Question: PLEASE EXPLAIN HOW YOU GOT THE ANSWERS! I don't think mine are correct. Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at

PLEASE EXPLAIN HOW YOU GOT THE ANSWERS! I don't think mine are correct.

Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts.

PLEASE EXPLAIN HOW YOU GOT THE ANSWERS! I don't think mine are

correct. Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balanceat December 31, 2021, follows, along with information about selected accounts. Account

Names Cash Supplies Deferred Revenue Salaries and Wages Payable Income Tax PayableInterest Payable Notes Payable (long-term) Debit Credit Further Information $ 32,600 As

Account Names Cash Supplies Deferred Revenue Salaries and Wages Payable Income Tax Payable Interest Payable Notes Payable (long-term) Debit Credit Further Information $ 32,600 As reported on December 31 bank statement. 740 Based on count, only $270 of supplies still exist. Of this amount, $2,500 was received for $ 3,070 December lessons and $570 for January lessons. Employees were paid $1,700 for 10 days of work through December 28. They have not 0 yet been paid for work on December 29 and 30. The company has paid last year's income 0 tax but not this year's tax. The company has not paid the $105 of O interest owed on its notes payable for the current period. 12,600 This one-year note was taken out this year on December 1. This amount was contributed for common 1,000 stock in prior years. 3,700 This is the balance reported at the end of last year. Most customers pay cash for lessons each 52,870 time they are provided, but some customers pay in advance. 36,800 Employees worked through December 30 but did not work on December 31. 3,100 This is the cost of supplies used through November 30. The company has not paid the $105 0 interest owed on its notes payable for the current period. 0 The company has an average tax rate of 20%. $ 73,240 $ 73,240 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 1. Prepare the (preliminary) unadjusted net income statement for the year ended December 31, 2021. GOLF ACADEMY, INCORPORATED Unadjusted Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 56,570 Total Revenues 56,570 Expenses Salaries and Wages Expense Supplies Expense 36,800 3,100 Total Expenses 39,900 12,970 Net Income $ 2. Name the five pairs of balance sheet and income statement accounts that require adjustment and indicate the amount of adjustment for each pair. Balance sheet account Related income statement account Amount Deferred Revenue Service Revenue Adjustment (1) (2) (3) (4) (5) Interest Payable Salaries and Wages Payable Supplies Income Tax Payable Interest Expense Salaries and Wages Expense Supplies Expense Income Tax Expense Calculate the adjusted net income that the company should report for the year ended December 31, 2021. GOLF ACADEMY, INCORPORATED Income Statement 0 0 By what dollar amount did the adjustments in requirement 3 cause net income to increase or decrease? Net income by

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