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New Member
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Mar 11, 2008, 10:41 AM
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Susquehanna equipment rentals
Anyone have the susquehanna equipment rentals spreadsheets complete?
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New Member
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Sep 18, 2008, 07:03 PM
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I am trying, did you finish?
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New Member
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Oct 13, 2008, 03:56 AM
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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 :)
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New Member
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Oct 25, 2008, 10:47 AM
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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.
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New Member
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Oct 27, 2008, 03:39 PM
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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.
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New Member
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Oct 27, 2008, 04:33 PM
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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)
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New Member
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Oct 27, 2008, 04:33 PM
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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:
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New Member
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Oct 28, 2008, 05:18 AM
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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
--------------------------------------------------
That's WHAT I THINK ITS CORRECT. YOU HAVE TO CHECK YOUR JOURNALS AND STATEMENTS.
LET ME KNOW YOUR BALANCE WHEN YOU FINISH.
GOOD LUCK:)
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New Member
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Nov 30, 2008, 12:43 PM
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Anyone got the answer to the whole problem?
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New Member
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Nov 30, 2008, 03:37 PM
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Okay all the ledgers listed above do not balance.
If your going to 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 answers for this whole problem please post them up.
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New Member
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Feb 18, 2009, 04:58 AM
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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
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New Member
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Apr 14, 2009, 01:38 AM
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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.
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New Member
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Jun 1, 2009, 12:52 AM
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Originally Posted by n2owhipit
Anyone have the susquehanna equipment rentals spreadsheets complete?
Did you get it finally?
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