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Midterm Finac

I. This document contains multiple choice questions and problem solving questions. II. It provides the adjusted trial balance, income statement, statement of changes in owner's equity, statement of financial position, and closing entries for Marcelo Transport Services for the period ending June 30, 2019. It shows the company had net income of $1,260,883 for the period.

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Shaira Nicole Vasquez
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137 views4 pages

Midterm Finac

I. This document contains multiple choice questions and problem solving questions. II. It provides the adjusted trial balance, income statement, statement of changes in owner's equity, statement of financial position, and closing entries for Marcelo Transport Services for the period ending June 30, 2019. It shows the company had net income of $1,260,883 for the period.

Uploaded by

Shaira Nicole Vasquez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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I.

MULTIPLE CHOICE
1. A 31. B
2. A 32. B
3. A 33. B
4. B 34. A
5. A 35. A
6. B 36. C
7.B 37. A
8. D 38. A
9.C 39. B
10. A 40. A
11. C 41. B
12. B 42. A
13. D 43. C
14.C 44. D
15. D 45. D
16. A 46. B
17. B 47. A
18. C 48. B
19. C 49. A
20 A 50. C
21. B
22. D
23. B
24. C
25. B
26. D
27. B
28. A
29. C
30. D
II. PROBLEM SOLVING

ADJ. TRIAL BALANCE

Cash 1,275,000
Accounts Receivables 225,000
Office Supplies Unused 8,700
Prepaid Rent 60,000
Prepaid Insurance 115,000
Transport Buses 17,400,000
Furniture & Fixtures 275,000
Tools 875,000
Accumulated Depreciation 50,417
Accounts Payable 40,000
Notes Payable 550,000
Mortgage Payable 5,500,000
Salaries Payable 125,000
Unearned Revenue 125,000
Marcelo, Capital 12,607,000
Marcelo, Drawing 25,000
Fares Revenue 24,600,000
Supplies Expense 8,000
Gas & Oil Expense 165,000
Repairs & Maintenance 88,000
Office Supplies Expense 55,000
Utilities Expense 140,000
Rent Expense 120,000
Salary Expense 475,000
Interest Expense 70,000
Insurance Expense 12,500
Tools Expense 15,200
Depreciation Expense 50,417
TOTAL 21,457,817 21,457,817

Marcelo Transport Services


Income Satement
June 30,2019

FARES REVENUE 2,460,000

SUPPLIES EC 8,000
GAS AND OIL EX 165,000
REPAIR AND MAINTENANCE 88,000
OFFICE SUPPLIES EX 55,000
UTILITIES EX 140,000
RENT EX 120,000
SALARIES EX 475,000
INTEREST EX 70,000
INSURANCE EX 12,500
TOOLS EXPENSE 15,200
DEPRECIATION EX 50,417 1,199,117
NET INCOME 1,260,883
Marcelo Tranport Services
Statement of Changes in Owner's Equity
June 30,2019

MARCELO CAPITAL 12,607,400


LESS DRAWING 25,000
ADD INCOME 1,260,883
MARCELO CAPITAL END 13,843,283

Marcelo Transport Services


Satement of Financial Position
June 30,2019

CASH 1,275,000
AR 225,000
OFFICE SUPPLIES UNUSED 8,700
PREPAID RENT 60,000
PREPAID INSURANCE 115,000
TRANSPO BUSES 17,400,000
FURNITURE & FIXTURE 275,000
TOOLDS 875,000
ACCUMULATED DEP 50,417 20,183,283

AP 40,000
NOTES PAYABLE 550,000
MORTGAGE PAYABLE 5,500,000
SALARIES PAYABLE 125,000
UNEARNED PAYABLE 125,000
6,340,000

MARCELO CAPITAL 12,607,400


MARCELO DRAWING 25,000
NET INCOME 1,260,883 13,843,283

TOTAL LIAB AND OE 20,183,283

Closing Entries of Marcelo Transport Services

Income Summary 1,199,117


Supplies Expense 8,000
Gas & Oil Expense 165,000
Repairs & Maintenance 88,000
Office Supplies Expense 55,000
Utilities Expense 140,000
Rent Expense 120,000
Salary Expense 475,000
Interest Expense 70,000
Insurance Expense 12,500
Tools Expense 15,200
Depreciation Expense 50,417

Fares revenue 2,460,000


income summary 2,460,000

income summary 1,260,883


marcelo capital 1,260,883

marcelo capital 25,000


marcelo drawing 25,000

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