Using the following information and the trial balance accounts and balances in the work sheet provided,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Using the following information and the trial balance accounts and balances in the work sheet provided, complete the work sheet. a. Expired insurance totals $520. b. Of the unearned revenue, 50% has been earned by the balance sheet date. c. Estimated depreciation of equipment is $240. d. Accrued wages at the end of the year amounted to $800. e. Inventory of unused supplies on hand at the end of the year was $180. Account Name Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Unearned Revenue Owner's Capital Withdrawals Service Revenue Wages Expense Trial Balance Adjustments Adjusted Income Trial Balance Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 1,800 120 800 480 2,000 1,600 480 100 320 1,100 8,000 3,200 10,000 10,000 Using the following information and the trial balance accounts and balances in the work sheet provided, complete the work sheet. a. Expired insurance totals $520. b. Of the unearned revenue, 50% has been earned by the balance sheet date. c. Estimated depreciation of equipment is $240. d. Accrued wages at the end of the year amounted to $800. e. Inventory of unused supplies on hand at the end of the year was $180. Account Name Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Unearned Revenue Owner's Capital Withdrawals Service Revenue Wages Expense Trial Balance Adjustments Adjusted Income Trial Balance Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 1,800 120 800 480 2,000 1,600 480 100 320 1,100 8,000 3,200 10,000 10,000
Expert Answer:
Answer rating: 100% (QA)
To complete the worksheet we need to incorporate the adjustments given into the trial balance and then calculate the adjusted trial balance income sta... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
Using the following information for Gold Star National Bank, calculate that banks ratios of Tier 1 capital-to-risk-weighted assets and total-capital-to-risk-weighted assets. Does the bank have...
-
The Icarus Paradox Read the following information and discusses, "How can a corporation keep from sliding into the Decline stage of the organizational life cycle?" Use examples from "The Icarus...
-
Using the following information from an annual report, prepare a vertical analysis of the consolidated statement of earnings for the fiscal year ended June 30, 20xx. (Round percentage answers to one...
-
Watch the sample Persuasive Presentation Video link given in this module on Success is a Continuous Journey by Richard St. John .Answer the following questions in detail and use complete sentences....
-
In a letter to the audit committee of the Cline Wholesale Company, Jerry Schwartz, CPA, informed them of material weaknesses in the control of inventory. In a separate letter to senior management, he...
-
Oriole Company issued $583,000 of 5%, 10-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1, 2023. (a) Your answer is correct. Prepare the journal entry to record...
-
What factors have led to increased organizational interest in HR metrics and workforce analytics?
-
Action, Inc., had the following sales and purchase transactions during 2013. Beginning inventory consisted of 120 items at $80 each. Action uses the FIFO cost flow assumption and keeps perpetual...
-
How do resource dependency theory and institutional theory inform our understanding of how organizations design their structures to manage external dependencies and institutional pressures ?
-
Suppose you take out a margin loan for $75,000. You pay a 6.4 percent effective rate. If you repay the loan in two months, how much interest will you pay?
-
1) Read case study and assess the given informatio nin it. Identify at least three significant assertions, WCGWs and explain how these assertions might be at risk. Develop an audit strategy memo that...
-
Give a definition of total quality management (TQM) and some of its uses.
-
Visit yelp.com and tripadvisor.com. Discuss the impact of the existence of these websites on organizations that provide good and poor levels of service.
-
The following items were received as court awards and damages during 2019. All should be included in ordinary income for 2019 by the taxpayer who received them except: a. Compensation for lost wages...
-
A trust can have the following taxable yearend: a. September 30 b. June 30 c. December 31 d. March 31
-
Which of the following items are deductible to the estate? a. Property taxes accrued at death on decedents home, held in a qualified joint tenancy. b. Interest accrued during estate administration on...
-
Data plotted in the graph appear in the table below. 140 120 100 80 60 40 20 0 Demand H 1) Refer to Graph 8.1. What is the average demand for the second period? Wed Thu Fri 2) Refer to Graph 8.1....
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
Ortiz Company is able to produce two products, G and B, with the same machine in its factory. The following information is available. The company presently operates the machine for a single...
-
Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS5-6. Merchandise...
-
If a company purchases its only long-term investments in available-for-sale debt securities this period and their fair value is below cost at the balance sheet date, what entry is required to...
-
The details in Figure 16.9 relate to D Co. Using that information and appropriate ratios, prepare a financial report on the company. The opening inventory value figures were :135,000 20X1 actual and...
-
The process of expressing a foreign subsidiarys balance sheet in its parents currency is called: A. Currency translation. B. Currency change. C. Currency conversion. D. Currency swap.
-
A loan is made to a company of $20,000, which is equal to :10,000 at the date of the loan during year 1. The loan is legally denominated in dollars. At the end of year 1, the loan is translated as...
Study smarter with the SolutionInn App