Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
Cash
|
$ 500
|
|
Accounts Receivable
|
700
|
|
Prepaid Insurance
|
100
|
|
Supplies
|
200
|
|
Office Equipment
|
3,500
|
|
Accumulated Depreciation
|
|
$ 1,000
|
Accounts Payable
|
|
1,600
|
Unearned Revenue
|
|
400
|
Contributed capital
|
|
1,200
|
Retained Earnings
|
|
800
|
Dividends
|
800
|
|
Service Fees Revenue
|
|
4,900
|
Wages Expense
|
2,000
|
|
Rent Expense
|
1,500
|
|
Supplies Expense
|
600
|
_____
|
Totals
|
$9,900
|
$9,900
|
The following information is needed for adjusting entries at the end of Decembera. On December 31, 2010, the insurance expired amounted to $80.
b.Of the unearned revenue, $250 of services had been performed.
c.Services have been performed for customers that have not yet been billed or paid totaling $180.
d.The office equipment computation for 2010 depreciation amounts to $200.
24.What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?
25.How much net income will Sheena report for the year ending December 31, 2010?
26.Determine total liabilities for Sheena, Inc. for the year ending December 31, 2010.
27.Interest receivable on January 1 and December 31 totals $4,800 and $3,600, respectively. During the year, cash received from interest is $15,000. Determine interest revenue for the current year.
28.Accounts receivable on January 1 and December 31 is $18,000 and $21,500, respectively. During the year, sales revenue is $260,000. What is the current year's cash received from customers?
29.Inventory on January 1 and December 31 is $41,500 and $47,000, respectively. During the year, cash paid to suppliers of inventory is $100,000. If all purchases of inventory are for cash, how much is the current year's cost of goods sold?
30.Inventory on January 1 and December 31 is $40,000 and $35,000, respectively. Accounts payable on January 1 and December 31 are $25,000 and $29,000, respectively. During the year, cost of goods sold is $190,000. How much is the current year's cash payments to suppliers of inventory?