleared up all those terms, here are the solutions, starting with the trial balance:
** Cash includes $100 petty cash. Calculation of cash balance:
74,210 - 1,000 - 4,800 - 7,200 - 28,000 - 2,100 - (100 - 7) - 25,000 + 89,300 - 3,600 - 2,500 - 10,000
The opening balance of prepaid rent ($3,200) has been expensed out during 2016 as we have assumed this rent (that was paid the previous year) applies to the 2016 year. This is a likely assumption as there was a new prepaid rent cash payment on May 2, 2016.
It is not stated whether the unearned revenue of $980 at the beginning of 2016 was earned during the year. In this solution, we assume that the unearned income remains unearned at the end of 2016. However, it is quite acceptable to treat this as earned during 2016. If treating it as made during 2016, one would add $980 to revenue and remove the unearned revenue account ($980 - $980).
Calculation of Cost of Sales and Closing Inventory (FIFO Basis):
Opening Balance of Merchandise Inv. (24 Units @ $265 + 1 Unit @ $260) $6,620
Purchased during the year 100 Units @ $280= $28,000
Total available for sale 124 + 1 Units (125 Units)= $34,620
Sold*(Cost of Sales) 102 Units =$28,180
Closing Balance of Merchandise Inv. 23 Units @ $280= $6,440
*Cost of Sales 102 Units (24 Units @ $265) + (1 Unit @ $260) + (77 Units @ $280) = $28,180
The prepayments (prepaid office rent and prepaid motor lease) have been included under debtors/receivables. Likewise, the income received in advance ("unearned revenue" of $980) has been included under creditors/payables.
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