Question

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.
Required:
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.


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  • CreatedOctober 05, 2015
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