please share with me your balance sheet total.any one of you done this?
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FIN621 Financial Statement Analysis Assignment No. 01 Discussion and Solution Fall 2014 Last Date 1st December 2014
Question # 1:
Life insurance agency was organized on September 01, 2013. Assume that the accounts are closed and financial statements prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 5 years from date of acquisition, September 01, 2013. The trial balance for Life insurance agency at November 30, 2013 is shown below.
LIFE INSURANCE AGENCY
TRIAL BALANCE
NOVEMBER 30, 2013
Particulars Debit Credit Rs. Rs.Cash 6,565Account receivable 17,050Office supplies 500Office equipment 18,000Accumulated Depreciation: Office equipment 600
Accounts payable 1,260Capital 35,000Drawing 2,500Commission earned 15,555Advertising expense 1,400Salaries expense 2,600Rent expense 3,800Total 52,415 52,415Life Insurance Agency estimated that only about Rs.300 worth of office supplies remained on hand at November 30, 2013.
You are required to:
a. Prepare adjusting entries at November 30, 2013 to reflect the office supplies used in
November and depreciation expense for the month. (2 Marks)
b. Prepare an adjusted trial balance at November 30, 2013. (2 Marks)
c. Prepare Income Statement and balance sheet at November 30, 2013. (3 + 2 Marks)
Question: 2
What is purpose of making period-end adjusting entries? (1 Marks)
NOTE:
Complete calculations are required for every part of the problem. Incomplete calculations will result in loss of marks.
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please share with me your balance sheet total.any one of you done this?
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