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question adjustment data for ms ellen 39 s laundry inc for the year ended december 3 4281553

Question

Adjustment data for Ms. Ellen's Laundry Inc. for the year ended December 31, 20Y8, are as follows:

Wages accrued but not paid at December 31, $2,150

Depreciation of equipment during the year, $12,500

Laundry supplies on hand at December 31, $1,500

Insurance premiums expired, $4,600

Instructions:

1. Record the adjustment transactions using the integrated financial statement framework, If an amount box does not require an entry, leave it blank. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

2. Prepare an income statement for the year ended December 31, 20Y8.

Ms. Ellen's Laundry Inc.

Income Statement

For the Year Ended December 31, 20Y8

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

Prepare a retained earnings statement for the year ended December 31, 20Y8. The retained earnings balance as of January 1, 20Y8, was $101,500.

Ms. Ellen's Laundry Inc.

Retained Earnings Statement

For the Year Ended December 31, 20Y8

 

 

 

 

 

 

 

3. Prepare a classified balance sheet as of December 31, 20Y8.

Ms. Ellen's Laundry Inc.

December 31, 20Y8

Current assets:

 

 

 

 

 

Total current assets

Property, plant, and equipment:

 

 

 

 

Total assets

Current liabilities:

 

 

 

Total liabilities

 

 

 

Total stockholders' equity

 

Total liabilities and stockholders' equity

4. Prepare a statement of cash flows for the year ended December 31, 20Y8. Enter net cash outflows as negative amounts.

Ms. Ellen's Laundry Inc.

Statement of Cash Flows

For the Year Ended December 31, 20Y8

Cash flows from operating activities:

 

 

 

 

Cash flows from investing activities:

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows

Balance Sheet

Income Statement

 

Assets

=

Liabilities

+

Stockholders' Equity

 

Cash

+

Laundry Supplies

+

Prepaid Insurance

+

Laundry Equipment

Accumulated Depreciation

=

Accounts Payable

+

Wages Payable

+

Capital Stock

+

Retained Earnings

 

Balances, December 31, 20Y8

53,000

 

9,000

 

6,000

 

250,000

 

-65,000

 

7,000

 

0

 

50,000

 

196,000

 

 

December 31. (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

 

December 31. (b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

 

December 31. (c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

 

December 31. (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(d)

 

Balances, December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statement of Cash Flows

 

Income Statement

Operating (Revenues)

275,000

 

 

Laundry revenue

275,000

 

Financing (Capital Stock)

25,000

 

 

Wages expense

-110,000

 

Operating (Expenses)

-200,000

 

 

Rent expense

-30,000

 

Investing (Equipment)

-50,000

 

 

Utilities expense

-18,000

 

Financing (Dividends)

-15,000

 

 

Misc. expense

-7,500

 

Net increase in cash

35,000

 

(a). December 31

SelectDepreciation expenseInsurance expenseLaundry supplies expenseWages expenseCorrect 46 of Item 1

 

 

Beginning cash balance, January 1, 2013

18,000

 

(b). December 31

SelectDepreciation expenseInsurance expenseLaundry supplies expenseWages expenseCorrect 48 of Item 1

 

 

Ending cash balance, December 31, 2013

53,000

 

(c). December 31

SelectDepreciation expenseInsurance expenseLaundry supplies expenseWages expenseCorrect 50 of Item 1

 

 

 

 

 

(d). December 31

SelectDepreciation expenseInsurance expenseLaundry supplies expenseWages expenseCorrect 52 of Item 1

 

 

 

 

 

 

SelectNet incomeNo effectCorrect 54 of Item 1

$

 

                                       

 

 

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