Appendix: Financial Statements From an End-of-Period Spreadsheet Alert Security
ID: 2542974 • Letter: A
Question
Appendix: Financial Statements From an End-of-Period Spreadsheet
Alert Security Services Co. offers security services to business clients.
Prepare an income statement for Alert Security Services Co.
Prepare a retained earnings statement for Alert Security Services Co.
Prepare a balance sheet for Alert Security Services Co.
Alert Security Services Co.End-of-Period Spreadsheet
For the Year Ended October 31, 2016 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 12 Accounts Receivable 103 Supplies 4 Prepaid Insurance 2 Land 190 Equipment 50 Accum. Depr. - Equipment 7 Accounts Payable 36 Wages Payable 1 Common Stock 50 Retained Earnings 210 Dividends 8 Fees Earned 213 Wages Expense 111 Rent Expense 12 Insurance Expense 10 Utilities Expense 6 Supplies Expense 4 Depreciation Expense 3 Miscellaneous Expense 2 517 517
Explanation / Answer
ALERT SECURITY SERVICES CO. End of Period Work Sheet For Year Ended October 31,2016 Adjusted Trial Balance Income Summary Balance Sheet Debit Credit Debit Credit Debit Credit Balance Sheet Accounts: Cash 12.00 12.00 Accounts Receivable 103.00 103.00 Supplies 4.00 4.00 Prepaid Insurance 2.00 2.00 Land 190.00 190.00 Equipment 50.00 50.00 Accumulated Dep. - Equipment 7.00 7.00 Accounts Payable 36.00 36.00 Wages Payable 1.00 1.00 Common Stock 50.00 50.00 Retained Earnings 210.00 210.00 Dividends 8.00 8.00 Income Statement Accounts Fees Earned 213.00 213.00 Wages Expense 111.00 111.00 Rent Expense 12.00 12.00 Insurance Expense 10.00 10.00 Utilities Expense 6.00 6.00 Supplies Expense 4.00 4.00 Depreciation Expense 3.00 3.00 Miscellaneous Expense 2.00 2.00 Total 517.00 517.00 148.00 213.00 369.00 304.00 Net Income (Loss) 65.00 - - 65.00 Totals 213.00 213.00 369.00 369.00 - ALERT SECURITY SERVICES CO. Income Statement - - For the Year Ended Oct 31, 2016 Revenue Fees Earned 213.00 Expense Wages Expense 111.00 Rent Expense 12.00 Insurance Expense 10.00 Utilities Expense 6.00 Supplies Expense 4.00 Depreciation Expense 3.00 Miscellaneous Expense 2.00 Total Expense 148.00 Net Income 65.00 ALERT SECURITY SERVICES CO. Retained Earning Statement For the Year Ended Oct 31, 2016 Beginning Balance 210.00 Net Income 65.00 Dividends (8.00) Net Increase in Retained Earnings 57.00 Ending Balance Oct 31, 2016 267.00 ALERT SECURITY SERVICES CO. Balance Sheet Oct 31, 2016 Assets Current Assets Cash 12.00 Accounts Receivable 103.00 Supplies 4.00 Prepaid Insurance 2.00 Total Current Assets 121.00 Property, Plant & Equipment Land 190.00 Equipment 50.00 Accumulated Dep. - Equipment (7.00) 43.00 Total Property, Plant & Equipment 233.00 Total Assets 354.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable 36.00 Wages Payable 1.00 Total Current Liabilities 37.00 Long Term Liabilities - Total Liabilities 37.00 Stockholders' Equity Common Stock 50.00 Retained Earnings 267.00 Total Stockholders' Equity 317.00 Total Liabilities & Stockholders' Equity 354.00 -
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