You must answer all the questions in the proposed business case. This task assesses the following learning outcomes:
• Critically understand and apply all the steps of the accounting cycle.
• Properly elaborate a company ́s financials.
• Critically interpret a company’s financials to evaluate its performance, liquidity and solvency.
Submission file format: Excel document with all the answers, clearly identifying all steps, results, journals and including comments besides each answer.
Powerjob Inc. provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The
firm’s unadjusted trial balance dated December 31, 2020 is shown below.
Other data:
1. Accrued but unrecorded and uncollected consulting fee earned at December 31 totals: $22500.
2. The company determined that $15000 of previously unearned consulting fees had been earned at December 31.
3. Office supplies on hand at December 31 total $310
4. The company purchased all of its equipment when it first began business. At that time, the estimated useful life of the equipment was six years.
5. The company prepaid its nine-month rent agreement on June 1, 2020.
6. The company prepaid its six-month insurance policy on December 1, 2020
7. Accrued but unpaid salaries total $11500 at December 31,2020.
8. On September 1, 2020, the company borrowed $60000 by signing an eight-month, 4 percent note payable. The entire amount, plus interest, is due March 31,
Instructions:
a. Prepare the necessary adjusting journal entries on December 31, 2020. Also prepare an adjusted trial balance dated December 31, 2020 (20 points).
b. From the adjusted trial balance prepared in part a, prepare an income statement and statement of retained earnings for the year ended December 31,
2020. Also prepare the company’s balance sheet dated December 31, 2020 (20 points).
c. Prepare the necessary year-end closing entries (15 points).
d. Prepare an after-closing trial balance (15 points).
e. Compute the company’s average monthly insurance expense for January through November 2020 (5 points).
f. Compute the company’s average monthly rent expense for January through May 2020 (5 points).
g. If the company purchased all of its office equipment when it first incorporated, for how long has it been in business as of December 31, 2020? (5 points).
h. Using the financial statements prepared in part b., evaluate the company ́s (i) profitability, (ii) liquidity, and (iii) solvency. (15 points).
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