Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year
Question:
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.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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