Scribd
Upload
88 views8 pages

Accbp100 3rd Exam Answers

The document provides accounting information for Cris Villar, CPA including an unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of changes in equity, and statement of financial position. The income statement shows a profit of $361,220. Key assets include cash, accounts receivable, and a building. Liabilities include accounts payable, unearned revenue, a mortgage, and interest payable. Equity includes Villar's capital.

Uploaded by

Althea Marie Ortiz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
88 views8 pages

Accbp100 3rd Exam Answers

The document provides accounting information for Cris Villar, CPA including an unadjusted trial balance, adjustments, adjusted trial balance, income statement, statement of changes in equity, and statement of financial position. The income statement shows a profit of $361,220. Key assets include cash, accounts receivable, and a building. Liabilities include accounts payable, unearned revenue, a mortgage, and interest payable. Equity includes Villar's capital.

Uploaded by

Althea Marie Ortiz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 8

Supplies

a Supplies Expense 20,000 34,500


Supplies 20,000 14,500

b Insurance Expense 25,200


Prepaid Insurance 25,200 Prepaid Insurance
50,400
c Depreciation Expense 135,000 25,200
Accumulated Depreciation 135,000
(1,850,000 - 500,000/10) Depreciation Expense
135,000
d Interest Expense 10,000
Interest Payable 10,000

e Unearned Service Revenue 15,000 Interest Expense


Service Revenues 15,000 110,000
10,000
120,000

Unearned Service Revenue


15,000
Supplies Supplies Expense
20,000 43,740
20,000
63,740

Prepaid Insurance Insurance Expense


25,200 25,200

Depreciation Expense Accumulated Depreciation


135,000
135,000
270,000

Interest Expense Interest Payable


10,000

nearned Service Revenue Service Revenue


36,000 1,680,500
21,000 15,000
1,695,500
Cris Villar, CPA
Worksheet
31-Dec-20

Unadjusted Trial Balance Adjustments


Account Title Dr Cr Dr
Cash 90,000
Accounts Receivable 120,000
Prepaid Insurance 50,400 b
Supplies 34,500 a
Land 180,000
Building 1,850,000
Accumulated Depreciation - Bldg 135,000 c
Accounts Payable 150,000
Unearned Service Revenues 36,000 e 15,000
Mortgage Payable 1,100,000
Interest Payable d
Villar, Capital 467,480
Villar, Withdrawals 100,000
Service Revenues 1,680,500 e
Salaries Expense 860,000
Travel Expense 60,000
Supplies Expense 43,740 a 20,000
Interest Expense 110,000 d 10,000
Other expenses 70,340
Insurance expense b 25,200
Depreciation expense c 135,000
Total 3,568,980 3,568,980 205,200
PROFIT
Cris Villar, CPA
Worksheet
31-Dec-20

Adjustments Adjusted Trial Balance Income Statement Balance Sheet


Cr Dr Cr Dr Cr Dr Cr
90,000 90,000
120,000 120,000
25,200 25,200 25,200
20,000 14,500 14,500
180,000 180,000
1,850,000 1,850,000
135,000 270,000 270,000
150,000 150,000
21,000 21,000
1,100,000 1,100,000
10,000 10,000 10,000
467,480 467,480
100,000 100,000
15,000 1,695,500 1,695,500
860,000 860,000
60,000 60,000
63,740 63,740
120,000 120,000
70,340 70,340
25,200 25,200
135,000 135,000
205,200 3,713,980 3,713,980 1,334,280 1,695,500 2,379,700 2,018,480
361,220 361,220
1,695,500 1,695,500 2,379,700 2,379,700
Cris Villar, CPA
Income Statement
December 31, 2020

Service Revenues 1,695,500


Expenses:
Salaries Expense 860,000
Travel Expense 60,000
Supplies Expense 63,740
Interest Expense 120,000
Other expenses 70,340
Insurance expense 25,200
Depreciation expense 135,000 1,334,280
Profit 361,220

Cris Villar, CPA


Statement of Changes in Equity
December 31, 2020

Villar, Capital, beg 467,480


Add: Profit 361,220
Total 828,700
Villar, Withdrawals 100,000
Villar, Capital, end 728,700

Cris Villar, CPA


Statement of Financial Position
December 31, 2020

ASSETS
Current assets:
Cash 90,000
Accounts Receivable 120,000
Prepaid Insurance 25,200
Supplies 14,500
Total current assets 249,700

Non-current assets:
Land 180,000
Building 1,850,000
Accumulated Depreciation - Bldg (270,000) 1,580,000
Total noncurrent assets 1,760,000
Total assets 2,009,700

LIABILITIES AND EQUITY


Current liabilities:
Accounts Payable 150,000
Unearned Service Revenues 21,000
Interest Payable 10,000
Total current liabilities 181,000

Noncurrent liability:
Mortgage Payable 1,100,000
Total liabilities 1,281,000

Equity:
Villar, Capital 728,700
Total liabilities and equity 2,009,700
Closing entries:
a Service Revenue 1,695,500
Income Summary 1,695,500

b Income Summary 1,334,280


Salaries Expense 860,000
Travel Expense 60,000
Supplies Expense 63,740
Interest Expense 120,000
Other expenses 70,340
Insurance expense 25,200
Depreciation expense 135,000

c Income Summary 361,220


Villar, Capital 361,220

d Villar, Capital 100,000


Villar, Withdrawals 100,000

Reversing entries:
Jan 1 Interest Payable 10,000
Interest Expense 10,000
Cris Villar, CPA
Post-Closing Trial Balance
December 31, 2020
Dr Cr
Cash 90,000
Accounts Receivable 120,000
Prepaid Insurance 25,200
Supplies 14,500
Land 180,000
Building 1,850,000
Accumulated Depreciation - Bldg 270,000
Accounts Payable 150,000
Unearned Service Revenues 21,000
Interest Payable 10,000
Mortgage Payable 1,100,000
Villar, Capital 728,700
Total 2,279,700 2,279,700

You might also like