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Airing & Spelling,Inc

Question 87

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Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made:
Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made: Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected. 1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year. 2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013. 3.Insurance coverage used during the year was $6,000. 4.$500 worth of supplies were on hand at December 31. 5.Additional salaries of $10,000 were earned and will be paid next month. Part B: Fill in the missing information on the financial statements: Part C: Calculate the profit margin on sales ratio.______________________ Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected.
1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year.
2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013.
3.Insurance coverage used during the year was $6,000.
4.$500 worth of supplies were on hand at December 31.
5.Additional salaries of $10,000 were earned and will be paid next month. Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made: Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected. 1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year. 2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013. 3.Insurance coverage used during the year was $6,000. 4.$500 worth of supplies were on hand at December 31. 5.Additional salaries of $10,000 were earned and will be paid next month. Part B: Fill in the missing information on the financial statements: Part C: Calculate the profit margin on sales ratio.______________________ Part B: Fill in the missing information on the financial statements: Airing & Spelling,Inc.began operations on January 1,2011.The following amounts were obtained from its information system on December 31,2011.These amounts are before any year-end adjustments have been made: Part A: In the worksheet below,record the effect of these five adjustments on the accounting equation.Show the correct dollar amounts,and write in the titles of the accounts affected. 1.The truck,purchased on January 1,has a useful life of 5 years with no residual value.Record the depreciation for the year. 2.The 6%,two-year notes payable were issued on January 1.Interest and principal are due January 1,2013. 3.Insurance coverage used during the year was $6,000. 4.$500 worth of supplies were on hand at December 31. 5.Additional salaries of $10,000 were earned and will be paid next month. Part B: Fill in the missing information on the financial statements: Part C: Calculate the profit margin on sales ratio.______________________ Part C: Calculate the profit margin on sales ratio.______________________

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