Homework 3

Question 1 The following is the Bravo Unlimited unadjusted
Trail Balance.

Bravo Unlimited
Unadjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
6,255
Prepaid Rent
11,000
Equipment
295,285
Accumulated Depreciation
$224,260
Accounts Payable
72,555
Wages Payable
0
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
893,105
Interest Income
1,500
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
$1,522,565
Adjusting Items:

1. The prepaid rent covers December 2016 thru March 2017
rents.

2. December depreciation on equipment is $11,000 per month.

3. At year end Wages of $10,000 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 2 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
$235,760
Accounts Payable
73,555
Wages Payable
12,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
902,105
Interest Income
1,500
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Utilities Expense
8,595
Depreciation Expense
155,500
Interest Expense
6,840
_________
Totals
$1,556,065
$1,556,065
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.“

Question 3 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
333,700
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
$235,760
Accounts Payable
73,555
Wages Payable
12,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
902,105
Interest Income
1,500
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Depreciation Expense
164,095
Dividends
5,000
_________
Totals
$1,556,065
$1,556,065
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.“

Question 4 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
333,700
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
$235,760
Accounts Payable
73,555
Wages Payable
12,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
902,105
Interest Income
1,500
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Depreciation Expense
164,095
Dividends
5,000
_________
Totals
$1,556,065
$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.“

Question 5 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
333,700
Supplies
15,255
Prepaid Rent
9,000
Equipment
295,285
Accumulated Depreciation
$235,760
Accounts Payable
73,555
Wages Payable
12,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
902,105
Interest Income
1,500
Rent Expense
63,500
Wages Expense
539,260
Supplies Expense
42,520
Depreciation Expense
164,095
Dividends
5,000
_________
Totals
$1,556,065
$1,556,065
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.“

Question 6 The following is the Alpha Dog Company adjusted
Trail Balance.

Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
157,700
Supplies
35,255
Stock Investment
158,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
47,555
Wages Payable
30,000
Capital Stock
200,000
Retained Earnings
136,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
________
Totals
$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 7 The following is the Devil Dog Company adjusted
Trail Balance.

The following is the Devil Dog
Company adjusted Trail Balance.

Devil Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
157,700
Supplies
35,255
Stock Investment
158,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
47,555
Wages Payable
30,000
Capital Stock
200,000
Retained Earnings
136,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
________
Totals
$1,547,565
$1,547,565
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 DOWNLOAD THE SOLUTION HERE