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Accounting Homework Help

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Accounting or accountancy is a systematic and comprehensive process of recording the financial transactions related to a business. This process involves summarizing, analyzing and reporting of the business transactions. Accounting is sometimes referred to as “the language of business” since the health and the state of a business can be described in terms of accounting. Therefore accounting reports or financial statements are often used to support business management decisions. The uniformity of frameworks, concepts and standards of accounting are ensured by adhering to what is known as “Generally Accepted Accounting Principles” – GAAP, which is a set of rules which all businesses must follow while recording their financial information.

Businesses use accountancy to record their financial transaction across various areas like payables, receivables, assets, taxes, credit, payroll and public. Accounting as a function is responsible for recording every financial transaction that occurs in an organization. This process of recording financial transactions is known as book keeping. Transactions are recorded as credits and debits and must always balance out in what is known as the accounting equation. Financial statements are reports which are the outcome of accountancy and are among the most important reports which are used to understand the health of a business. These reports include Income Statements (also known as Profit and Loss Statement), Balance Sheets, Statement of Retained Earnings, Statement of Owners Equity, Statement of Cash Flows, Assets and Liabilities Report, etc. Together, these reports can and do provide an insight into the financial situation of a company. These reports also help guide the operational strategies of a company. Shareholders, banks, auditors and all other interested parties also look at financial statements to understand the financial situation of a company.

Why do students need accountancy homework?

Usually homework and assignments are aimed at helping a student develop a grip over a subject. Accounting is a technical subject and thus requires reasoning and logical thinking on the part of its students. So while studying accountancy, students should patiently try to understand each concept and not rush to one concept after another. Accounting is taught in a certain sequence and it must be studied in that sequence as well. Initial parts of the sequence are important to build strong fundamentals in accountancy and a key element for being able to do accounting homework correctly.

Students studying accountancy sometimes find the subject difficult because it is slightly different from other subjects in that it has a lot of context based rules to remember and requires a lot of practice. This means that students need to put more hours into studying accounting before they can do well in the subject.  

Accountancy homework sometimes require students to look at various types of financial transactions and make journal entries or prepare financial reports, e.g. balance sheet, a profit and loss statement, etc. Such homework assignments are aimed at helping students practice making journal entries, report creation and in turn strengthen their knowledge of book keeping, principles of accounting and basic accounting in general.

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Take a look at our guided Solution in Accounting!

The partial worksheet of Daxu Repair Company as on December 31, 2003, is as follows:

Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity
Cash $47,800
Notes receivable $25,000
Prepaid insurance  $8,000
Prepaid rent  $2,000
Equipment  $85,000
Accumulated depreciation- Equipment  $28,500
Accounts payable  $26,000
Long-term notes payable  $31,500
C. Meryl, Capital  $89,250
C. Meryl, Withdrawals  $15,000
Repair services revenue  $90,400
Interest revenue  $3,750
Depreciation expense- Equipment  $14,250
Wage expense  $42,500
Rent expense  $24,000
Insurance expense  $3,000
Interest expense  $2,850
Totals  $269,400  $269,400

Required

  1. Complete the work sheet by extending the adjusted trial balance total to the appropriate financial statement columns.
  2. Prepare closing entries for Daxu Repair Company.
  3. Set up the income summary and the C. Meryl, Capital account in the general ledger and post the closing entries to these accounts.
  4. Determine the balance of the C. Meryl, Capital account to be reported on December 31, 2003, balance sheet.
  5. Prepare an income statement, statement of owner's equity, and classified balance sheet as of December 31, 2003.

Solution

Given:

Partial worksheet of Daxu Repair Company as on December 31, 2003.

Planning the solution:

  1. Extend the adjusted trial balance to the appropriate financial statement columns
  2. Prepare entries to close the revenue accounts to income summary
  3. Prepare entries to close the expenses to income summary
  4. To close income summary to the capital account
  5. To close the withdrawals to the capital account
  6. Post the closing entries to the income summary and capital account
  7. Prepare income statement
  8. Prepare statement of owner's equity for the year ended on December 31, 2003
  9. Prepare balance sheet as on December 31, 2003

Theoretical Concepts Used in This Solution

Worksheet

A worksheet does not replace financial statements, but aids in organizing data at the end of an accounting period and in preparing financial statements. It captures the impact of adjustments in financial statements. It also reflects the effects of "what-if" transactions. It includes a list of accounts, balances and adjustments, and their sorting into financial statement columns. Temporary and Permanent Accounts

The accounts which are opened at the beginning of an accounting period, to record transactions and events for that period and are closed during the end of the period are called temporary accounts. Generally all income statement accounts and withdrawals are temporary accounts. Accounts which capture activities related to one or more future periods are permanent accounts. Generally all balance sheet accounts are permanent accounts.

Recording Closing Entries

End-of-period balances in revenues, expenses, and withdrawals, which are temporary accounts, are transferred to the permanent capital accounts. Hence closing entries are prepared to close the temporary accounts, so that the owner's capital reflects revenues, expenses, and withdrawals. Also, the temporary accounts should have zero balances at the beginning of any accounting period.

Income Summary

In order to close the revenues, expenses, and withdrawals, a temporary account called the income summary is prepared, specifically to complete the closing process. The sum of all revenues is credited and the sum of all expenses is debited to the income summary. The balance equals to the net income and net loss, and is transferred to the capital account. The withdrawals are transferred to the capital accounts. Once these closing entries are posted, the summary accounts or temporary accounts are said to be closed.

Steps necessary to close temporary accounts

  1. Balances in revenue accounts are credited to income summary
  2. Balances in expenses accounts are debited to income summary
  3. Close income summary to owner's capital
  4. Close withdrawals to owner's capital

Post-Closing Trial Balance

After adjusting and closing entries are posted, the lists of permanent accounts from the ledger which are not closed are posted into the post-closing trial balance. So, post-closing trial balance includes balances of permanent accounts and zero balances of temporary accounts. Hence total debits equal total credits for permanent accounts.

Steps Used in Solving

a. Completing the Worksheet

Adjusted Trial Balance Income Statement Balance Sheet and
Statement of Owner's Equity
Cash  $47,800 $47,800
Notes receivable $25,000 $25,000
Prepaid insurance $8,000 $8,000
Prepaid rent $2,000 $2,000
Equipment $85,000 $85,000
Accumulated depreciation- Equipment $28,500 $28,500
Accounts payable $26,000 $26,000
Long-term notes payable $31,500 $31,500
C. Meryl, Capital $89,250 $89,250
C. Meryl, Withdrawals $15,000 $15,000
Repair services revenue $90,400 $90,400
Interest revenue $3,750 $3,750
Depreciation expense- Equipment $14,250 $14,250
Wage expense $42,500 $42,500
Rent expense $24,000 $24,000
Insurance expense $3,000 $3,000
Interest expense $2,850 $2,850
$269,400 $269,400 $86,600 $94,150 $182,800 $175,250
Net income $7,550 $7,550
Totals $94,150 $94,150 $182,800 $182,800

b. Preparing Closing Entries

 Dr.    Cr. 
Dec. 31 Repair Services Revenue $90,400
Interest Revenue $3,750
                   Income Summary $94,150
(To close revenue accounts)
Dec. 31 Income Summary $86,600
                  Depreciation expense-   Equipment $14,250
                  Wage expense $42,500
                  Rent expense $24,000
                  Insurance expense $3,000
                  Interest expense $2,850
(To close expense accounts)
Dec. 31 Income Summary $7,550
                  C. Meryl, Capital $7,550
(To close the income summary account)
Dec. 31 C. Meryl, Capital $15,000
C. Meryl, Withdrawals $15,000
(To close the withdrawals account)

c. Preparing Income Summary

Income Summary
Date Explanation Debit Credit Balance
Jan. 1, 2003 Beginning balance     -
Dec. 31, 2003 Close revenue accounts   $94,150 $94,150
Dec. 31, 2003 Close expense accounts $86,600   $7,550
Dec. 31, 2003 Close income summary $7,550   -

d. Preparing Capital Ledger Accounts and Post-closing Entries

C. Meryl, Capital
Date Explanation Debit Credit Balance
Jan. 1, 2003 Beginning balance     $89,250
Dec. 31, 2003 Close income summary   $7,550 $96,800
Dec. 31, 2003 Close C. Meryl, Withdrawals $15,000   $81,800

Note: the capital balance of $81,800 will be reported on the Dec. 31, 2003 balance sheet

e. Preparing Income Statement

DAXU REPAIR COMPANY
Income Statement
For Year Ended December 31, 2003
Revenues    
Repair services revenue   $90,400
Interest revenue   $3,750
Total revenues   $94,150
Expenses    
Depreciation expense- Equipment $14,250  
Wage expense $42,500  
Rent expense $24,000  
Insurance expense $3,000  
Interest expense $2,850  
Total expenses   $86,600
Net Income   $7,550

f. Preparing Statement of Owner's Equity

DAXU REPAIR COMPANY
Statement of Owner's Equity
For Year Ended December 31, 2003
C. Meryl, Capital, Dec. 31,2002   $89,250.00
Add: Investment by owner -  
Net Income $7,550.00 $7,550.00
    $96,800.00
Less: Close C. Meryl, Withdrawals   $15,000.00
C. Meryl, Capital, Dec. 31,2003   $81,800.00

g. Preparing Balance Sheet

DAXU REPAIR COMPANY
Balance Sheet
 December 31, 2003
ASSETS
Current Assets    
Cash    $47,800
Notes receivable   $25,000
Prepaid insurance   $8,000
Prepaid rent   $2,000
Total current assets   $82,800
Plant Assets    
Equipment $85,000  
Accumulated depreciation- Equipment ($28,500)  
Total plant assets   $56,500
Total Assets   $139,300
LIABILITIES
Current Liabilities    
Accounts payable   $26,000
Long-term Liabilities    
Long-term notes payable   $31,500
Total Liabilities   $57,500
     
EQUITY
C. Meryl, Capital   $81,800
Total Liabilities and Equity   $139,300

Topics Related to Accounting

Accounting Intermediate Accounting Financial Accounting Accounts Payable
Accrual Basis Of Accounting Double-Entry Accounting Cca-Canadian Accounting Financial Accounting Standards Board

Books on Accounting

Principles Of Corporate Finance, Brealey Myers Fundamentals Of Corporate Finance, Richard Principles Of Corporate Finance, Brealey Financial & Managerial Accounting, Williams
Fundamentals Of Coporate Finance, Richard Advanced Accountancy, Hrishikesh Chakraborthy Public Finance Theory & Practice,Mankar & Sarma Company Valution A Stratagic Approach
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