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Principles of Accounting Week 5
Capri Company began the current period with a $34,000 credit balance in the K. Capri, Capital account. At the end of the period, the company’s adjusted account balances include the following temporary accounts with normal balances.
| Service fees earned | $ | 74,000 | Interest revenue | $ | 10,800 | ||
| Salaries expense | 46,500 | K. Capri, Withdrawals | 16,500 | ||||
| Depreciation expense | 8,000 | Utilities expense | 4,700 | ||||
| 1. After closing the revenue and expense accounts, what will be the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Debit Credit Service fees earned 74,000 Interest revenue 10,800 Income Summary 84,800 Step 2: Close Expenses to Income Summary Debit Credit Income Summary 59,200 Salaries expense 46,500 Depreciation expense 8,000 Utilities expense 4,700 Income Summary Revenues 84,800 Expenses 59,200 Balance 25,600 2. After all closing entries are journalized and posted, what will be the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Income Summary 25,600 K. Capri, Capital 25,600 Step 4: Close Withdrawals to Capital K. Capri, Capital 16,500 K. Capri, Withdrawals 16,500 K. Capri, Capital Beginning balance 34,000 Net Income 25,600 Withdrawals 16,500 Balance 43,100 |
From the dropdown box beside each numbered balance sheet item, select the option of its balance sheet classification. If the item should not appear on the balance sheet, choose the option “No item required” from the selection choices.
| Account Title Classification Account Title Classification 1. Land held for future expansion Long-term investments 11. Short-term notes receivable (due in 1 month) Current assets 2. Notes payable (due in 2 months) Current liabilities 12. Unearned services revenue Current liabilities 3. Notes receivable (due in 2 years) Long-term investments 13. Accounts receivable Current assets 4. Interest payable (due in 1 week) Current liabilities 14. Accounts payable Current liabilities 5. Long-term investment in stock Long-term investments 15. Short-term investments Current assets 6. Wages payable Current liabilities 16. Taxes payable (Due in 5 weeks) Current liabilities 7. Office supplies Current assets 17. Supplies Current assets 8. Salaries payable Current liabilities 18. Goodwill Intangible assets 9. Merchandise inventory Current assets 19. Office supplies Current assets 10. Current portion of long-term note payable Current liabilities 20. Franchises Intangible assets |
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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.
Prepare the current assets section of its December 31 year-end balance sheet.
| JISKO Balance Sheet December 31 Assets Current assets Cash $26,000 Accounts receivable 24,000 Inventory 55,000 Prepaid expenses 10,800 Supplies 10,200 Total current assets $126,000 |