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Accounting homework questions sample

Cash 74,210

Supplies 200

Merchandise inventory (24 @ $265; 1 @ $260) 6,620

Accounts payable 1,950

Salaries payable 1,000

Retained earnings 47,800

1. Paid the salaries payable from 2015.

3. Paid $4,800 on May 1, 2016, for one year's lease on the company van in advance.

5. Purchased $400 of supplies on account.

7. Sold 102 alarm systems for $57,120. All sales were on account.

8. Paid $2,100 on accounts payable during the year.

10. Billed $52,000 of monitoring services for the year.

12. Collected $89,300 of accounts receivable during the year.

14. Paid $2,500 of utility expense for the year.

Required:

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 

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.

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.

Also, each shareholder owns shares in the corporation, which is also known as common stock.

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:

= 79,217

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).

Opening Balance of Merchandise Inv. (24 Units @ $265 + 1 Unit @ $260) $6,620

Total available for sale 124 + 1 Units (125 Units)= $34,620

Closing Balance of Merchandise Inv. 23 Units @ $280= $6,440

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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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

Land 4000

Unearned revenue 980

Common stock 50,000

The following transactions took place during 2016 for Palacio Security Services:

2. On March 1, 2016, Palacio established a $100 petty cash fund to handle small expenditures.

4. Paid $7,200 on May 2, 2016, for one year's office rent in advance.

6. Purchased 100 alarm systems for $28,000 cash during the year.

(Compute cost of goods sold using the FIFO cost flow method)

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.

11. Paid installers and other employees a total of $25,000 cash for salaries.

13. Paid $3,600 of advertising expenses during 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.

Answer

 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.

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.

First of all, there are many owners in a corporation, and these owners are called shareholders.

Finally, instead of "drawings," we have dividends paid to all the shareholders from the accumulated profits (AKA retained earnings).

Notes:

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.

Calculation of Cost of Sales and Closing Inventory (FIFO Basis):

Purchased during the year 100 Units @ $280= $28,000

Sold*(Cost of Sales) 102 Units =$28,180

*Cost of Sales 102 Units (24 Units @ $265) + (1 Unit @ $260) + (77 Units @ $280) = $28,180

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