The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. a. Unrecorded depreciation on the trucks at the end of the year is $9,877. b. The total amount of accrued interest expense at year-end is $8,000. c. The cost of unused office supplies still available at year-end is $1,700. 1. Use the above information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on the December 31, balance sheet. Note: S. Dylan, Capital was $182,492 on December 31 of the prior year.
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- a. Unrecorded depreclation on the trucks at the end of the year is $9,054. b. The total amount of accrued Interest expense at year-end is $8.000. c. The cost of unused office supplies still avallable at year-end is $1,500. 1. Use the above Information about the company's adjustments to complete a 10-column work sheet. 2a. Prepare the year-end closing entries for Dylan Delivery Company as of December 31. 2b. Determine the capital amount to be reported on the December 31, balance sheet. Note: S. Dylan, Capital was $129,560 on December 31 of the prior year. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Use the above information about the company's adjustments to complete a 10-column work sheet. DYLAN DELIVERY COMPANY Work Sheet For Year Ended December 31 Adjusted Trial Balance Balance Sheet and Statement of Owner's Equity Unadjusted Trial Balance Adjustments Income Statement Account Title Dr Cr Dr Cr Dr Cr Dr Cr Dr Cr Cash 16,500 S 17,500 17,500…The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment . 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment . 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities . 33,000 Direct labor 675,480 Indirect labor . 56,875 Miscellaneous production costs $ 8,425 Office salaries expense 63,000 Raw materials purchases (direct materials) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space . 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales . 4,462,500 Sales salaries expense . 392,560 Required 1. Classify each cost as either a product or period cost. 2. Classify each product cost as either direct materials, direct labor, or factory overhead. 3. Classify each period cost as either selling expenses or…The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 28,750 Depreciation expense—Office equipment 7,250 Depreciation expense—Selling equipment 8,600 Depreciation expense—Factory equipment 33,550 Factory supervision 102,600 Factory supplies used (indirect materials) 7,350 Factory utilities 33,000 Direct labor 675,480 Indirect labor 56,875 Miscellaneous production costs 8,425 Office salaries expense 63,000 Raw materials purchases (direct) 925,000 Rent expense—Office space 22,000 Rent expense—Selling space 26,100 Rent expense—Factory building 76,800 Maintenance expense—Factory equipment 35,400 Sales 4,462,500 Sales salaries expense 392,560 Required:Classify each of the costs as either a product or period cost. Then, classify each of the product costs as either…
- Willow Creek Company purchased and installed carpet in its new general offices on April 30 for a total cost of $36,288. The carpet is estimated to have a 16-year useful life and no residual value. A. Prepare the journal entry necessary for recording the purchase of the new carpet. Refer to the Chart of Accounts for exact wording of account titles. B. Record the December 31 adjusting entry for the partial-year depreciation expense for the carpet, assuming that Willow Creek Company uses the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Willow Creek Company General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Carpet 124 Accumulated Depreciation-Carpet 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131…The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31. 1. Use the following information about the company’s adjustments to complete a 10-column work sheet. a. Unrecorded depreciation on the trucks at the end of the year is $40,000. b. The total amount of accrued interest expense at year-end is $6,000. c. The cost of unused office supplies still available at year-end is $2,000. 2. Prepare the year-end closing entries for this company and determine the capital amount to be reported on its year-end balance sheet. Note: The S. Dylan, Capital account balance was $307,000 on December 31 of the prior year.DogMart Company records depreciation for equipment. Depreciation for the period ending December 31 is $3,510 for office equipment and $7,650 for production equipment. Required: Prepare the two entries to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS DogMart Company General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Office Equipment 17 Accumulated Depreciation-Office Equipment 18 Production Equipment 19 Accumulated Depreciation-Production Equipment LIABILITIES 21 Accounts Payable 22 Notes Payable 23 Unearned Fees 24 Salary Payable 25 Interest Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Interest Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57…
- Prepare the necessary journal entries related to the parts inventory. Maintenance and Parts During the year, Red Robin bills clients for parts for a total of $114,258. The cost of these parts to Red Robin (on a FIFO basis) was $90,322. At the end of the year, clients did not owe Red Robin for any of these parts. During the year, Red Robin purchased new parts for a total of $62,684. It has not paid for $27,493 of this by December 31. Red Robin did not owe for any parts at the beginning of the year. Red Robin does not get a discount on parts inventory. Tax Considerations For the sake of simplicity, we will assume that the uniform capitalization rules do not exist. Business and Accounting Policies Red Robin uses a perpetual inventory system. It uses FIFO for all inventory except finished goods. It uses dollar-value LIFO for its finished goods inventory. Dollar-value LIFO is implemented the same for book and tax purposes. Red Robin sells all goods f.o.b. destination. Red Robin uses…Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,720. June 11 Paid $1,255 for installation of a hydraulic lift. Nov. 30 Paid $55 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's…Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
- The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 34,300 Direct labor $ 673,300 Depreciation expense—Office equipment 11,500 Income taxes expense 270,100 Depreciation expense—Selling equipment 10,300 Indirect labor 58,800 Depreciation expense—Factory equipment 34,800 Miscellaneous production costs 11,200 Factory supervision 109,600 Office salaries expense 61,000 Factory supplies used 8,900 Raw materials purchases 957,000 Factory utilities 36,000 Rent expense—Office space 24,000 Inventories Rent expense—Selling space 27,400 Raw materials, December 31, 2018 152,900 Rent expense—Factory building 82,600 Raw materials, December 31, 2019 182,000 Maintenance expense—Factory equipment 36,600 Work in process, December 31, 2018 19,400 Sales 4,525,600 Work…The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 27,500 Direct labor $ 671,800 Depreciation expense—Office equipment 11,800 Income taxes expense 285,700 Depreciation expense—Selling equipment 10,900 Indirect labor 59,300 Depreciation expense—Factory equipment 33,500 Miscellaneous production costs 11,300 Factory supervision 140,300 Office salaries expense 66,000 Factory supplies used 8,300 Raw materials purchases 965,000 Factory utilities 34,000 Rent expense—Office space 28,000 Inventories Rent expense—Selling space 26,400 Raw materials, December 31, 2018 153,900 Rent expense—Factory building 82,600 Raw materials, December 31, 2019 180,000 Maintenance expense—Factory equipment 39,900 Work in process, December 31, 2018 19,300 Sales 4,626,600 Work…Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Costs $ 30,000 9,000 10,000 52,000 1. Advertising expense 2. Depreciation expense-Office equipment 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials,…