Purchase Solution

Lanza Company

Not what you're looking for?

Ask Custom Question

(See attached files for full problem description)

E4-6 The adjusted trial balance of Lanza Company at the end of its fiscal year.
E4-7 Prepare an income statement and a retained earnings statement for the year. There were no issuances of stock during the year.
Prepare a classified balance sheet at July 31.

Attachments
Purchase this Solution
Solution Summary

This solution is comprised of a detailed explanation to prepare the journal entries from the adjusted trial balance of Lanza Company at the end of its fiscal year, prepare an income statement and a retained earnings statement for the year, and prepare a classified balance sheet at July 31.

Solution Preview

LANZA COMPANY
Adjusted Trial Balance
July 31, 2006

No. Account Titles Debits Credits

101 Cash 14,840
112 Accounts Receivable 8,780
157 Equipment 15,900
167 Accumulated Depreciation 5,400
201 Accounts Payable 4,220
208 Unearned Rent Revenue 1,800
311 Common Stock 20,000
320 Retained Earnings 25,200
332 Dividends 16,000
404 Commission Revenue 67,000
429 Rent Revenue 6,500
711 Depreciation Expense 4,000
720 Salaries Expense 55,700
732 Utilities Expense 14,900
Totals 130,120 130,120

E4-6 (a) Prepare the Closing Entries

July 31, 2006 320 Retained Earnings 16,000
332 Dividends 16,000

July 31, 2006 404 Commission Revenue 67,000
350 Income Summary 67,000

July 31, 2006 429 Rent Revenue 6,500 ...

Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Lean your Process

This quiz will help you understand the basic concepts of Lean.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

View More Free Quizzes
Related BrainMass Solutions

  • Cajon Company, Undercover Roofing Inc., Lanza Company

    85910 Income statements, balance sheets, etc E4-1 The adjusted trial balance for Cajon Company, P4-1A Trial balance column for Undercover Roofing Inc., E4-6 The adjusted trial balance of Lanza Company (See attached files for full problem descriptions

  • Kaiser Permanente's Market Expansion Grid

    This also increases the levels of growth of the company (Kaiser Permanente, 2012).

  • Reasons For and Against Juveniles Being Tried as Adults

    Juveniles tried and convicted as adults are more likely to commit additional crimes (32% more likely) in the future than juveniles processed through the juvenile justice system (Lanza-Kaduce, 2002).

  • Intergroup Cognition and Emotions Theories

    Lanza carried out his attack and killed 27 in the school. He then drove home, killed his mother and then himself.

  • Cultural Icons and how they shape social values

    Caruso Cassius Clay Kurt Cobain James Dean Princess Diana Albert Einstein Elvis Presley Anne Frank Yuri Gagarin Carlos Gardel Mohandas Gandhi Wayne Gretzky Ernesto "Che" Guevara Jimi Hendrix Michael Jordan Kapil Dev Mario Lanza

  • Security Challenges Associated with Terrorism

    As for the lone wolf and the radicals - the likes of the Tsarnaev brothers, Timothy McVeigh and Sandy Hook killer Adam Lanza have showed that people with access to materials and the capacity and motivation to inflict terror can exist within the general

  • American Educational Research Association (AERA)

    http://www.aect.org/About/Ethics.htm http://www.bu.edu/wcp/Papers/TEth/TEthSeid.htm Research on academic dishonesty in higher education is generally reported in prevalence rates of cheaters, and in dimensions related to cheating (Hollinger & Lanza-Kaduce

  • Possibility of domestic terrorism

    The perpetrator, Lanza, did not set out to be a terrorist that day in pursuit of a political, ideological and religious goal.

  • Failure of the US Intelligence Community at 9/11

    Additionally, home-grown terrorism and the activities of lone-wolf terrorists are not highlighted so that the likes of the Tsarnaev Brothers and Adam Lanza slipped through the net.

View More Related Solutions