On December 31, 2024, Stardust Inc.'s trial balance included the following selected unadjusted account balances. STARDUST...
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On December 31, 2024, Stardust Inc.'s trial balance included the following selected unadjusted account balances. STARDUST LTD. Unadjusted Trial Balance December 31, 2024 Cash Accounts receivable Supplies Equipment Accounts payable Deferred revenue Bank loan payable, due 2027 Retained earnings Common shares $ 8,100 5,800 750 44,000 $ 5,750 2,550 15,900 2,900 7,600 Cash Accounts receivable Supplies Equipment Accounts payable Deferred revenue Bank loan payable, due 2027 Retained earnings Common shares Dividends declared Service revenue Salaries expense Rent expense $ 8,100 5,800 750 44,000 550 10,500 2,500 $72,200 $ 5,750 2,550 15,900 2,900 7,600 37,500 $72,200 During 2024, the following events took place, but are not reflected in the above unadjusted trial balance: (1) One third of the deferred revenue is still unearned at the end of the year. (2) Supplies on hand total $300 on December 31, 2024. (3) Depreciation expense of $11,000 was incurred on the equipment. (4) Income tax payable is estimated to be $4,800. Adjusting entries are made on an annual basis. Instructions Prepare a statement of income and a statement of financial position for 2024. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans, s... V 10pt !!! < ||| < A V Ix X Q : ... On December 31, 2024, Stardust Inc.'s trial balance included the following selected unadjusted account balances. STARDUST LTD. Unadjusted Trial Balance December 31, 2024 Cash Accounts receivable Supplies Equipment Accounts payable Deferred revenue Bank loan payable, due 2027 Retained earnings Common shares $ 8,100 5,800 750 44,000 $ 5,750 2,550 15,900 2,900 7,600 Cash Accounts receivable Supplies Equipment Accounts payable Deferred revenue Bank loan payable, due 2027 Retained earnings Common shares Dividends declared Service revenue Salaries expense Rent expense $ 8,100 5,800 750 44,000 550 10,500 2,500 $72,200 $ 5,750 2,550 15,900 2,900 7,600 37,500 $72,200 During 2024, the following events took place, but are not reflected in the above unadjusted trial balance: (1) One third of the deferred revenue is still unearned at the end of the year. (2) Supplies on hand total $300 on December 31, 2024. (3) Depreciation expense of $11,000 was incurred on the equipment. (4) Income tax payable is estimated to be $4,800. Adjusting entries are made on an annual basis. Instructions Prepare a statement of income and a statement of financial position for 2024. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans, s... V 10pt !!! < ||| < A V Ix X Q : ...
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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