Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2016:
The following additional information is available: (a) salaries accrued but unpaid total $250; (b) the $ 80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals $810 on the buildings and equipment; (d) interest accrued on the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT & Daniel Specialty Company for $50 per month, and KT & Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals $80; (g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017.
1. Complete the worksheet. (Round to the nearest dollar.)
2. Prepare the company’s financial statements.
3. Prepare
(a) Adjusting and
(b) Closing entries in the general journal.

  • CreatedOctober 05, 2015
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