[The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 46,800 Accounts receivable 11,700 Supplies 550 Prepaid insurance 630 Service trucks 16,300 Accumulated depreciation 8,400 Other assets 9,860 Accounts payable 2,220 Wages payable Income taxes payable Notes payable, long-term 15,000 Common stock (4,100 shares outstanding) 1,936 Additional paid-in capital 17,424 Retained earnings 4,600 Service revenue 85,680 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,220 Income tax expense Totals 135,260 135,260 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $630. Depreciation expense for the current year, $4,200. Wages earned by employees not yet paid on December 31, $560. Income tax expense, $5,780. I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items.
[The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 46,800 Accounts receivable 11,700 Supplies 550 Prepaid insurance 630 Service trucks 16,300 Accumulated depreciation 8,400 Other assets 9,860 Accounts payable 2,220 Wages payable Income taxes payable Notes payable, long-term 15,000 Common stock (4,100 shares outstanding) 1,936 Additional paid-in capital 17,424 Retained earnings 4,600 Service revenue 85,680 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,220 Income tax expense Totals 135,260 135,260 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $630. Depreciation expense for the current year, $4,200. Wages earned by employees not yet paid on December 31, $560. Income tax expense, $5,780. I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items.
Corporate Financial Accounting
15th Edition
ISBN:9781337398169
Author:Carl Warren, Jeff Jones
Publisher:Carl Warren, Jeff Jones
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 14.6EX: a. (1) Current year working capital. 1,090,000 Current position analysis The following data were...
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[The following information applies to the questions displayed below.]
Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted
Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 |
|||||||
Debit | Credit | ||||||
Cash | 46,800 | ||||||
Accounts receivable | 11,700 | ||||||
Supplies | 550 | ||||||
Prepaid insurance | 630 | ||||||
Service trucks | 16,300 | ||||||
8,400 | |||||||
Other assets | 9,860 | ||||||
Accounts payable | 2,220 | ||||||
Wages payable | |||||||
Income taxes payable | |||||||
Notes payable, long-term | 15,000 | ||||||
Common stock (4,100 shares outstanding) | 1,936 | ||||||
Additional paid-in capital | 17,424 | ||||||
4,600 | |||||||
Service revenue | 85,680 | ||||||
Wages expense | 16,200 | ||||||
Remaining expenses (not detailed; excludes income tax) |
33,220 | ||||||
Income tax expense | |||||||
Totals | 135,260 | 135,260 | |||||
Data not yet recorded at December 31 included:
- The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.
- Insurance expired during the current year, $630.
- Depreciation expense for the current year, $4,200.
- Wages earned by employees not yet paid on December 31, $560.
- Income tax expense, $5,780.
I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items.
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