COMPREHENSIVE PROBLEM: CHAPTERS 3 TO 9 CP9 Hassellhouf Companys trial balance at
ID: 2575571 • Letter: C
Question
COMPREHENSIVE PROBLEM: CHAPTERS 3 TO 9 CP9 Hassellhouf Companys trial balance at December 31, 2015, is presented below and on page 471. All 2015 transactions have been recorded except for the items described on page 471. Debit Credit Cash Accounts Receivable Notes Receivable Interest Receivable Inventory Prepaid Insurance Land Buildings Equipment Patents Allowance for Doubtful Accounts Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Notes Payable (due in 2016) Interest Payable Notes Payable (due after 2016) Common Stock Retained Earnings Dividends $ 28,000 36,800 10,000 36,200 3,600 20,000 150,000 60,000 9,000 500 50,000 24,000 27,300 0 6,000 11,000 30,000 50,000 63,600 12,000Explanation / Answer
EXTENDED TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
CLOSING BALANCES
OPENING BALANCES
DR
CR
DR
CR
DEBIT
CR
DEBIT
CREDIT
DEBIT
CREDIT
CASH
28000
3500
22800
0
0
8700
LAND
20000
0
0
20000
BUILDING
150000
50000
4000
0
0
96000
ACC REC
36800
4000
0
0
32800
ALLOWANCE FOR B/D
500
0
0
500
NOTES REC
10000
600
0
0
10600
INVENTORY
36200
6300
6300
0
29900
PATENTS
9000
0
0
8100
PREPAID INSURANCE
3600
3600
3600
0
EQUIPMENT
60000
21200
5000
0
0
76200
ACC DEP
24000
2250
12487
0
0
34237
ACC PAY
27300
900
0
0
28200
NOTE PAY
11000
990
0
0
11990
UNEARNED RENT REV
6000
6000
0
6000
CAPITAL STOCK
50000
0
0
50000
RETAINED EARN
63600
0
0
63600
NOTE PAY DUE AFTER 2016
30000
2700
0
0
32700
DIVIDEND
12000
12000
0
SALES
905000
0
905000
COS OP INV +PURCHASES
630000
630000
0
INVENTORY CLOSING
0
0
BAD DEBTS
4000
4000
0
INTEREST
3690
3690
0
OPERATING EXPENSES
61800
3600
900
4500
0
SALES TAX
1600
1600
0
INTEREST INCOME
600
0
600
DEPRECIATION BLDG
4000
4000
0
DEP EQUIP
12487
12487
0
SALARIES & WAGES
110000
5200
16200
0
ACCRUED SALARIES
5200
0
0
5200
DISPOSAL OF EQUIP
5000
750
3500
2250
0
0
PATENT DEP
900
900
900
0
RENTAL INCOME
6000
0
6000
PROFIT ON DISPOSAL
0
750
699277
918350
PROFIT FOR YEAR
219073
219073
INCOME STATEMENT
$
$
SALES
905000
COS
630000
GP
275000
ADD RENTAL INCOME
6000
PROFIT ON DISPOSAL
750
281750
EXPENSES
INSURANCE
4500
BAD DEBTS
4000
INTEREST
3690
OP EXP
4500
S TAX
1600
DEP BLDG
4000
DEP EQUIP
12487
SALARIES
16200
DEP PATENT
900
51877
229873
BALANCE SHEET
$
$
NON CURRENT ASSETS
LAND
20000
BUILDING
96000
EQUIPMENT
41961
PATENTS
8100
SUBTOTAL
166061
CURRENT ASSETS
INVENTORY
29900
ACC REC
32300
CASH
8700
70900
TOTAL ASSETS
236961
CURRENT LIAB
ACC PAY
28200
NOTES PAY
11990
40190
196771
LONG TERM NOTES PAY
32700
164071
CAPITAL STOCK
50000
RETAINED EARNINGS
293473
164071
EXTENDED TRIAL BALANCE
ADJUSTMENTS
INCOME STATEMENT
CLOSING BALANCES
OPENING BALANCES
DR
CR
DR
CR
DEBIT
CR
DEBIT
CREDIT
DEBIT
CREDIT
CASH
28000
3500
22800
0
0
8700
LAND
20000
0
0
20000
BUILDING
150000
50000
4000
0
0
96000
ACC REC
36800
4000
0
0
32800
ALLOWANCE FOR B/D
500
0
0
500
NOTES REC
10000
600
0
0
10600
INVENTORY
36200
6300
6300
0
29900
PATENTS
9000
0
0
8100
PREPAID INSURANCE
3600
3600
3600
0
EQUIPMENT
60000
21200
5000
0
0
76200
ACC DEP
24000
2250
12487
0
0
34237
ACC PAY
27300
900
0
0
28200
NOTE PAY
11000
990
0
0
11990
UNEARNED RENT REV
6000
6000
0
6000
CAPITAL STOCK
50000
0
0
50000
RETAINED EARN
63600
0
0
63600
NOTE PAY DUE AFTER 2016
30000
2700
0
0
32700
DIVIDEND
12000
12000
0
SALES
905000
0
905000
COS OP INV +PURCHASES
630000
630000
0
INVENTORY CLOSING
0
0
BAD DEBTS
4000
4000
0
INTEREST
3690
3690
0
OPERATING EXPENSES
61800
3600
900
4500
0
SALES TAX
1600
1600
0
INTEREST INCOME
600
0
600
DEPRECIATION BLDG
4000
4000
0
DEP EQUIP
12487
12487
0
SALARIES & WAGES
110000
5200
16200
0
ACCRUED SALARIES
5200
0
0
5200
DISPOSAL OF EQUIP
5000
750
3500
2250
0
0
PATENT DEP
900
900
900
0
RENTAL INCOME
6000
0
6000
PROFIT ON DISPOSAL
0
750
699277
918350
PROFIT FOR YEAR
219073
219073
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