Scribd
Upload
82 views

Worksheet Preparation Exercises

This document contains multiple questions related to accounting worksheets. Question 1 lists various account balances and asks whether they should be extended to the income statement or balance sheet columns. Question 2 provides balances from a company's worksheet and asks for the amount of net income/loss. Question 3 lists more accounts and asks the same extension question. Question 4 provides ledger account balances and adjustments for a company and asks to prepare the full worksheet, income statement, owner's equity statement, and balance sheet, as well as the closing entries.

Uploaded by

Dalemma Francisco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
82 views

Worksheet Preparation Exercises

This document contains multiple questions related to accounting worksheets. Question 1 lists various account balances and asks whether they should be extended to the income statement or balance sheet columns. Question 2 provides balances from a company's worksheet and asks for the amount of net income/loss. Question 3 lists more accounts and asks the same extension question. Question 4 provides ledger account balances and adjustments for a company and asks to prepare the full worksheet, income statement, owner's equity statement, and balance sheet, as well as the closing entries.

Uploaded by

Dalemma Francisco
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Worksheet

Exercise/Other

1. The balances for the accounts listed below appear in the Adjusted Trial balance columns of the end-of-period
spreadsheet (work sheet). Indicate whether each balance should be extended to (a) an Income Statement column or
(b) a Balance Sheet column.

1. Robinson, Capital
2. Robinson, Drawing
3. Depreciation Expense
4. Accumulated Depreciation
5. Fees earned
6. Unearned Fees
7. Supplies
8. Supplies Expense

Answer:
1. B
2. B
3. A
4. B
5. A
6. B
7. B
8. A

2. In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for Sugar Company. for the current year,
the Debit column total is P563,430, and the Credit column total is P544,210 before the amount for net income or net
loss has been included. In preparing the income statement from the end-of-period spreadsheet (work sheet), what is
the amount of net income or net loss?

Answer: Net Income/Loss = P563,430 - P544,210


Net Income/Loss = P19,220

Problem

3. The balances for the accounts listed below appeared in the Adjusted Trial Balance columns of the work sheet. Indicate
whether each balance should be extended to (a) the Income Statement columns or (b) the Balance Sheet columns.

1. Salaries Payable B (7) Kim Lee, Drawing ___B____


2. Fees Earned A (8) Equipment ___B____
3. Accounts Payable B (9) Accounts Receivable ___B____
4. Kim Lee, Capital B (10) Accumulated Depreciation ___B____
5. Supplies Expense A (11) Salary Expense ___A____
6. Unearned Rent B (12) Depreciation Expense ___A____
4. The balances in the ledger of Landscape Services as of December 31, 2007 before adjustments, are as follows:

Cash P 4,500 Tim Welch, Capital P33,050


Supplies 4,150 Tim Welch, Drawing 2,900
Prepaid Insurance 8,700 Service Revenue 52,500
Equipment 42,000 Salary Expense 26,600
Accumulated Rent Expense 5,000
Depreciation 10,200 Miscellaneous Expense 1,900

Adjustment data are as follows: supplies on hand, December 31, P1,000; insurance expired for December, P900;
depreciation on equipment for December, P1,500; salaries accrued, December 31, P1,000.

(a) Prepare a ten-column work sheet for Landscape Services for December, 2007.
(b) On the basis of the work sheet in (a), present the following in good order: (1) income statement,
(2) statement of owner's equity (no additional investments were made during
the month), and (3) balance sheet.
(c) On the basis of the work sheet in (a), journalize the closing entries as of December 31, 2007.

4. Complete the following worksheet for Mantle Enterprises.

Mantle Enterprises
Worksheet

TOTALS 76,000 76,000 47,000 47,000 44,000 44,000


16,000
6,000
2,000
19,000
6,000

10,000
2,000
7,000
4,000
1,000
47,000
21,000
6,000
5,000 _______ _____ _____
32,000 47,000 44,000 29,000
15,000 15,000

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy