Question: under additional information question 1 says after taking inventory the value of the supplies on hand of the year end was $700 (it got cut

 under additional information question 1 says after taking inventory the value
under additional information question 1 says
after taking inventory the value of the supplies on hand of the year end was $700 (it got cut off)

P. Tang and Company ACCOUNTS Cr Bank Accounts Receivable Supplies Prepaid Insurance Equipment Automobile Accounts Payable Bank Loan HST Payable HST Recoverable P. Tang. Capital P. Tang. Drawings Fees Earned Car Expense General Expense Miscellaneous Expense Rent Expense Wages Expense 1. The worksheet for P. Tang and Company below, with the trial balance figures already entered, is also provided in your Workbook. Year Ended Dec. 31, 20-4 Worksheet BALANCE SHEET TRIAL BALANCE INCOME STATEMENT ADJUSTMENTS OF CH Dr CF Dr Dr 1900 19.500 1ood 1666 22lololo 21 olola 4300! solo 2325 1950 54058 15 lod 69912151 3800 295 1700 17200 280och 035668396686 A Using the additional information given below, complete the worksheet. B. Prepare an income statement and a classifi ed balance sheet. Additional Information 1. After taking inventory, the value of the supplies on hand at year-end was $700 2. The prepaid insurance balance of $1668 was the original cost of the insurance August 1, 20-4 3. Late-arriving invoices pertaining to the 20-4 fi scal period were Car Expense $275, General Expense $200 for a Total of $475

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!