The ADJUSTED Trial Balance of Practice Contractors for the year ended December 31, 2020, follows: Practice...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The ADJUSTED Trial Balance of Practice Contractors for the year ended December 31, 2020, follows: Practice Contractors ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash 10,000 Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue 1,100 2,500 40,000 10,000 8,000 1,200 14,000 Сapital 33,000 Withdrawals 6,000 Repair service revenue Wages expense Rent expense Depreciation expense Office supplies expense Utilities expense Insurance expense 75,000 50,000 12,000 10,000 3,600 3,600 2400 S 141,200 S 141,200 Total Required: Based on the adjusted account balances listed above, complete the following: a. Income Statement b. Sulement of Owner's Equity (Note: all owner investements were made during 2020) c. Balance Sheet Remember: All sadijustments have already been made. The ADJUSTED Trial Balance of Practice Contractors for the year ended December 31, 2020, follows: Practice Contractors ADJUSTED Trial Balance December 31, 2020 Account Title Debit Credit Cash 10,000 Office supplies Prepaid insurance Equipment Accumulated depreciation-Equipment Accounts payable Wages payable Unearned service revenue 1,100 2,500 40,000 10,000 8,000 1,200 14,000 Сapital 33,000 Withdrawals 6,000 Repair service revenue Wages expense Rent expense Depreciation expense Office supplies expense Utilities expense Insurance expense 75,000 50,000 12,000 10,000 3,600 3,600 2400 S 141,200 S 141,200 Total Required: Based on the adjusted account balances listed above, complete the following: a. Income Statement b. Sulement of Owner's Equity (Note: all owner investements were made during 2020) c. Balance Sheet Remember: All sadijustments have already been made.
Expert Answer:
Answer rating: 100% (QA)
A PRACTICE CONTRACTORS INCOME STATEMENT for the year ended 31st December 2020 Parti... View the full answer
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 9781119403999
5th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
Posted Date:
Students also viewed these accounting questions
-
The adjusted trial balance of Jobs4U Employment Service, Inc., follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the missing Adjustments columns. 2....
-
The adjusted trial balance of Eastwood Company and other related information for the year 2012 are presented on the next page. Additional information:1. The LIFO method of inventory value is used.2....
-
The adjusted trial balance of Cavamanlis Co. as of December 31, 2012, contains the following. Instructions (a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a...
-
Find f. f(x) = f'(x) = 12x + X x > 0, f(1) = -4
-
Last year, Hever Inc. had sales of $ 500,000, based on a unit selling price of $ 250. The variable cost per unit was $ 175, and fixed costs were $ 75,000. The maximum sales within Hever Inc.s...
-
Obesity is defined as a body mass index (BMI) of 30 kg/m2 or more. A 95% confidence interval for the percentage of U.S. adults aged 20 years and over who were obese was found to be 22.4 to 23.5%....
-
The comparative financial statements for Advanced Auto Technology, Inc., are in the Working Papers. The financial statements have been completed up to the financial analysis section. The following...
-
Listed below are various types of accounting changes and errors. ______ 1. Change in a plant assets salvage value . ______ 2. Change due to overstatement of inventory. ______ 3. Change from...
-
a) (3) Men with more than 25% body fat are considered obese. Using the data from the PBF file, test if the mean body fat percentage in this sample of men is less than this marker of obesity. Use =...
-
Prove the following analogs to Stein's Lemma, assuming appropriate conditions on the function g. (a) If X ~ gamma(α, β), then E(g(X)(X-aβ)= βE...
-
Do a search on the school library site for accounting, business, or health care management articles or case studies that discuss in depth one of the topics you studied in this course as it applies to...
-
What are computer-assisted audit programs?
-
The purpose of using computer-assisted audit programs is to test and analyze a clients computer a. Equipment. b. Systems. c. Records. d. Processing logic.
-
Take the following examples of output produced by computer-assisted audit programs and list a possible audit procedure that would be performed with each item of output. a. Listing of accounts...
-
The two requirements crucial to achieving audit efficiency and effectiveness with a microcomputer are selecting a. The appropriate audit tasks for microcomputer applications and the appropriate...
-
Microcomputer software has been developed to improve the efficiency and effectiveness of the audit. Electronic spreadsheets and other software packages are available to aid in the performance of...
-
Stylon Co., a women's clothing store, purchased $20,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Stylon returned merchandise with an invoice amount of $3,200,...
-
A number of years ago the United Food and Commercial Workers Union organized 800 workers of the 1035 employees at one of the Wilson Brothers food operations in Toronto, Ontario. The employees include...
-
In May 2020, the budget committee of Big Jim Stores assembles the following data for preparing the merchandise purchases budget for the month of June: Prepare a purchases budget and budgeted income...
-
Zeller Company estimates that 2020 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished...
-
The U.S. Institute of Management Accountants has developed ethical standards for managerial accountants. Explain the importance of business ethics. Instructions Identify the four specific standards.
-
Verify claims (4)-(7) about the change of labeling.
-
Repeat Exercise 8, with the weight matrix above and \(S=\{2,3,4\}\). This time, do the problem by hand, rather than in Mathematica.
-
Let \(G=(V, E)\) be a bipartite graph with sides \(V_{1}\) and \(V_{2}\), each of \(n\) vertices. Show that if there is a complete matching of \(V_{1}\) to \(V_{2}\), then for every subset \(S\) of...
Study smarter with the SolutionInn App