Question: Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance

Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles 101 Cash 5,300 (Dr.) 112 Accounts Receivable 10,800 (Dr.) 126 Supplies 1,500 (Dr.) 130 Prepaid Insurance 2,000 (Dr.) 157 Equipment 27,000 (Dr.) 158 Accumulated DepreciationEquipment 5,600 (Cr.) 200 Notes Payable 15,000 (Cr.) 201 Accounts Payable 6,100 (Cr.) 212 Salaries and Wages Payable 2,400 (Cr.) 230 Interest Payable 600 (Cr.) 301 Owners Capital 13,000 (Cr.) 306 Owners Drawings 7,000 (Dr.) 400 Service Revenue 61,000 (Cr.) 610 Advertising Expense 8,400 (Dr.) 631 Supplies Expense 4,000 (Dr.) 711 Depreciation Expense 5,600 (Dr.) 722 Insurance Expense 3,500 (Dr.) 726 Salaries and Wages Expense 28,000 (Dr.) 905 Interest Expense 600 (Dr.) Totals 103,700 (Dr.) 103,700 (Cr.) Instructions (a) Prepare an income statement, owners equity statement, and a classified balance sheet. (Note: $5,000 of the notes payable become due in 2021) D. Thao did not make any additional investments in the business during the year. (b) Prepare the closing entries.

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!

Chapter Four Exercise #2: Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles 101...

1. Create Financial Statements from Adjusted Trial Balance THAO COMPANY Worksheet For the Year Ended December 31, 2020 Adjusted Account Trial Balance No. Account Titles 101 Cash 5,300 (Dr.) 112...

ACCT 1010 Winter 2022 Test #3 Name: Student Number: Q4: Preparation of Financial Statements The adjusted trial balance for Sweet Maple Syrup as at December 31, 2021 is provided below: Adjusted Trial...

Problem 2 On your examination of the financial statements of Van Angelo Reyes Group Company for The year ended December 31, 2020 you obtained the following information on the checking account of the...

Debit Credit 21,000 58,000 33,000 35,000 14,000 3,000 8,800 352,500 15,000 10,000 Adjusted Trial Balance, Astro Inc. For the year ended December 31, 2017 (LISTED IN ALPHABETICAL ORDER) Accounts...

Adjusted Trial Balance, Astro Inc For the year ended December 31, 2017 (LISTED IN ALPHABETICAL ORDER) Credit Debit Accounts payable 21,000 Accounts receivable 58,000 Accrued liabilities 33,000...

Old MathJax webview on this part I need to find a number with my name which I don't understand well, my name is Johanan. prof said you need to find a unique number. Second picture are the...

Business Solutions, Adjusted Trial Balance, Decem ber 31, 2020, Closing Trial Balance, Dece mber 31, 2020, Unadjusted Trial Balance, D ecember 31, 2020 Business Solutions, Unadjusted Trial Balance, D...

Directions: Bearcat, LLP is auditing Dumbledore Manufacturing, Inc. (DMI), a privately-held company, for the year ended December 31, 2020. You are the staff auditor responsible for preparing the...

If someone can please help me with this, I will be extremely appreciative. I am almost certain that everything pertaining to this question is attached and may have added an additional copy of a few...

Quality Float Works of Schaumburg, Ill., laid off three employees in 2009 and put its remaining 18 on a four-day work week. Now (mid-2010), sales are surging for the company, which makes metal balls...

Accenture Ltd prepares Financial Statements to 30 September each year. During the year ended 30 September 2020, Accenture (which has a number of subsidiaries) engaged in the following transactions:...

You have $1,000 invested in an account that you expect to earn an effective annual rate of 5%. How much is your $1,000 worth in five years? Group of answer choices $1,221 $1,276 $1,283 $1,050 $1,250

For this programming task, create a GUI that has two text fields, and a button, and which converts a supplied Fahrenheit temperature to Celsius, or vice versa, and outputs the conversion to a...