Accounting Question

2/6/24, 12:27 PM
1.
Assignment Print View
Award: 30.00 points
MY Autobody’s adjusted trial balance on December 31, 2023, appears in the work sheet as follows:
No.
101
124
128
167
168
201
210
301
302
401
612
623
637
640
650
690
Account
Cash
Shop supplies
Prepaid insurance
Equipment
Accumulated depreciation, equipment
Accounts payable
Wages payable
Mike Yang, capital
Mike Yang, withdrawals
Repair revenue
Depreciation expense, equipment
Wages expense
Insurance expense
Rent expense
Office supplies expense
Utilities expense
Totals
$
Debit
27,900
1,750
4,100
87,500
Credit
$
7,400
18,900
8,760
139,000
35,500
156,730
$
8,400
104,400
1,850
51,850
4,700
2,840
330,790 $
330,790
There were no investments by the owner during the year.
Prepare an income statement for the year ended December 31, 2023.
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2/6/24, 12:27 PM
Assignment Print View
MY AUTOBODY
Income Statement
For Year Ended December 31, 2023
Revenues:
Operating expenses:
Total operating expenses
Prepare a statement of changes inequity for the year ended December 31, 2023.
MY AUTOBODY
Statement of Changes in Equity
For Year Ended December 31, 2023
Mike Yang, capital, January 1
Mike Yang, capital, December 31
Prepare a balance sheet at December 31, 2023.
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2/6/24, 12:27 PM
Assignment Print View
MY AUTOBODY
Balance Sheet
December 31, 2023
Assets
Current assets:
Total current assets
Property, plant and equipment:
Total assets
Liabilities
Current liabilities:
Total current liabilities
Equity
Total liabilities and equity
References
Worksheet
Learning Objective:
04-05 Explain and
prepare a classified
balance sheet.
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2/6/24, 12:28 PM
2.
Assignment Print View
Award: 20.00 points
The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying
accounts. The Tableau dashboard shows December 31 year-end data from the company’s accounting system.
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2/6/24, 12:28 PM
Assignment Print View
Assets
Liabilities & Equity
Accounts Payable
Wages Payable
Interest Payable
Notes Payable (due in 9 years)
Mortgage Payable (due in 20 years)
J. Carter, Capital
$0
$25,000
$50,000
$75,000
$100,000
$125,000
1. Identify the company’s current assets and their amounts.
2. Identify the company’s current liabilities and their amounts.
3. Calculate the total amount reported for property, plant and equipment on the balance sheet.
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2/6/24, 12:28 PM
Assignment Print View
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Identify the company’s current assets and their amounts.
Current Assets:
Amounts
Total

Required 1
Required 2

References
Worksheet
Learning Objective: 04-05
Explain and prepare a
classified balance sheet.
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2/6/24, 12:30 PM
3.
Assignment Print View
Award: 25.00 points
Sunshine Sushi, a Japanese restaurant, has the following adjusted trial balance with accounts listed in alphabetical
order. For the bank loan, $61,950 is due in 2024. For Notes receivable, $47,250 will be collected in 2024.
Account title
Accounts payable
Accumulated depreciation, equipment
Accumulated depreciation, furniture
Bank loan
Cash
Equipment
Operating expenses
Furniture
Merchandise Inventory
Natsuki Miyakawa, capital
Natsuki Miyakawa, withdrawal
Notes receivable
Revenue
Wages payable
Total
Debit
$
$
Credit
25,775
103,600
68,625
536,000
129,000
388,500
42,350
183,000
34,500
46,500
8,700
88,200
$
874,250 $
63,750
30,000
874,250
Using the template provided, prepare a classified balance sheet for the year-ended December 31, 2023.
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2/6/24, 12:30 PM
Assignment Print View
SUNSHINE SUSHI
Balance Sheet
December 31, 2023
Assets
Current assets:
Total current assets
Non-current investments:
Property, plant, and equipment:
Total property, plant, and equipment
Total assets
Liabilities
Current liabilities:
Total current liabilities
Non-current liabilities:
Total liabilities
Equity
Total liabilities and equity
References
Worksheet
Learning Objective: 0405 Explain and prepare
a classified balance
sheet.
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2/6/24, 12:30 PM
Assignment Print View
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2/6/24, 12:30 PM
4.
Assignment Print View
Award: 25.00 points
MY Autobody’s adjusted trial balance on December 31, 2023, appears in the work sheet as follows:
No.
101
124
128
167
168
201
210
301
302
401
612
623
637
640
650
690
Account
Cash
Shop supplies
Prepaid insurance
Equipment
Accumulated depreciation, equipment
Accounts payable
Wages payable
Mike Yang, capital
Mike Yang, withdrawals
Repair revenue
Depreciation expense, equipment
Wages expense
Insurance expense
Rent expense
Office supplies expense
Utilities expense
$
Credit
$
7,900
19,400
9,260
144,000
38,000
161,230
$
Totals
Debit
28,400
2,000
4,600
90,000
8,900
104,900
2,100
54,350
5,200
3,340
341,790 $
341,790
Required
1. Prepare closing entries.
View transaction list
Journal entry worksheet

1
2
3

4
Record closing of revenue to the income summary.
Note: Enter debits before credits.
Date
Account Title
Debit
Credit
Dec. 31,
2023
Record entry
Clear entry
View general journal
2. Prepare the post-closing trial balance at December 31, 2023.
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2/6/24, 12:30 PM
Assignment Print View
MY AUTOBODY
Post-Closing Trial Balance
December 31, 2023
Debit
Credit
Totals
References
Worksheet
Learning Objective: 04-03
Explain and prepare a postclosing trial balance.
Learning Objective: 0402 Prepare closing
entries.
Learning Objective: 04-04
Complete the steps in the
accounting cycle.
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