Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made:
Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected.
1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year.
2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013.
3.Insurance coverage used during the year was $6,000.
4.$500 worth of supplies were on hand at December 31.
5.Additional salaries of $10,000 were earned and will be paid next month. Part B: Fill in the missing information on the financial statements: Part C: Calculate the profit margin on sales ratio.______________________

Question

Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made:
  Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected.
1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year.
2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013.
3.Insurance coverage used during the year was $6,000.
4.$500 worth of supplies were on hand at December 31.
5.Additional salaries of $10,000 were earned and will be paid next month.  Part B: Fill in the missing information on the financial statements:  Part C: Calculate the profit margin on sales ratio.______________________

Quizplus · Accepted Answer

The Answer of Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made:
  Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected.
1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year.
2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013.
3.Insurance coverage used during the year was $6,000.
4.$500 worth of supplies were on hand at December 31.
5.Additional salaries of $10,000 were earned and will be paid next month.  Part B: Fill in the missing information on the financial statements:  Part C: Calculate the profit margin on sales ratio.______________________