Question: Can someone help me solve the balance sheet section? The following are the trial balance and the other information related to Gary Consulting Engineer. GARY

Can someone help me solve the balance sheet section? Can someone help me solve the balance sheet section? The following arethe trial balance and the other information related to Gary Consulting Engineer.GARY CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500Accounts Receivable 48,500 Allowance for Doubtful Accounts $798 Supplies 2.330 Prepaid Insurance1,510 Equipment 29,000 Accumulated Depreciation-Equipment 6,792 Notes Payable 7,200 Common Stock 10.000

The following are the trial balance and the other information related to Gary Consulting Engineer. GARY CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 48,500 Allowance for Doubtful Accounts $798 Supplies 2.330 Prepaid Insurance 1,510 Equipment 29,000 Accumulated Depreciation-Equipment 6,792 Notes Payable 7,200 Common Stock 10.000 Retained Earnings 25,658 Service Revenue 106,126 Rent Expense 10,374 Salaries and Wages Expense 33,460 Utilities Expenses 1.130 Office Expense 770 $156,574 $156,574 1. Fees received in advance from clients $5,820, which were recorded as revenue. 2. Services performed for clients that were not recorded by December 31, $5,072. 3. Bad debt expense for the year is $1,486. 4. Insurance expired during the year $442. 5. Equipment is being depreciated at 10% per year. 6. Gary gave the bank a 90-day, 10% note for $7,200 on December 1, 2020. 7. Rent of the building is $798 per month. The rent for 2020 has been paid, as has that for January 2021, and recorded as Rent Expense. 8. Office salaries and wages earned but unpaid December 31, 2020, $2,357. (a) Your answer is correct. From the trial balance and other information given, prepare annual adjusting entries as of December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit 1. Service Revenue 5820 Unearned Service Revenue 5820 2. Accounts Receivable 5072 Service Revenue 5072 3. Bad Debt Expense 1486 Allowance for Doubtful Accounts 1486 4. Insurance Expense 442 Prepaid Insurance 442 5. Depreciation Expense 2900 Accumulated Depreciation Equipment 2900 6. Interest Expense 60 Interest Payable 60 7. Prepaid Rent 798 Rent Expense 798 DO 8. Salaries and Wages Expense 2357 Salaries and Wages Payable 2357 Your answer is correct. Prepare an income statement for 2020. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) GARY CONSULTING ENGINEER Income Statement For the Year Ended December 31, 2020 Revenues Service Revenue $ 105378 Expenses Depreciation Expense $ 2900 i Bad Debt Expense 1486 i Insurance Expense 442 i Interest Expense 60 i Salaries and Wages Expense 35817 i Rent Expense 9576 i Utilities Expenses 1130 i Office Expense 770 i Total Expenses 52181 i Net Income /(Loss) 53197 e Textbook and Media List of Accounts Attempts: 1 of 5 used (b2) Your answer is correct. Prepare a retained earnings statement for 2020. Gary paid a $16,580 cash dividend during the year. (recorded in Retained Earnings.) (List items that increase owner's capital first.) GARY CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 42238 Add Net Income /(Loss) 53197 Less : Dividends 16580 i Retained Earnings, December 31 78855 (53) Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity.) GARY CONSULTING ENGINEER Balance Sheet For the Year Ended December 31, 2020 V Assets Current Assets Cash $ 29: Accounts Receivable $ 48500 Less : Allowance for Doubtful Accounts (798) 77: Supplies 2: Prepaid Insurance 1: Service Revenue 106 Property, Plant and Equipment Equipment 290 Less : Accumulated Depreciation-Equipment (29 Total Assets Total Liabilities and Stockholders' Equity Current Liabilities $ salar (53) Prepare a classified balance sheet for 2020. (List current assets in the order of liquidity.) GARY CONSULTING ENGINEER Balance Sheet For the Year Ended December 31, 2020 Assets 29500 $ 48500 unts (798) 77202 2330 1510 106126 ~~ $ 187168 29000 Equipment (2900) 26100 $ 213268 Total Liabilities and Stockholders' Equity $ $ $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!