FileName: 04p_1a_sol, Tab: ProblemP4-1A, Page 1 of 5, 2013/4/16, 7:14

Name:
Course:
Date:
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
11,400
5,620
1,050
2,400
30,000
10,000
12,350
20,000
600
13,620
2,200
1,300
1,200
200
55,970 55,970
R
e
f
R
e
f
Salaries Expense
Miscellaneous Expense
Totals
Cash
Accounts Receivable
Supplies
Equipment
Notes Payable
Totals
Worksheet
For theQuarter Ended March 31, 2011
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Net Income
Totals
InsuranceExpense
Interest Expense
Interest Payable
Prepaid Insurance
Travel Expense
Rent Expense
Accumulated Depreciation
Depreciation Expense
Supplies Expense
Accounts Payable
ShareCapital - Ordinar
Dividends
ServiceRevenue
Problem P4-1A, Thomas Magnumbegan operations as aprivateinvestigator on J anuary 1, 2011. Thetrial balancecolumns of theworksheet for Thomas
Magnum, P.I. at March 31 areas follows.
THOMAS MAGNUM, P.I., INC.
Solving Financial Accounting IFRS Problems Using Microsoft Excel for Windows by Rex A Schildhouse
Financial Accounting, IFRS, 1st Edition by Weygandt, Kimmel, and Kieso
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
FileName: 04p_1a_sol, Tab: ProblemP4-1A, Page 2 of 5, 2013/4/16, 7:14
Name:
Course:
Date:
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
380
1,000
200
530
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Amount
Formula
Formula
Title
Account title
Title
1. Supplies on hand total (a)
Other data: (Keys provided for referencecolumns.)
2. Depreciation is
(a) Completetheworksheet.
(b)(1) Preparean incomestatement for thequarter ended March 31, 2011.
3. Interest accrued on 6-month notepayable, issued J anuary 1, 300 (c)
5. Services provided but unbilled at March 31 total (e)
Account title
Account title
Title
Title
4. Insuranceexpires at therateof
Account title
Account title
Account title
Account title
for thequarter (b)
Instructions:
per month. (d)
Account title
Account title
THOMAS MAGNUM, P.I., INC.
IncomeStatement
For theQuarter Ended March 31, 2011
FileName: 04p_1a_sol, Tab: ProblemP4-1A, Page 3 of 5, 2013/4/16, 7:14
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Course:
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Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
0
Amount
Formula
Amount
Formula
Amount
Amount Formula
Amount
Amount
Amount
Amount Formula
Formula
Amount
Amount Formula
Amount
amount
amount Formula
Formula
Account title
Less: Account title
THOMAS MAGNUM, P.I., INC.
Total equity and liabilities
Statement of Financial Position
March 31, 2011
Title
Account title
Account title
Title
Title
Title
Account title
Account title
Account title
Equity
Account title
Account title
Account title
(b)(3) Prepareaclassified statement of financial position for March 31, 2011.
(b)(2) Preparearetained earnings statement for thequarter ended March 31, 2011.
THOMAS MAGNUM, P.I., INC.
Retained Earnings Statement
For theQuarter Ended March 31, 2011
Title
Title
Title
Title
Account title
Assets
Equity and Liabilities
FileName: 04p_1a_sol, Tab: ProblemP4-1A, Page 4 of 5, 2013/4/16, 7:14
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Course:
Date:
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
Text explanation
Account title
Account title
Account title
Account title Amount
Account title
Account title
Account title Amount
Mar 31 Account title Amount
(d) J ournalizetheclosing entries fromthefinancial statement columns of theworksheet.
Mar 31
Account title Amount
Text explanation
Mar 31
Account title Amount
Text explanation
Amount
Text explanation
Mar 31 Account title Amount
Mar 31 Account title Amount
Account title
Mar 31 Account title Amount
Account title Amount
Text explanation
(c) J ournalizetheadjusting entries fromtheadjustments columns of theworksheet.
Account title
Amount
Mar 31
Account title
Account title
Account title
Account title
Account title
Account title Amount
Account title
FileName: 04p_1a_sol, Tab: ProblemP4-1A, Page 5 of 5, 2013/4/16, 7:14
Name:
Course:
Date:
Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
Account title
Mar 31 Account title
Mar 31 Account title
Account title