Accounting exercises

The trial balance sheet account of lancers , a popular casual dining spot as of December 31. 2003
Cash 5.000
Marketable receivable 10.000
Account receivable 100.000
Allowance for doubleful accounts 5.000
Food inventory 15.000
Prepaid rend 5.000
Prepaid insurance 8.000
Investments 50.000
Lands 80.000
Building 420.000
Equipment 100.000
Accumulated depreciation 100.000
Account payable 15.000
Income taxes payable ??????
Accured expend 25.000
Dividends payable ?????
Long term debt 300.000
Capital stock 89.000
Paid in capital in excess of par 68.000
Retaining earning ( 1/1/2003) 61.000

Addition information
1. Dividend declared during 2003 total 30.000. Only 20.000 of the divident declared in 2003 have been paid as of December 31.2001. The unpaid divident have not been record
2. Operations generated 800.000 of revenue for 2003. Expense recorded totalled 650.000. Additional adjustment required are as follows
a) The allowance for doubtful account should be adjusted to 10 percent of account receivable.
b) Prepaid insurance of 8.000 is the premium paid for insurance coverage for july 1, 2003, though June 30.2004 .
c) Unrecorded depreciation expenced for 2003 total 41.000
d) Income taxes have not been record. Lancers average rate is 20 %
3. The long term debt account includes 50.000 that must be paid on june 30.2004

Required
Prepare a balance sheet according to the USALI

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Bài giải:

Balance sheet
Assets
Cash 5.000
Marketable receivable 10.000
Account receivable 100.000
Allowance for doubleful accounts 10.000
Food inventory 15.000
Prepaid rend 5.000
Prepaid insurance 4.000
Investments 50.000
Lands 80.000
Building 420.000
Equipment 100.000
Accumulated depreciation (141.000)
Total 658.000

Liability
Account payable 15.000
Income taxes payable 30.000
Accured expend 25.000
Dividends payable 20.000
Long term debt 350.000
Owner's equity
Capital stock 89.000
Paid in capital in excess of par 68.000
Retaining earning ( 1/1/2003) 61.000
Total 658.000

(1)Dividends payable=20.000
(2)income =800.000-650.000=150.000
a)Allowance for doubleful accounts=10%*100.000=10.000
b)insurance coverage for july 1, 2003, though June 30.2004
=>insurance for 2003=8.000/2=4.000
c)Accumulated depreciation=100.000+41.000=141.000
d)Income taxes payable=20%*150.000=30.000
(3)Long term debt=300.000+50.000=350.000

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