Business
Accounting
The trial balance for Daniels Repair Service appears in Figure.

The trial balance for Daniels Repair Service appears in Figure. Adjustment Data to Update Trial Balance a.

Question:

The trial balance for Daniel€™s Repair Service appears in Figure.

Adjustment Data to Update Trial Balance
a. Insurance expired, $450.
b. Repair supplies on hand, $2,300.
c. Depreciation on repair equipment, $200.
d. Wages earned but unpaid, $400.
Your task is to
1. Complete a worksheet for Daniel€™s Repair Service for the month of April.
2. Prepare an income statement for April, a statement of owner€™s equity for April, and a balance sheet as of April 30,201X.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

Transcribed Image Text:

DANIEL'S REPAIR SERVICE TRIAL BALANCE APRIL 30, 201x Dr. Cr Cash Repair Supplies Repair Equipment Accumulated Depreciation, Repair Equipment Accounts Payable D. Heines, Cap Revenue from Repairs Wages Expense Rent Expense Advertising Expense 110 000 557000 552 000 84 0000 ital 1900l00 어 19 00 |2015| 30|00

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 58% (17 reviews)

1 DANIELS REPAIR SERVICE WORKSHEET FOR MONTH ENDED APRIL 30 201X 2 DANIELS REPAIR SERVICE INCOME STA...View the full answer

Answered By

Muhammad Umair

I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.

3.50+ 1+ Reviews 10+ Question Solved

Related Book For book-img-for-question

College Accounting A Practical Approach

ISBN: 978-0133133233

12th edition

Authors: Jeffrey Slater

See More Books

Question Posted: Apr 24, 2014 09:41 AM

See More Questions

Students also viewed these Accounting questions

The trial balance for Dick?s Repair Service appears in Figure 4.24 Adjustment Data to Update Trial Balance 1. Insurance expired, $450. 2. Repair supplies on hand, $2,800. 3. Depreciation on repair...
Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...
Chelseao plc. pays dividends that are expected to grow at 5% each year. Dividends will stop growing at the end of year 5, at which point the firm will pay out all its earnings as dividends. The next...
What are the institutional features that appear to have delayed the implementation of IFRS in India?
Cosmic rays hit an organism at a rate of 1.2/day and are monitored for one week. Find , the expectation, the variance, the standard deviation, the coefficient of variation, and the mode of Poisson...
Bobs Bikes Inc. (BBI) manufactures biotech sunglasses. The variable materials cost is $.74 per unit and the variable labor cost is $2.61 per unit. a. What is the variable cost per unit? b. Suppose...
Consider the following observations: a. Fit the nonlinear regression model \[ y=\theta_{1} e^{\theta_{2} x}+\varepsilon \] to these data. Discuss how you obtained the starting values. b. Test for...
The accounting (not the income tax) records of Consolidated Publications, Inc., provide the comparative income statement for 2010 and 2011, respectively: Taxable income for 2010 includes these...
3. Analyze the worst-case time complexity of the algorithm below. Input: n: nonnegative integer 1 Algorithm: LoopMystery 2 sum = 0 3 t = 1 4 d=1 5 k = n 6 while k> 1 do 7 for 1 to k do t=t+d sumsum +...
The Executive Director of the free clinic has asked the operations analyst to assess all options to determine which clinic layout will minimize transportation costs. The table below displays expected...
Update the trial balance for Kylers Moving Co. (Figure) for January 31, 201X. Adjustment Data to Update Trial Balance a. Insurance expired, $550. b. Moving supplies on hand, $700. c. Depreciation on...
Please complete a partial worksheet (Figure) up to the adjusted trial balance for Jeremys Fitness Center using the following adjustment data: a. Fitness supplies on hand, $2,900. b. Depreciation...
Write the Roman numeral as a HinduArabic numeral. XCIXCMXCIX
In January the company produced 3,340 units using 2,792 direct labour-hours. During the month, the actual direct labor cost was $63,813. Direct labour 0.8 The labour rate variance for January is?
How do homologous structures, as defined by evolutionary biology, reflect common ancestry and divergent evolution among related species, and what molecular and developmental mechanisms underlie the...
2 8 . Last week, Miss Bannerman asked her stockbroker to immediately buy 5 , 0 0 0 shares of the equity stock of Ponzo Illusions at the ruling market price for her. The broker was able to acquire all...
Equity, Diversity, Inclusion: What do you believe is the biggest challenge for each of it in the workplace? Why? What would you suggest could be done to improve the situation?
what ways does the study of homologous structures inform our understanding of evolutionary transitions, adaptive radiations, and morphological diversity in the fossil record, providing insights into...
Technological developments and increasing demand on the current ageing computerized patient administration system at a large teaching hospital trust led to the decision to implement a change project...
In the current year, the City of Omaha donates land worth $500,000 to Ace Corporation to induce it to locate in Omaha and create an estimated 2,000 jobs for its citizens. a. How much income, if any,...
Consider the Mafia. Assuming that organized crime groups maintain databases to evade capture and to run their businesses, what information would they keep? Why?
What taxes are recorded when recording Payroll Tax Expense?
What taxes are recorded when recording Payroll Tax Expense?
Complete the following table. Indicate whether a debit or credit results in an increase to the accountbalance Accounts Affected Category Rules a. Payroll Tax Expense b. FICA 0ASDI Payable C. SIT...
My company has equity beta of 0.56, 5.02% cost of (risk-free) debt, and market risk premium is 5% over the risk-free rate. D/(D+E) ratio is -31.7% and E/(D+E) ratio is 131.7%. Corporate tax rate is...
Discuss the main factors which a company should consider when determining the appropriate mix of long-term and short-term sources of finance in its capital structure.
Evaluate the impact of central bank interest rate policies, such as the federal funds rate in the United States or the repo rate in India, on various sectors of the economy, including consumption,...

Ipology The Science Of The Initial Public Offering 1st Edition - ISBN: 1737567202 - Free Book

Study smarter with the SolutionInn App