Whitaker Consulting Company has prepared a trial balance on the
Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016:
Additional information:
(a) On January 1, 2016, the company had paid 2 years’ rent in advance at $100 a month for office space,
(b) The office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected,
(c) Interest of $150 has accrued on the note payable but has not been paid,
(d) The income tax rate is 30% on current income and will be paid in the first quarter of 2017.
Required:
1. Complete the worksheet.
2. Prepare financial statements for 2016.
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