A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for
1. Analyze the differences between the unadjusted and adjusted trial balances to determine the eight adjustments that likely were made. Show the results of your analysis by inserting these adjustment amounts in the table's two middle columns. Label each adjustment with a letter a through h and provide a short description of it at the bottom of the table.
2. Use the information in the adjusted trial balance to prepare the company's
(a) Income statement and its statement of retained earnings for the year ended July 31, 2016 (Retained earnings at July 31, 2015, was $25,000, and the current-year dividends were $5,000), and
(b) The balance sheet as of July 31, 2016.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've located the answer you've been seeking!
Step by Step Answer: