Fill in order details

  • Submit your instructions
    to writers for free!

Chat with the writer

  • Chat with preferred expert writers
  • Request a preview of your paper
    from them for free

Editing

  • Project edited by the quality evaluation department

Download Your Completed Project

  • Download the completed project from your account or have it sent to your email address

The following amounts were taken from the accounting records of Russell Services, Inc. as of Dec 31, 2009. Russell Services began its operations on January 1, 2009

Assignment #1

Problem #1

The following amounts were taken from the accounting records of Russell Services, Inc. as of Dec 31,
2009. Russell Services began its operations on January 1, 2009.
1. Interest Expense               $ 2,000
2. Land                                   $ 98,000
3. Miscellaneous Expense  $ 8,000
4. Taxes Expense                 $ 22,000
5. Rent Expense                   $ 28,000
6. Fees Earned                     $300,000
7. Salaries Expense             $ 87,000
8. Dividends                         $ 13,000
9. Cash                                  $ 62,000
10. Notes Payable               $ 30,000
11. Capital Stock                 $ 30,000
12. Utilities Expense         $ 40,000

Instructions:
1. Prepare an income statement for the year ending December 31, 2009.
2. Prepare a retained earnings statement for the year ending December 31, 2009.
3. Prepare a balance sheet as of December 31, 2009.
4. Prepare a statement of cash flows for the year ending December 31, 2009.

Problem #2
At the end of August, the first month of operations, the following data was taken from the financial
statements of LDP Consultants, Inc.
Net income for August                                  $ 85,000
Total assets at August 31                              $ 650,000
Total liabilities at August 31                        $ 200,000
Total stockholders’ equity at August 31    $450,000

In preparing the financial statements, adjustments for the following data were overlooked:
1. Unbilled fees earned at August 31            $ 5,200
2. Depreciation of equipment for August   $3,500
3. Prepaid insurance expired for August    $750
4. Accrued wages at August 31                     $ 2,000

Instructions:
Based on the accounting equation, determine the effect of each omitted adjustment to net income,
total asset s, total liabilities, and total equities. In addition, determine the correct amounts after
adjustments for the accounts mentioned above.
Net Income Total Assets =Total Liabilities+ Total Equity
Reported Amounts             $ 85,000        $ 650,000         $ 200,000       $450,000
Adjustment #1
Adjustment #2
Adjustment #3
Adjustment #4
Corrected Amounts

Place your order now on a similar assignment and get fast, cheap and best quality work written by our expert level  assignment writers.

What our customers say
_____