Accounting Recording Correct Entries And Preparing Financial Statement Homework Help
- November 4, 2017
- Posted by:
- Category: Accounting QA
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Jefferson Jerome is interested in purchasing “Art Specialists Inc.”, an auction house. The company receives the right to sell art but not to purchase the art themselves for a 5% commission. Art Specialists rents office space and Chelsea and holds its auctions at local hotels.
Art Specialist Inc.
Unadjusted Trial Balance
December 31, 2013
Cash $ 35,000.00
Accounts receivable $ 60,000.00
Supplies $ 8,000.00
Equipment $ 53,000.00
Accumulated Depreciation $ 14,500.00
Accounts payable $ 5,600.00
Dividends $ 50,000.00
Capital stock $ 25,000.00
Retained earnings $ 84,900.00
Commission income $ 244,000.00
Rent Expense $ 20,000.00
Wages Expense $ 70,000.00
Auction Expenses $ 56,000.00
Depreciation Expenses $ 7,000.00
Membership Expenses $ 6,000.00
Supplies Expense $ 9,000.00
TOTAL $ 374,000.00 $ 374,000.00
As Jefferson’s accountant, you have received the trial balance above as well as the general ledger. The review has found the following errors
• Year end bank reconciliation showed that the balance should be $30,000. A customer should have been billed for commissions earned but it was recorded as a cash payment of the commission income.
• Membership expenses are not related to the business and should be shown as a dividend to shareholder.
• Depreciation expense should be $3,500 for the year.
• Supplies expenses failed to record $2,000 in packing supplies used during the year.
• Accounts receivables that have not been billed $10,000.
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Required
1. Record the correcting entry.
2. Prepare financial statements
3. Current owners want $250,000 for the business. Jefferson does not want to pay more than Net Worth x 1.5. Should he buy? For how much?
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