Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 1R
The
Information for the
- a. Cleaning supplies on hand on December 31, 2012, $18,750.
- b. Insurance premiums expired during the year, $1,800.
- c. Depreciation on equipment during the year, $21,600.
- d. Wages accrued but not paid at December 31, 2012, $1,830.
As the accountant for Wikki Cleaners, you have been asked to prepare financial statements for the year. A file called F1WORK has been provided to assist you in this assignment. As you review this file, it should be noted that columns H and I will automatically change when you enter values in columns E or G.
Expert Solution & Answer
To determine
Prepare financial statement by entering the amount in its respective column in the worksheet.
Explanation of Solution
(Figure 1)
(Figure 2)
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The prepaid insurance account had a balance of $7,155 at the beginning of the year. The account was debited for $22,025 for premiums on policies
purchased during the year, ending on March 31.
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Chapter 2 Solutions
Excel Applications for Accounting Principles
Ch. 2 - The trial balance of Wikki Cleaners at December...Ch. 2 - The trial balance of Wikki Cleaners at December...Ch. 2 - The trial balance of Wikki Cleaners at December...Ch. 2 - The trial balance of Wikki Cleaners at December...Ch. 2 - The trial balance of Wikki Cleaners at December...Ch. 2 - The trial balance of Wikki Cleaners at December...
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