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The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income Utility Expense Accounts Payable Debit 150,000 4,000 3,000 130,000 250,000 16,000 77,000

The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income Utility Expense Accounts Payable Debit 150,000 4,000 3,000 130,000 250,000 16,000 77,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 55E: Exercise 3-55 Effect of Adjustments on the Financial Statements VanBrush Enterprises, a painting...
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Exercise 3.11 Income Statement, Statement of Changes in Equity and Statement of Financial Position - Service Business HW The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Z6BNOGAWN. 2- 3- 4 5- 7. 8. 9. Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income 10. Utility Expense Accounts Payable Tax Payable (payable in 4 months) Depreciation Expenses - Bldg. Katok, Capital Notes Receivable Insurance Expense Accrued Interest Payable Allowance for Bad Debts Interest expense Notes Payable (2 years to pay) Prepaid Interest Expense Katok, Drawing Salary Expense Land Interest Income Building Acc. Depreciation - Bldg. Unused Office Supplies Rent receivable Office Supplies Expense Tools Cash Rent Income The total revenue/income is P The total operating expenses is P The net income or (net loss) is P The total current assets is P The total non-current assets is Total assets Total current liabilities Total non-current liabilities Total liabilities Katok, capital, end P P P P P P P Debit 150,000 4,000 3,000 Furniture and Equipment 120,000 Accumulated depreciation - Furniture and equipment Additional information: There was no additional investment during the year. INSTRUCTION: You are required to compute what is being asked and write your answer on the BLANK. A separate computation in a yellow pad should be attached. No computation no credit. 1- 10,000 50,000 4,000 6,000 4,000 6,000 46,000 100,000 180,000 2,000 6,000 8,000 4,000 20,000 130,000 250,000 16,000 77,000 2,000 106,000 28,000 6,000 50,000 4,000 18,000 16,000 20,000
Transcribed Image Text:Exercise 3.11 Income Statement, Statement of Changes in Equity and Statement of Financial Position - Service Business HW The adjusted trial balance of May Katok Auto Repair Shop, as of December 31, 2021, presented below is not in proper order. Credit Z6BNOGAWN. 2- 3- 4 5- 7. 8. 9. Accounts Receivable Transportation Expense Bank loan payable (due in 5 years) Repair Income Unearned Interest Income 10. Utility Expense Accounts Payable Tax Payable (payable in 4 months) Depreciation Expenses - Bldg. Katok, Capital Notes Receivable Insurance Expense Accrued Interest Payable Allowance for Bad Debts Interest expense Notes Payable (2 years to pay) Prepaid Interest Expense Katok, Drawing Salary Expense Land Interest Income Building Acc. Depreciation - Bldg. Unused Office Supplies Rent receivable Office Supplies Expense Tools Cash Rent Income The total revenue/income is P The total operating expenses is P The net income or (net loss) is P The total current assets is P The total non-current assets is Total assets Total current liabilities Total non-current liabilities Total liabilities Katok, capital, end P P P P P P P Debit 150,000 4,000 3,000 Furniture and Equipment 120,000 Accumulated depreciation - Furniture and equipment Additional information: There was no additional investment during the year. INSTRUCTION: You are required to compute what is being asked and write your answer on the BLANK. A separate computation in a yellow pad should be attached. No computation no credit. 1- 10,000 50,000 4,000 6,000 4,000 6,000 46,000 100,000 180,000 2,000 6,000 8,000 4,000 20,000 130,000 250,000 16,000 77,000 2,000 106,000 28,000 6,000 50,000 4,000 18,000 16,000 20,000
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