Question: Completing the accounting cycle from adjusting entries to post - closing trial balance and using the current ratio to evaluate a company The unadjusted trial
Completing the accounting cycle from adjusting entries to postclosing trial balance and using the current ratio to evaluate a company
The unadjusted trial balance of Wilmas Game Shop at December and the data for the adjustments follow: the picture attached
Adjustment data:
Unearned Revenue still unearned at December $
Prepaid Rent still in force at December $
Supplies used, $
Depreciation, $
Accrued Salaries Expense at December $
Requirements
Net Income $
Open the Taccounts using the balances in the unadjusted trial balance.
Prepare the adjusting entries and post to the accounts.
Prepare an adjusted trial balance.
Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
Prepare the closing entries and post to the accounts.
Prepare a postclosing trial balance.
Calculate the current ratio for the company.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
