Collins Technical Institute (CTI), a school owned by Carolyn
Collins, provides training to individuals who pay tuition directly
to the school. CTI also offers training to groups in off-site
locations. Its unadjusted trial balance as of December 31, is found
on the trial balance tab. CTI initially records prepaid expenses
and unearned revenues in balance sheet accounts. Descriptions of
items a through h that require adjusting entries on December 31. An
analysis of CTIs insurance policies shows that $2,700 of coverage
has expired. An inventory count shows that teaching supplies
costing $3,760 are available at year-end. Annual depreciation on
the equipment is $4,800. Annual depreciation on the professional
library is $9,000. On September 1, CTI agreed to do five courses
for a client for $3,200 each. Two courses will start immediately
and finish before the end of the year. Three courses will not begin
until next year. The client paid $16,000 cash in advance for all
five courses on September 1, and CTI credited Unearned Training
Fees. On October 15, CTI agreed to teach a four-month class
(beginning immediately) for an executive with payment due at the
end of the class. At December 31, $9,000 of the tuition has been
earned by CTI. CTIs two employees are paid weekly. As of the end
of the year, two days salaries have accrued at the rate of $180
per day for each employee. The balance in the Prepaid Rent account
represents rent for December.
Please help with the Net income before adjustments & Net
income after adjustments
Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet Impact on income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted Collins Technical Institute Income Statement For Year Ended December 31 Revenues Tuition fees earned Training fees earned t 141.000 50,400 0 S 191,400 9,000 Total revenues Expenses Depreciation expense – Professional library Depreciation expense – Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 494 4,800 51,320 2.700 39,000 0 6,050 7.000 olol Total expenses Net income 120,470 70.930 S < Trial Balance St Owner Equity adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less Impact on net income (2.700) (5.440) (4.800) Adjusted Account affecting the Adjusting entry related to: Income statement Balance Sheet a. Insurance Insurance expense Prepaid insurance b. Teaching supplies Teaching supplies expense Teaching supplies c. Depreciation - Depreciation expense- Accumulated depreciation - equipment Equipment Equipment d. Depreciation - library Depreciation expense- Accumulated depreciation - Professional library Professional library e. Training fees Training fees earned Unearned training fees f. Tuition Tuition fees earned Accounts receivable g. Salaries Salaries expense Salaries payable h. Rent Rent expense Prepaid rent Total impact on income due to adjustments Net income before adjustments Net income after adjustments Had the adjustments not been prepared, income would have been overstated by OOOOOOOO (9.000) 8.400 9.000 (720) (3.600) S (10,880) 67,070 % S 50.210 X 19.32% < Balance Sheet Impact on income Requirement General Journal General Ledger Trial Balance Income Statement St Owner Equity Balance Sheet IF Use the drop-downs to select the accounts properly included on the income statement. The un balances will appear for each account, based on your selection. Unadjusted Collins Technical Institute Income Statement For Year Ended December 31 Revenues Tuition fees earned Training fees earned s 132,000 44,000 0 Total enues S 176,000 0 Ol t Expenses Depreciation expense - Professional library Depreciation expense - Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense 50.600 0 39,600 0 6.050 7.000 tt. 0 0 Total expenses Net income 103.250 72.750 S < Trial Balance St Owner Equity
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