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American Leaf Company TrialBalancesOctober31,20Y2 Journalize the five entries that adjusted the accounts at October 31,20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank. Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2 , A-Z Construction prepaid $5,280 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $26,935. a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31 , the end of the current year. If an amount box does not require an entry, leave it blank. Freperty tax Feedback Determine the amount of prepaid city license that will expire each month. Then expense the expired amount that will occur from April 2 to December 31. Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. The property tax requires increasing an expense account. Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. b. What is the amount of tax expense for the current year? Analyze Amazon,com Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon's income statements through operating income for two recent years are as follows (in millions): Amazon.com, Inc. Income Statements Required: a. Prepare a vertical analysis of the two income statements. Round percentages to one decimal place. Adjustment for Unearned Revenue On June 1, 20Y2, Herbal Co. received $25,050 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31 , 20Y2. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it blank. Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. a. The adjustment for accrued wages of $3,830 was journalized as a debit to Wages Expense for $3,830 and a credit to Accounts Payable for $3,830. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. $ b. The entry for $4,190 of supplies used during the period was journalized as a debit to Supplies Expense of $4,190 and a credit to Supplies of $4,910. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. $ a. Recall that the trial balance does not provide complete proof of the accuracy of the ledger, but indicates only that debits equal credits. Were the correct amounts recorded? If not, what is the difference and on which side of the T-account is it higher? b. Recall that the trial balance does not provide complete proof of the accuracy of the ledger, but indicates only that debits equal credits. Though the transaction may have been handled incorrectly, did the omission cause the debit and credit column totals to be unequal? Balarnce Shects, Net Incame Financial information related to the corpotation of Ebony tenteriors for February and March 2018 is as follows: a. Prepare balance sheets for Ebony Interiors as of February 28, 2018 3. Reced that the balance shest is a formal presertation of the acoourfing equaticn: such that Prepare baiance sheets foe Ebomy Interiors as of Marth 31, 2018: b. Determine the armount of net income for March, assuming that no additional cammon stock was issued and no divdends were poid during the month. c. Determine the amount of net income for March, assuming that no additional common stock was dsued, but dividends of $23,500 aere boid during the month. Net Income and Stockholders' Equity for Four Businesses Four different corporations, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Aries: No additional common stock was issued, and no dividends were paid. Gemini: No additional common stock was issued, but dividends of $6,400 were paid. Leo: Additional common stock of $32,600 was issued, but no dividends were paid Pisces: Additional common stock of $41,000 was issued, and dividends of $8,100 we Enter all amounts as positive numbers. F Check My Work Consider the impact that investments, dividends and net incomeinet loss have on the stockholders' capital account. Trial Balance Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank. a. Accounts with debit balances should be placed in the Debit column and those with credit balances are placed in the Credit column. When finished, the column totals must be equal. b. Based upon the unadjusted trial balance, determine the net income or net loss. $ American Leaf Company TrialBalancesOctober31,20Y2 Journalize the five entries that adjusted the accounts at October 31,20Y2. None of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank. Adjusting Entries for Prepaid and Accrued Taxes A-Z Construction Company was organized on May 1 of the current year. On May 2 , A-Z Construction prepaid $5,280 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes account. A-Z Construction is also required to pay in January an annual tax (on property) for the previous calendar year. The estimated amount of the property tax for the current year (May 1 to December 31) is $26,935. a. Journalize the two adjusting entries required to bring the accounts affected by the two taxes up to date as of December 31 , the end of the current year. If an amount box does not require an entry, leave it blank. Freperty tax Feedback Determine the amount of prepaid city license that will expire each month. Then expense the expired amount that will occur from April 2 to December 31. Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. The property tax requires increasing an expense account. Complete your adjusting entry by making sure that it affects at least one income statement account and one balance sheet account. b. What is the amount of tax expense for the current year? Analyze Amazon,com Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon's income statements through operating income for two recent years are as follows (in millions): Amazon.com, Inc. Income Statements Required: a. Prepare a vertical analysis of the two income statements. Round percentages to one decimal place. Adjustment for Unearned Revenue On June 1, 20Y2, Herbal Co. received $25,050 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31 , 20Y2. Round your answers to the nearest dollar amount. If an amount box does not require an entry, leave it blank. Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. a. The adjustment for accrued wages of $3,830 was journalized as a debit to Wages Expense for $3,830 and a credit to Accounts Payable for $3,830. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. $ b. The entry for $4,190 of supplies used during the period was journalized as a debit to Supplies Expense of $4,190 and a credit to Supplies of $4,910. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. $ a. Recall that the trial balance does not provide complete proof of the accuracy of the ledger, but indicates only that debits equal credits. Were the correct amounts recorded? If not, what is the difference and on which side of the T-account is it higher? b. Recall that the trial balance does not provide complete proof of the accuracy of the ledger, but indicates only that debits equal credits. Though the transaction may have been handled incorrectly, did the omission cause the debit and credit column totals to be unequal? Balarnce Shects, Net Incame Financial information related to the corpotation of Ebony tenteriors for February and March 2018 is as follows: a. Prepare balance sheets for Ebony Interiors as of February 28, 2018 3. Reced that the balance shest is a formal presertation of the acoourfing equaticn: such that Prepare baiance sheets foe Ebomy Interiors as of Marth 31, 2018: b. Determine the armount of net income for March, assuming that no additional cammon stock was issued and no divdends were poid during the month. c. Determine the amount of net income for March, assuming that no additional common stock was dsued, but dividends of $23,500 aere boid during the month. Net Income and Stockholders' Equity for Four Businesses Four different corporations, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as follows: On the basis of the above data and the following additional information for the year, determine the net income (or loss) of each company for the year. (Hint: First, determine the amount of increase or decrease in stockholders' equity during the year.) Aries: No additional common stock was issued, and no dividends were paid. Gemini: No additional common stock was issued, but dividends of $6,400 were paid. Leo: Additional common stock of $32,600 was issued, but no dividends were paid Pisces: Additional common stock of $41,000 was issued, and dividends of $8,100 we Enter all amounts as positive numbers. F Check My Work Consider the impact that investments, dividends and net incomeinet loss have on the stockholders' capital account. Trial Balance Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank. a. Accounts with debit balances should be placed in the Debit column and those with credit balances are placed in the Credit column. When finished, the column totals must be equal. b. Based upon the unadjusted trial balance, determine the net income or net loss. $

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