Williams Mechanic Services prepared for the following work sheet for the year ended March 31, 20. Required
Question:
Williams Mechanic Services prepared for the following work sheet for the year ended March 31, 20—.
Required
1. Complete the work sheet.
2. Prepare an income statement.
3. Prepare a statement of owner's equity; assume that there was an additional investment of $ 5,000 on March 13.
4. Prepare a balance sheet.
5. Journalize the closing entries using the four steps in the correct sequence.
6. Prepare a post- closing trial balance.
Williams Mechanic Services Work Sheet For Year Ended March 31, 20- TRIAL BALANCE ADJUSTED TRIAL BALANCE ADJUSTMENTS DEBIT ACCOUNT NAME Cash Accounts Recaivable Supplies Prepaid Insurance Equpment DEBIT CREDIT CREDIT DEBIT CREDIT 6,500.00 1,260.00 215.00 2,000.0O 3,500.00 6,500.00 1,250.00 415.00 2,175.00 (e) 200.00 (a) 175.c0 (b) 75.00 (c) 300.00 Aoaumieted Deprciaton, Equipment 3,50000 redat 1.30000 1,275.00 Truck Aocumulated Depreciaion, Truck Acoounts Payabla J. Williams Cepital J. Williams Drawing Fees Earned Salary Expense Advertising Expense Truck Operating Expense Utifties Expense Miscelaneous Expense 18,300.00 18,300.00 4,00000 900,00 16,94000 4,300.00 800.00 16.840.00 3,000.00 3,000.00 15,00000 15,000.00 (d) 125.00 1,200.00 00.00 250.00 600.00 150.00 1,325.00 600.00 250.00 600.00 150.00 37 940 00 9745900037000 Insuranoa Expense Depreciation Expense, Equipment Depreciation Expense. Truck Salaries Payatle Supplies Expense (a) 175.00 (b) 75.00 (c) 300.00 175.00 75.00 300.00 (d) 125.c0 125.00 (e) 2co.co 875.00 200.00 38,440.00 876.00 38,440.00
Step by Step Answer:
Williams Mechanic Services Work Sheet For Year Ended March 31 20 TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 650000 Accounts Receivable 125000 Supplies 41500 e 20000 Prepaid ...View the full answer
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Using the information in QS 1-19, prepare an income statement and statement of changes in equity for the month ended May 31, 2014, and a balance sheet at May 31, 2014. In QS 1-19 s 5 25 1. Net loss...
-
Using the information from Problem 4A, prepare an income statement and a statement of changes in equity for the year ended December 31, 2014, and a classified balance sheet at December 31, 2014....
-
Using the information in Problem 8A, prepare an income statement and a statement of changes in equity for the year ended March 31, 2014, and a classified balance sheet at March 31, 2014. The owner...
-
How might a shareholders agreement influence a companys financial report-ing objectives?
-
What is a stock market liberalization? What are the effects of liberalizations on (a) Emerging market correlations with the world stock returns (b) Local market volatility (c) The local cost of...
-
(a) The planets move around the Sun in elliptical orbits with the Sun at one focus. The positions of a planet that are closest to and farthest from the Sun are called its perihelion and aphelion,...
-
Describe what happens to a bar magnet placed in the nonuniform external magnetic field shown in Figure P27.11. Data from Figure P27.11 Figure P27.11 SN
-
The plaintiff, Herbert Rosenthal Jewelry Corporation, and the defendant, Kalpakian, manufactured jewelry. The plaintiff obtained a copyright registration of a jeweled pin in the shape of a bee....
-
6. The major components in "Gun Metal" are: (a) Cu, Ni and Fe (b) Al, Cu, Mg and Mn (c) Cu, Sn and Zn 7. 8. Which of the following ore is concentrated using group 1 cyanide salt (a) Calamine (b)...
-
This is a question from "Starting out with Python" by Tony Gaddis Chapter 8, question number 14, titles "Gas Prices" has anyone solved this? In the student sample program files for this chapter, you...
-
The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: Required 1. Complete the work sheet. Data for the adjustments are as follows: a. Expired or...
-
After the accountant posted the adjusting entries for M. Wally, Designer, the work sheet contained the following account balances on May 31: Required 1. Write the owners name on the Capital and...
-
The Clark County Sheriffs Department schedules police officers for 8-hour shifts. The beginning times for the shifts are 8:00 A.M., noon, 4:00 P.M., 8:00 P.M., midnight, and 4:00 A.M. An officer...
-
Code a nested loop program that will generate a multiplication table, but instead of creating a simple 10 by 10 multiplication table, the program allows the user to type in two numbers (beginning and...
-
Set Up 1. Make a new main class called IA4_ParallelBubbleSort_LastName.java. 2. Copy an applicable sort method from a previous assignment and then alter it to take in a String Array for sorting plus...
-
A. State whether each of the following vector fields could describe a static electric field? Show your reasoning for each. (i) E(r) = xx yu (ii) E(F) = yx + xy (iii) E(7) = yx - xy B. Calculate the...
-
a) Using the NPV analysis, advise Gustav whether he should purchase the new machine. b) Using the IRR analysis, advise Gustav whether he should purchase the new machine. Do you reach the same...
-
Identify the organization you have used previously. You are tasked with project managing a new software system rollout. Due to the cost of maintenance, your employer does not want to pay for...
-
A horizontal axis wind turbine has a rotor diameter of 24 ft. The turbine coefficient of performance is 0.37, generator efficiency is 0.80, and gearbox transmission efficiency is 0.94. Air is at a...
-
Proposals have been made to ?sail? spacecraft to the outer solar system using the pressure of sunlight, or even to propel interstellar spacecraft with high-powered, Earth-based lasers. Sailing...
-
Thomas Corporations adjusted trial balance contained the following liability accounts at December 31, 2015. Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in 90...
-
Exxon Mobil Corporation, the world's largest company, uses the LIFO inventory method for most of its inventories. Its inventory costs are heavily dependent on the cost of oil. In a recent year when...
-
Exxon Mobil Corporation had net sales of $237,054 million, cost of goods sold of $107,658 million, and net income of $21,510 million in 2003. Inventories under the LIFO method used by the company...
-
Using the following data from Kalel Corporation's financial statements, compute the receivable turnover and the days' sales uncollected: Current Assets Cash .................................... $...
-
Use matrices (row-echelon form) to solve the following system of linear equa- tions. If the system has no solution, say that it is inconsistent. 3x + 2y = 7 x+y=3
-
For the following function : f(x) = 1/3 x^3 + 4x^2 + 16x a. Determine the critical points. b. Calculate the second derivative c. Determine if the function is concave up or down or not concave d....
-
2. An activity director for a cruise ship has surveyed 240 passengers. Of the 240 passengers; 135 like swimming, 150 like dancing, 65 like games, 80 like swimming and dancing, 40 like swimming and...
Study smarter with the SolutionInn App