ook ant t ences Jameson Consultants, Inc., provides marketing research for clients in the retail industry....
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ook ant t ences Jameson Consultants, Inc., provides marketing research for clients in the retail industry. The company had the following unadjusted balances at the end of the current year: Depreciation Expense 8,100 Cash 153,500 Salaries Expense 1,620,000 Accounts Receivable 225,900 Income Taxes Payable Utilities Expense 25,530 Investment Income Common Stock Notes Payable 3,050 10,900 3,390 161,000 Accumulated Depreciation Supplies Expenses 21,250 Prepaid Expenses 10,300 Consulting Fees Revenue Travel Expense 24,190 Gain on Sale of Land Accounts Payable 2,569,200 18,300 Kent Expense (on leased computers) 152,400 Pre 6,100 Additional Paid-in Capital 97,330 221,000 Required: Prepare an unadjusted trial balance for Jameson Consultants, Inc., at the end of the current year. ⠀⠀ Salaries Fayable Supplies Next > 12,300 Interest Expense 17,300 Buildings and Equipment 624,040 Retained Earnings Unearned Consulting Fees Land 60,000 Professional Development Expense 18,800 Investments 326,000 25,950 32,400 Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable: Notes payable, long-term Common stock (4,900 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense. Totals Prev Debit 47,900 12,200 N 590 770 16,200 10,060 16,200 33,250 137,170 8m Credit 4 8,500 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $770. c. Depreciation expense for the current year, $4,100. d. Wages earned by employees not yet paid on December 31, $590. e. Income tax expense, $5,080. 2,230 13,000 1,886 16,974 4,500 89,980 137,170 of 5 ⠀ Next > Required information 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) Earnings per share TUNSTALL, INC. Income Statement Required information 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) $ TUNSTALL, INC. Balance Sheet 0 0 $ $ $ $ 0 0 0 Journal entry worksheet < 1 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general journal ook ant t ences Jameson Consultants, Inc., provides marketing research for clients in the retail industry. The company had the following unadjusted balances at the end of the current year: Depreciation Expense 8,100 Cash 153,500 Salaries Expense 1,620,000 Accounts Receivable 225,900 Income Taxes Payable Utilities Expense 25,530 Investment Income Common Stock Notes Payable 3,050 10,900 3,390 161,000 Accumulated Depreciation Supplies Expenses 21,250 Prepaid Expenses 10,300 Consulting Fees Revenue Travel Expense 24,190 Gain on Sale of Land Accounts Payable 2,569,200 18,300 Kent Expense (on leased computers) 152,400 Pre 6,100 Additional Paid-in Capital 97,330 221,000 Required: Prepare an unadjusted trial balance for Jameson Consultants, Inc., at the end of the current year. ⠀⠀ Salaries Fayable Supplies Next > 12,300 Interest Expense 17,300 Buildings and Equipment 624,040 Retained Earnings Unearned Consulting Fees Land 60,000 Professional Development Expense 18,800 Investments 326,000 25,950 32,400 Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable: Notes payable, long-term Common stock (4,900 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense. Totals Prev Debit 47,900 12,200 N 590 770 16,200 10,060 16,200 33,250 137,170 8m Credit 4 8,500 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $770. c. Depreciation expense for the current year, $4,100. d. Wages earned by employees not yet paid on December 31, $590. e. Income tax expense, $5,080. 2,230 13,000 1,886 16,974 4,500 89,980 137,170 of 5 ⠀ Next > Required information 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) Earnings per share TUNSTALL, INC. Income Statement Required information 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) $ TUNSTALL, INC. Balance Sheet 0 0 $ $ $ $ 0 0 0 Journal entry worksheet < 1 Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debits before credits. Transaction Record entry General Journal Clear entry Debit Credit View general journal
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Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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