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

تمرين 57

Next Job, Inc., provides employment consulting 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 fees earned total $25,000 at December 31, 2015.
2.he company determined that $15,000 of previously unearned consulting services fees had been earned at December 31, 2015.
3.ffice supplies on hand at December 31 total $300.
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 nine-month rent agreement on June 1, 2015.
6.he company prepaid its six-month insurance policy on December 1, 2015.
7.ccrued but unpaid salaries total $12,000 at December 31, 2015.
8.n September 1, 2015, the company borrowed $60,000 by signing an eight-month, 4 percent note payable.he entire amount, plus interest, is due on March 1, 2016.
9.he company's accounting firm estimates that income taxes expense for the entire year is $50,000.he unpaid portion of this amount is due early in 2016.

Instructions
a.repare the necessary adjusting journal entries on December 31, 2015.lso prepare 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 through November of 2015.
f.ompute the company's average monthly rent expense for January through May 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
h.ssume that the company had a note payable outstanding on January 1, 2015, that it paid off on April 1, 2015.ow much interest expense accrued on this note in 2015