P4-4A

DISNEY AMUSEMENT PARK, INC. has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.

 

DISNEY AMUSEMENT PARK, INC.

Worksheet

For the Year Ended September 30, 2008

 

 

Trial Balance

 

 

Adjusted

Trial Balance

Account Titles Dr. Cr. Dr. Cr.

Cash 41,400 41,400

Supplies 18,600 1,200

PrepaidInsurance31,900 8,900

Land 80,000 80,000

Equipment 120,000 120,000

Accumulated Depreciation 36,200 42,200

Accounts Payable 14,600 14,600

Unearned Admissions Rev. 3,700 2,000

MortgageNotePayable 50,000 50,000

Common Stock 100,000 100,000

Retained Earnings 9,700 9,700

Dividends 14,000 14,000

Admissions Revenue 277,500 279,200

Salaries Expense 105,000 105,000

Repair Expense 30,500 30,500

Advertising Expense 9,400 9,400

Utilities Expense 16,900 16,900

Property Taxes Expense 18,000 21,000

Interest Expense

 

6,000

 

 

 

10,000

Totals

 

491,700

 

 

491,700

 

Insurance Expense 23,000

Supplies Expense 17,400

Interest Payable 4,000

Depreciation Expense 6,000

Property Taxes Payable

 

 

 

 

3,000

Totals

 

504,700

 

 

504,700

 

 

Prepare a complete worksheet. (If answer is zero, please enter 0. Do not leave any fields blank.)

 

DISNEY AMUSEMENT PARK, INC.

Worksheet

For the Year Ended September 30, 2008

 

 

Trial Balance

 

 

Adjustments

 

 

Adjusted Trial Balance

 

 

Income Statement

Balance Sheet

Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.

Cash 41,400

Supplies 18,600

Prepaid Insurance 31,900

Land 80,000

Equipment 120,000

Accumulated Depreciation 36,200

Accounts Payable 14,600

Unearned Admissions Rev. 3,700

Mortgage Note Payable 50,000

Common Stock 100,000

Retained Earnings 9,700

Dividends 14,000

Admissions Revenue 277,500

Salaries Expense 105,000

Repair Expense 30,500

Advertising Expense 9,400

Utilities Expense 16,900

Property Taxes Expense 18,000

Interest Expense

 

6,000

 

 

 

 

Totals

 

491,700

 

 

491,700

 

Insurance Expense

Supplies Expense

Interest Payable

Depreciation Expense

Property Taxes Payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

 

 

 

 

 

 

 

Net Income

 

 

 

 

 

 

 

Totals

 

 

 

 

 

 

 

 

 

 

Prepare a classified balance sheet. (Note: $10,000 of the mortgage note payable is due for payment in the next fiscal year.) (List assets in order of liquidity and liabilities largest to smallest eg 10, 5, 3, 2.)

 

DISNEY AMUSEMENT PARK, INC.

Balance Sheet

September 30, 2008

Assets

Current Assets

$

 

 

 

Total current assets

Property, plant and equipment

$

$

Less:

 

 

 

 

 

Total assets

 

$

 

Liabilities and Stockholders' Equity

Current liabilities

$

 

 

 

 

 

Total current liabilities

Long-term liabilities

 

 

Total liabilities

Stockholders' Equity

$

 

 

 

Total stockholders' equity

 

Total liabilities and stockholders' equity

 

$

 

 

 

Journalize the adjusting entries using the worksheet as a basis.

 

Date Description Debit Credit

Sept. 30

 

(To adjust supplies.)

Sept. 30

 

(To adjust insurance.)

Sept. 30

 

(To adjust depreciation.)

Sept. 30

 

(To adjust admissions revenue.)

Sept. 30

 

(To adjust property taxes.)

Sept. 30

 

(To adjust interest.)

 

 

 

Journalize the closing entries using the worksheet as a basis. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

 

Date Description/Account Debit Credit

Sept. 30

 

(To close revenue account.)

Sept. 30

 

 

 

 

 

 

 

 

 

(To close expense accounts.)

Sept. 30

 

(To close net income to retained earnings.)

Sept. 30

 

(To close dividends to capital.)

 

 

 

Prepare a post-closing trial balance. (If answer is zero, please enter 0. Do not leave any fields blank.)

 

DISNEY AMUSEMENT PARK, INC.

Post-Closing Trial Balance

September 30, 2008

 

 

Trial Balance

Account Titles Dr. Cr.

Cash $ $

Supplies

Prepaid Insurance

Land

Equipment

Accumulated Depreciation

Accounts Payable

Interest Payable

Property Taxes Payable

Unearned Admissions Revenue

Mortgage Note Payable

Common Stock

Retained earnings