Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 52

Silver Lining, Inc., provides investment advisory services.he company adjusts its accounts monthly, but performs closing entries annually on December 31.he firm's unadjusted trial balance dated December 31, 2015, is shown on the following page.

Other Data
1.ccrued but unrecorded and uncollected consulting services revenue totals $1,500 at December 31, 2015.
2.he company determined that $2,500 of previously unearned consulting services revenue had been earned at December 31, 2015.
3.ffice supplies on hand at December 31 total $110.
4.he company purchased all of its equipment when it first began business.t that time, the estimated useful life of the equipment was six years (72 months).
5.he company prepaid its six-month rent agreement on October 1, 2015.
6.he company prepaid its 12-month insurance policy on March 1, 2015.
7.ccrued but unpaid salaries total $1,900 at December 31, 2015.
8.n June 1, 2015, the company borrowed $9,000 by signing a nine-month, 8 percent note payable.he entire amount, plus interest, is due on March 1, 2016.
9.he company's CPA estimates that income taxes expense for the entire year is $7,500.he unpaid portion of this amount is due early in 2016.
Instructions
a.repare the necessary adjusting journal entries on December 31, 2015.repare also an adjusted trial balance dated December 31, 2015.
b.rom the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31, 2015.lso prepare the company's balance sheet dated December 31, 2015.
c.repare the necessary year-end closing entries.
d.repare an after-closing trial balance.
e.ompute the company's average monthly insurance expense for January and February of 2015.
f.ompute the company's average monthly rent expense for January through September of 2015.
g.f the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31, 2015