University of Bridgeport Company Income Statement Accounting Problems Worksheet

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Obj. 1, 2, 3 Last Chance Company offers legal consulting advice to prison inmates. Last Chance prepared the end-of-period spreadsheet that follows at June 30, 20Y3, the end of the fiscal year.

[An end-of-period spreadsheet is shown for Last Chance Company for the year ended June 30, 20Y3. The first column is for account titles. Next are Unadjusted Trial Balance Dr. and Cr. columns, Adjustments Dr. and Cr. columns, and Adjusted Trial Balance Dr. and Cr. columns. The account titles and their debit and credit amounts are as follows: Cash: 5,100 Unadjusted Trial Balance Dr. and 5,100 Adjusted Trial Balance Dr. Accounts Receivable: 22,750 Unadjusted Trial Balance Dr., 3,750 Adjustments Dr., and 26,500 Adjusted Trial Balance Dr. Prepaid Insurance: 3,600 Unadjusted Trial Balance Dr., 1,300 Adjustments Cr., and 2,300 Adjusted Trial Balance Dr. Supplies: 2,025 Unadjusted Trial Balance Dr., 1,500 Adjustments Cr., and 525 Adjusted Trial Balance Dr. Land: 80,000 Unadjusted Trial Balance Dr. and 80,000 Adjusted Trial Balance Dr. Building: 340,000 Unadjusted Trial Balance Dr. and 340,000 Adjusted Trial Balance Dr. Accum. Depr.-Building: 190,000 Unadjusted Trial Balance Cr., 3,000 Adjustments Cr., and 193,000 Adjusted Trial Balance Cr. Equipment: 140,000 Unadjusted Trial Balance Dr. and 140,000 Adjusted Trial Balance Dr. Accum. Depr.-Equipment: 54,450 Unadjusted Trial Balance Cr., 4,550 Adjustments Cr., and 59,000 Adjusted Trial Balance Cr. Accounts Payable: 9,750 Unadjusted Trial Balance Cr. and 9,750 Adjusted Trial Balance Cr. Salaries & Wages Payable: 1,900 Adjustments Cr. and 1,900 Adjusted Trial Balance Cr. Unearned Rent: 4,500 Unadjusted Trial Balance Cr., 3,000 Adjustments Dr., and 1,500 Adjusted Trial Balance Cr. Common Stock: 90,000 Unadjusted Trial Balance Cr. and 90,000 Adjusted Trial Balance Cr. Retained Earnings: 271,300 Unadjusted Trial Balance Cr. and 271,300 Adjusted Trial Balance Cr. Dividends: 20,000 Unadjusted Trial Balance Dr. and 20,000 Adjusted Trial Balance Dr. Fees Earned: 280,000 Unadjusted Trial Balance Cr., 3,750 Adjustments Cr., and 283,750 Adjusted Trial Balance Cr. Rent Revenue: 3,000 Adjustments Cr. and 3,000 Adjusted Trial Balance Cr. Salaries & Wages Expense: 145,100 Unadjusted Trial Balance Dr., 1,900 Adjustments Dr., and 147,000 Adjusted Trial Balance Dr. Advertising Expense: 86,800 Unadjusted Trial Balance Dr. and 86,800 Adjusted Trial Balance Dr. Utilities Expense: 30,000 Unadjusted Trial Balance Dr. and 30,000 Adjusted Trial Balance Dr. Travel Expense: 18,750 Unadjusted Trial Balance Dr. and 18,750 Adjusted Trial Balance Dr. Depr. Exp.-Equipment: 4,550 Adjustments Dr. and 4,550 Adjusted Trial Balance Dr. Depr. Exp.-Building: 3,000 Adjustments Dr. and 3,000 Adjusted Trial Balance Dr. Supplies Expense: 1,500 Adjustments Dr. and 1,500 Adjusted Trial Balance Dr. Insurance Expense: 1,300 Adjustments Dr. and 1,300 Adjusted Trial Balance Dr. Misc. Expense: 5,875 Unadjusted Trial Balance Dr. and 5,875 Adjusted Trial Balance Dr. A single rule appears in each column for the Misc. Expense account line. The total of the Unadjusted Trial Balance Dr. and Cr. columns is 900,000. The total of the Adjustments Dr. and Cr. columns is 19,000. The total of the Adjusted Trial Balance Dr. and Cr. columns is 913,200. A double rule appears below each of these totals.]