1 answer

Part 1-(4 total - 2 marks each) NOTE: To receive full marks, you must show your...

Question:

Part 1-(4 total - 2 marks each) NOTE: To receive full marks, you must show your calculations Use the following information to calculate your answer and place it in the space to the provided. Account May 31 un30 for the month of lune 47,000 34,000 Portion earned $21,000 a. Unearned Revenue Calculate: Total unearned revenue received during June Balance May 31 Account lun30 for 12,500 17,200 Cash payment received, 2,000 b. Accounts Receivable Calculate: New sales on account during June Part2 -(5 marks) Equipment with a cost of $103,000 has a useful life of four years. Using straight-line amortization, what is the book value after three years?
Part 3-(3 marks) The phone expense of $1,000 was posted to the office equipment account in error for December 31. What is the effect of this error on the December financial statements?
Part 1-(4 total - 2 marks each) NOTE: To receive full marks, you must show your calculations Use the following information to calculate your answer and place it in the space to the provided. Account May 31 un30 for the month of lune 47,000 34,000 Portion earned $21,000 a. Unearned Revenue Calculate: Total unearned revenue received during June Balance May 31 Account lun30 for 12,500 17,200 Cash payment received, 2,000 b. Accounts Receivable Calculate: New sales on account during June Part2 -(5 marks) Equipment with a cost of $103,000 has a useful life of four years. Using straight-line amortization, what is the book value after three years?
Part 3-(3 marks) The phone expense of $1,000 was posted to the office equipment account in error for December 31. What is the effect of this error on the December financial statements?

Answers

40 a) 41 42 43 Unearned Revenue 21000 47000 8000 (55000-47000) 55000 55000 45 Total unearned revenue received during June $8000 47 48 b) 49 50 51 52 53 54 Accounts Receivable 12500 6700 19200 2000 17200 19200 New sales on account during June $6,700 56 Part 2) 57 58 59 60 61 Cost Price of Equipment Less Salvage Value Depreciable Value (A) Number of Years of Life (B) Depreciation Amount (A/B) 103000 0 103000 4 25750

Year Beginning Value Depreciation Expense Accumulated Depreciation 62 63 Book Value (A-B) 103,000 77,250 51,500 25,750 25,750 25,750 25,750 51,500 77,250 77,250 51,500 25,750 65 2 67 68 Part 3 69 This error has reduced the expenses by $1,000 which in turn increases the net income by $1,000and it will also increase the assets by $1,000 70

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