A six-column table for Yan Consulting Company follows. The first two columns contain the unadjusted trial balance

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A six-column table for Yan Consulting Company follows. The first two columns contain the unadjusted trial balance for the company as of December 31, 2017, and the last two columns contain the adjusted trial balance as of the same date.
A six-column table for Yan Consulting Company follows. The first

Required
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 each.
2. Use the information in the adjusted trial balance to prepare this company's (a) income statement and its statement of owner's equity for the year ended December 31, 2017. Z. Yan, Capital at December 31, 2016, was $80,200, and the current-year withdrawals were $20,000, and (b) the balance sheet as of December 31, 2017.

Balance Sheet
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...
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Fundamental Accounting Principles

ISBN: 978-1259536359

23rd edition

Authors: John Wild, Ken Shaw, Barbara Chiappett

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