E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5]

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Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)

Account Titles	Debit				Credit
Cash	$	45
Accounts Receivable		16
Prepaid Insurance		8
Equipment		94
Accumulated Depreciation					$	0
Accounts Payable						16
Common Stock						90
Retained Earnings						12
Sales Revenue						95
Insurance Expense		0
Salaries and Wages Expense		17
Supplies Expense		33
Totals	$	213			$	213

Other data not yet recorded at December 31:

1. Insurance expired during the year, $7.
2. Depreciation expense for the year, $6.
3. Salaries and wages payable, $9.
4. Income tax expense, $11.

43 Part 4 of 7 Required Information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5) [The following Information applies to the questions displayed below.] Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) 0.54 points Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totalo Debit Credit $ 45 16 B 94 $ 0 16 90 12 95 0 17 33 $213 $213 Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11. E4-17 Part 1 Required: Using the above adjusted balances, prepare an income statement. (Enter your answers in thousands of dollars.) Answer is not complete. MINT CLEANING INC. Income Statement For the Year Ended December 31 (in thousands of dollars) Revenues Accounts Payable xls (45) Accounts Receivable x 18 X Total Revenues (27) Expenses Salaries and Wages Expense 17 Equipment x 94 x Common Stock x 90 X Retained Earnings 12 Total Expenses Net Loss 213 150 xls E4-17 Part 2 Required: Using the above adjusted balances, prepare a statement of retained earnings. (Enter your answers in thousands of dollars.) MINT CLEANING INC. Statement of Retained Earnings For the Year Ended December 31 (in thousands of dollars) Beginning Balance 0 Ending Balance 45 Part 6 of 7 Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an Adjusted Trial Balance, Reporting an Income Statement, Statement of Retained Earnings, and Balance Sheet and Recording Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5) [The following information applies to the questions displayed below.] Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) 0.54 points Credit Debit $ 45 16 8 94 Account Titles Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense Totals $ 0 16 90 12 95 0 17 33 $213 $213 Other data not yet recorded at December 31: a. Insurance expired during the year, $7. b. Depreciation expense for the year, $6. c. Salaries and wages payable, $9. d. Income tax expense, $11. E4-17 Part 3 Required: Using the above adjusted balances, prepare a classified balance sheet for the year ended December 31. (Amounts to be deducted should be indicated by a minus sign. Enter your answers in thousands of dollars.) Answer is not complete. MINT CLEANING INC. Balance Sheet At December 31 (in thousands of dollars) Liabilities Current Liabilities S $ 45 Accounts Payable 16 Salaries and Wages Payable 1 Income Tax Payable Assets Current Assets Cash S 16 9 Accounts Receivable Prepaid Insurance OOO 11 olololol lol lol Is 62 Total Current Liabilities 36 IS Total Current Assets Equipment Accumulated Depreciation Equipment, Net Total Assets 94 (6) 90 88 150 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 12 138 S