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10.4 The closing process
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10.3 The Profit and Loss Summary account
10.3 The Profit and Loss Summary account
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Recommandé
10.4 The closing process
10.4 The closing process
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10.3 The Profit and Loss Summary account
10.3 The Profit and Loss Summary account
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21.4 Budgeting for creditor payments
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21.3 Budgeting for debtor receipts
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Whbm05
1.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Chapter 5 THE ACCOUNTING CYCLE: Reporting Financial Results
2.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin JJ's Lawn Care Service Adjusted Trial Balance May 31, 2003 Cash 3,925$ Accounts receivable 75 Tools & equipment 2,650 Accumulated depr.: tools & eq. 50$ Truck 15,000 Accumulated depr.: truck 250 Notes payable 13,000 Accounts payable 150 Capital stock 8,000 Dividends 200 Sales revenue 750 Gasoline expense 50 Depr. exp.: tools & eq. 50 Depr. exp.: truck 250 Total 22,200$ 22,200$ This is the Adjusted Trial Balance for JJ’s. This is the Adjusted Trial Balance for JJ’s. Now, let’s prepare the financial statements for JJ’s Lawn Care Service for May. Now, let’s prepare the financial statements for JJ’s Lawn Care Service for May.
3.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin JJ's Lawn Care Service Income Statement For the month ending May 31, 2003 Sales revenue 750$ Operating expenses: Gasoline expense 50$ Depr. exp.: tools & eq. 50 Depr. exp.: truck 250 350 Net income 400$ Net income also appears on the Statement of Owner’s Equity. Net income also appears on the Statement of Owner’s Equity.
4.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin •Business Earnings •Dividends •Business Losses This statement summarizes the increases and decreases in Retained Earnings during the period. Statement of Retained EarningsStatement of Retained Earnings
5.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Now, let’s prepare the Balance Sheet.
6.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin JJ's Lawn Care Service Balance Sheet May 31, 2003 Assets Cash 3,925$ Accounts receivable 75 Tools & equipment 2,650$ Less: Accum. depr.: tools & eq. 50 2,600 Truck 15,000$ Less: Accum. depr.: truck 250 14,750 Total assets 21,350$ Liabilities & Stockholders' Equity Liabilities: Notes payable 13,000$ Accounts payable 150 Total liabilities 13,150$ Stockholders' equity: Capital stock 8,000$ Retained earnings 200 Total stockholders' equity 8,200 Total liabilities & stockholders' equity 21,350$ Next, let’s prepare the Statement of Cash Flows for JJ’s Lawn Care Service for May. Next, let’s prepare the Statement of Cash Flows for JJ’s Lawn Care Service for May.
7.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin JJ's Lawn Care Service Statement of Cash Flows For the Month Ended May 31, 2003 Cash flows from operating activities: Cash received from revenue transactions 750$ Cash paid for expenses (50) Net cash provided by operating activities 700$ Cash flows from investing activities: Purchase of lawn mower (2,500)$ Purchase of truck (2,000) Collection for sale of repair parts 75 Payment for repair parts (150) Net cash used by investing activities (4,575) Cash flows from financing activities: Investment by owners 8,000$ Dividends (200) Net cash provided by financing activities 7,800 Increase in cash for month 3,925$ Cash balance, May 1, 2003 - Cash balance, May 31, 2003 3,925$
8.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Notes to the Financial Statements Examples of Items Disclosed Lawsuits pending Scheduled plant closings Governmental investigations Significant events occurring after the balance sheet date Specific customers that account for a large portion of revenue Unusual transactions and related party transactions Examples of Items Disclosed Lawsuits pending Scheduled plant closings Governmental investigations Significant events occurring after the balance sheet date Specific customers that account for a large portion of revenue Unusual transactions and related party transactions Drafting Notes to the Financial Statements Drafting Notes to the Financial Statements
9.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Closing the Temporary Equity Accounts Closing the Temporary Equity Accounts Close Revenue accounts to Income Summary. Close Expense accounts to Income Summary. Close Income Summary account to Retained Earnings. Close Dividends to Retained Earnings. The closing process gets the temporary accounts ready for the next accounting period.
10.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin GENERAL JOURNAL Date Account Titles and Explanation P RDebit Credit May 31 Sales Reveune 750 Income Summary 750 To close the revenue account. Since Sales Revenue has a credit balance, the closing entry requires a debit to the Sales Revenue account. Since Sales Revenue has a credit balance, the closing entry requires a debit to the Sales Revenue account. Closing Entries for Revenue AccountsClosing Entries for Revenue Accounts
11.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Income Summary 750 750 Sales Revenue 750 750 - Closing Entries for Revenue AccountsClosing Entries for Revenue Accounts
12.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin GENERAL JOURNAL Date Account Titles and Explanation P RDebit Credit May 31 Income Summary 350 Gasoline Expense 50 Depreciation Exp.: Tools & Equipment 50 Depreciation Exp.: Truck 250 To close the expense accounts. Since expense accounts have a debit balance, the closing entry requires a credit to the expense accounts. Since expense accounts have a debit balance, the closing entry requires a credit to the expense accounts. Closing Entries for Expense AccountsClosing Entries for Expense Accounts
13.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Closing Entries for Expense AccountsClosing Entries for Expense Accounts Income Summary 350 750 400 Gasoline Exp. 50 50 - Net Income Depr. Exp.: Truck 250 250 - Depr. Exp.: Tools & Equipment 50 50 -
14.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Since Income Summary has a $400 credit balance, the closing entry requires a debit to Income Summary. Since Income Summary has a $400 credit balance, the closing entry requires a debit to Income Summary. GENERAL JOURNAL Date Account Titles and Explanation P RDebit Credit May 31 Income Summary 400 Retained Earnings 400 To close Income Summary. Closing the Income Summary AccountClosing the Income Summary Account
15.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Retained Earnings - 400 400 Income Summary 350 750 400 - The balance in Income Summary is now zero. Closing the Income Summary AccountClosing the Income Summary Account
16.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Since the Dividends account has a debit balance, the closing entry requires a credit to the Dividends account. Since the Dividends account has a debit balance, the closing entry requires a credit to the Dividends account. GENERAL JOURNAL Date Account Titles and Explanation P RDebit Credit May 31 Retained Earnings 200 Dividends 200 To close the Dividends account. Closing the Dividends AccountClosing the Dividends Account
17.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Closing the Dividends AccountClosing the Dividends Account Retained Earnings 200 - 400 200 Dividends 200 200 -
18.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin After all closing entries are made, JJ’s After-Closing Trial Balance looks like this. After all closing entries are made, JJ’s After-Closing Trial Balance looks like this. Cash 3,925$ Accounts receivable 75 Tools & equipment 2,650 Accumulated depr.: tools & equipment 50$ Truck 15,000 Accumulated depr.: truck 250 Notes payable 13,000 Accounts payable 150 Capital stock 8,000 Retained earnings 200 Total 21,650$ 21,650$ JJ's Lawn Care Service After-Closing Trial Balance May 31, 2003
19.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Did the business earn a profit or loss in the current period? What is the business’s future potential for a profit? Evaluating Profitability Evaluating Profitability Does the business have assets available to pay debts as they are due? Evaluating Solvency Evaluating Solvency Evaluating the BusinessEvaluating the Business
20.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Are product lines profitable? Are resources being used efficiently? Are production processes efficient? Focusing Management’s Attention Focusing Management’s Attention Evaluating the BusinessEvaluating the Business
21.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin Monthly Quarterly Jan. 1 Dec. 31 Annually Many companies prepare financial statements at various points throughout the year. Many companies prepare financial statements at various points throughout the year. Interim Financial Statements Preparing Financial Statements Covering Different Periods of Time Preparing Financial Statements Covering Different Periods of Time
22.
© The McGraw-Hill
Companies, Inc., 2002McGraw-Hill/Irwin End of Chapter 5End of Chapter 5
Notes de l'éditeur
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