Homework Help is Here – Start Your Trial Now!
Business
Accounting
Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash $ 4,660 9,600 5,200 1,000 1,100 Common shares 5,000 Depreciation expense Dividends declared 2,600 1,000 Equipment Income tax expense 20,800 3,500 50 Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Unearned revenue 1,675 16,800 3,700 30,700 710 67,200 180 475 1,010

Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash $ 4,660 9,600 5,200 1,000 1,100 Common shares 5,000 Depreciation expense Dividends declared 2,600 1,000 Equipment Income tax expense 20,800 3,500 50 Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue Supplies Supplies expense Unearned revenue 1,675 16,800 3,700 30,700 710 67,200 180 475 1,010

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11P: A review of Anderson Corporations books indicates that the errors and omissions pertaining to the...
See similar textbooks
icon
Related questions
Question

please answer only part e

Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable $ 4,660 9,600 5,200 1,000 1,100 Cash Common shares 5,000 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 2,600 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31. (e) Present your answer in part (d) in the form of the basic accounting equation.
Transcribed Image Text:Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable $ 4,660 9,600 5,200 1,000 1,100 Cash Common shares 5,000 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 2,600 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31. (e) Present your answer in part (d) in the form of the basic accounting equation.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Balance Of Payment
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS