n2owhipit
Mar 11, 2008, 10:41 AM
Anyone have the susquehanna equipment rentals spreadsheets complete?
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n2owhipit Mar 11, 2008, 10:41 AM Anyone have the susquehanna equipment rentals spreadsheets complete? claudy Sep 18, 2008, 07:03 PM I am trying, did you finish? yh70 Oct 13, 2008, 03:56 AM Hello Check this, i think you'll find the spreadsheet that you need highered.mcgraw-hill.com/sites/dl/free/0072996501/388052/CompProblem01.pdf Good luck :) dietpepsimax Oct 25, 2008, 10:47 AM I am trying to finish this problem, has anyone out there finished it yet? I just want to make sure I am doing this correctly. yh70 Oct 27, 2008, 03:39 PM Hello you can write your answer here and i'll check it for you whether if you are in the right track or not. Just write the part that you need. dietpepsimax Oct 27, 2008, 04:33 PM SUSQUEHANNA EQUIPMENT RENTALS Worksheet December 31, 2007 C.POST DECEMBER TRANSACTIONS AND ADJUSTING ENTRIES TO LEDGER ACCOUNTS ASSETS LIABILITIES OWNERS EQUITY CASH-$200,000 -$140,000 Purchase Equip. -$12,000 Shapiro Realty +$8,000 McNamer Const. -$5,200 Salaries 1st part +$12,000 Equip Rent Earn -$600 Parts Expense AP +$2,000 Collect AR -$5,200 Salaries 2nd part -$2,000 Dividends payable -$9,600 Insurance Policy -$4,400 Collect AR +$15,600 Equip. Rent Earn -$1,400 Salaries Payable CASH AT DEC. 31= 65,000 NOTES PAYABLE-$100,000 CAPTIAL STOCK-20,000 ACCOUNTS RECIEVABLE- $12,800 ACCOUNTS PAYABLE-$1,000 DIVIDENDS-2,000 PRE-PAID RENT-$12,000 ACCUMULATED DEPRECIATION RENTAL EQUIP.-$30,000 RETAINED EARNINGS $140,800 UN-EXPIRED INSURANCE-$9600 INTEREST PAYABLE-$6,000 INCOME SUMMARY Gross income $238,000 Dividends paid $2,000 Income taxes paid $95,200 Net income at year end-$140,800 OFFICE SUPPLIES-$1000 SALARIES PAYABLE-$5,200 -$5,200 -1,400 SALARY EXPENSE - $11,800 RENTAL EQUIPMENT-$240,000 DIVIDENDS PAYABLE-$20,000 UNEARNED RENTAL FEES-$8,000 INCOME TAXES PAYABLE-$95,040 RENT FEES EARNED-$38,000 MAINTENANCE EXPENSE UTILITITES EXPENSE-$700 RENT EXPENSE-$12,000 OFFICE SUPPLIES EXPENSE-$1,000 DEPRECIATION EXPENSE-$30,000 INTEREST EXPENSE-$6,000 INCOME TAXES EXPENSE-$95,200 (CASH FLOW IN =238,000 X 4%=95,200) dietpepsimax Oct 27, 2008, 04:33 PM SUSQUEHANNA EQUIPMENT RENTALS Worksheet December 31, 2007 C.POST DECEMBER TRANSACTIONS AND ADJUSTING ENTRIES TO LEDGER ACCOUNTS ASSETS LIABILITIES OWNERS EQUITY CASH-$200,000 -$140,000 Purchase Equip. -$12,000 Shapiro Realty +$8,000 McNamer Const. -$5,200 Salaries 1st part +$12,000 Equip Rent Earn -$600 Parts Expense AP +$2,000 Collect AR -$5,200 Salaries 2nd part -$2,000 Dividends payable -$9,600 Insurance Policy -$4,400 Collect AR +$15,600 Equip. Rent Earn -$1,400 Salaries Payable CASH AT DEC. 31= 65,000 NOTES PAYABLE-$100,000 CAPTIAL STOCK-20,000 ACCOUNTS RECIEVABLE- $12,800 ACCOUNTS PAYABLE-$1,000 DIVIDENDS-2,000 PRE-PAID RENT-$12,000 ACCUMULATED DEPRECIATION RENTAL EQUIP.-$30,000 RETAINED EARNINGS $140,800 UN-EXPIRED INSURANCE-$9600 INTEREST PAYABLE-$6,000 INCOME SUMMARY Gross income $238,000 Dividends paid $2,000 Income taxes paid $95,200 Net income at year end-$140,800 OFFICE SUPPLIES-$1000 SALARIES PAYABLE-$5,200 -$5,200 -1,400 SALARY EXPENSE - $11,800 RENTAL EQUIPMENT-$240,000 DIVIDENDS PAYABLE-$20,000 UNEARNED RENTAL FEES-$8,000 INCOME TAXES PAYABLE-$95,040 RENT FEES EARNED-$38,000 MAINTENANCE EXPENSE UTILITITES EXPENSE-$700 RENT EXPENSE-$12,000 OFFICE SUPPLIES EXPENSE-$1,000 DEPRECIATION EXPENSE-$30,000 INTEREST EXPENSE-$6,000 INCOME TAXES EXPENSE-$95,200 (CASH FLOW IN =238,000 X 4%=95,200) I have no clue if these figures are right. I am probably way off base. :confused: yh70 Oct 28, 2008, 05:18 AM C.LEDGER ACCOUNTS Cash 1/12 200,000 140,000 1/12 8/12 8,000 12,000 1/12 15/12 12,000 5,200 12/12 23/12 2,000 5,200 26/12 31/12 15,600 600 27/12 9,600 29/12 237,600 172,600 Balance 65,000 -------------------------------------------------- Capital Stock 200,000 1/12 Balance 200,000 -------------------------------------------------- Salaried Expense 12/12 5,200 26/12 5,200 26/12 1,400 Balance 11,800 --------------------------------------------------- Accounts Receivable 15/12 6,000 2,000 23/12 31/12 1,500 31/12 4,400 Balance 9,900 --------------------------------------------------- Rental Equipment 1/12 240,000 Balance 240,000 --------------------------------------------------- Notes Payable 100,000 1/12 Balance 100,000 --------------------------------------------------- Rental Fees Earned 18,000 15/12 20,000 31/12 3,700 8/12 1,500 31/12 Balance 43,200 --------------------------------------------------- Maintenance Expense 17/12 600 Balance 600 --------------------------------------------------- Prepaid Rent 1/12 12,000 4,000 Balance 8,000 --------------------------------------------------- Office Supplies 4/12 1,000 400 31/12 Balance 600 --------------------------------------------------- Dividends 28/12 2,000 Balance 2,000 -------------------------------------------------- Dividend Payable 2,000 28/12 Balance 2,000 -------------------------------------------------- Unearned Rental Fees 8/12 3,700 8,000 8/12 Balance 4,300 -------------------------------------------------- Accounts Payable 600 1,000 4/12 600 17/12 700 31/12 Balance 1,700 -------------------------------------------------- Unexpired Insurance 29/12 9,600 Balance 9,600 -------------------------------------------------- Utility Expense 31/12 700 Balance 700 -------------------------------------------------- Rent Expense 1/12 4,000 Balance 4,000 -------------------------------------------------- Interest Expense 1/12 500 Balance 500 -------------------------------------------------- Interest Payable 500 1/12 Balance 500 -------------------------------------------------- Depreciation Expense 1/12 2,500 Balance 2,500 -------------------------------------------------- Accumulated Depreciation 1/12 2,500 Balance 2,500 -------------------------------------------------- Supplies Expense 31/12 400 Balance 400 -------------------------------------------------- Salaried Payable 26/12 1,400 Balance 1,400 -------------------------------------------------- Income Tax Expense 31/12 9,080 Balance 9,080 -------------------------------------------------- Income Tax Payable 9,080 31/12 Balance 9,080 -------------------------------------------------- THATS WHAT I THINK ITS CORRECT. YOU HAVE TO CHECK YOUR JOURNALS AND STATEMENTS. LET ME KNOW YOUR BALANCE WHEN YOU FINISH. GOOD LUCK:) twist3ci Nov 30, 2008, 11:43 AM anyone got the answer to the whole problem? ByondWords Nov 30, 2008, 02:37 PM Okay all the ledgers listed above do not balance. If your gonna be nice enough to post numbers up please be nice enough to check your work. None of the numbers balance and are throwing everything off. If somebody has the correct anwsers for this whole problem please post them up. hhmgabr Feb 18, 2009, 03:58 AM Dear Sir, It seems all your accounts are true and you did understand the problem carefully, I did check my answer with yours. Unfortunately i found a gap in the balance sheet between the assets and the liabilities+Owner's equity. I found a gap of $5000. My assets accounts totaled 335600 while liabilities and equity's accounts totaled 330600. could you please advice on the right number balance . (N.b: i calculated the retained earnings and i received $11,620 result). Thanks a lot :o vic2008 Apr 14, 2009, 01:38 AM Thanks for yh70's answers~ I know my mistakes that lie in pre-confirming the revenue on Dec. 23th. :) The total asset is 330,600 while the total liabilities and equity are 330,600. axelious Jun 1, 2009, 12:52 AM Anyone have the susquehanna equipment rentals spreadsheets complete? did you get it finally?? Copyright ©2005-, Ask Me Help Desk
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