Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

Use the following Company T adjusted trial balance to prepare the following: Adjusted Trial Balance Debit Credit Cash $24,000 Accounts Receivable 14,900 Prepaid Insurance 5,400 Land 13,500 Accounts Payable $12,400 Salaries Payable 1,500 Common Stock 35,000 Retained Earnings 10,200 Dividends 6,000 Service Revenue 56,100 Insurance Expense 7,600 Salaries Expense 39,000 Miscellaneous Expense 4,800 $115,200 $115,200 A. Prepare an income statement. Company T Income Statement For the Year Ended December 31, 2020 Revenues: Expenses: Total Expenses B. Prepare a statement of retained earnings. Company T Retained Earnings Statement For the Year Ended December 31, 2020 C. Prepare a balance sheet (simple-unclassified). Company T Balance Sheet December 31, 2020 Assets Total Assets Liabilities

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 16PB: Prepare an adjusted trial balance from the following account information, and also considering the...

See similar textbooks

Similar questions

Prepare an adjusted trial balance from the following account information, and also considering the adjustment data provided (assume accounts have normal balances). Adjustments needed: Accrued interest revenue on investments at period end, $2,200 Insurance still unexpired at end of the period, $12,000
The Sky Blue Corporation has the following adjusted trial balance at December 31.Debit CreditCash $ 1,310Accounts Receivable 2,800Prepaid Insurance 3,100Notes Receivable (long-term) 3,800Equipment 16,000Accumulated Depreciation $ 4,200Accounts Payable 6,220Salaries and Wages Payable 1,400Income Taxes Payable 3,700Deferred Revenue 760Common Stock 3,200Retained Earnings 1,320Dividends 380Sales Revenue 49,230Rent Revenue 380Salaries and Wages Expense 23,200Depreciation Expense 2,100Utilities Expense 5,020Insurance Expense 2,200Rent Expense 6,800Income Tax Expense 3,700Total $ 70,410 $ 70,410How would you make the adjusted trial balance sheet
Use the following adjusted trial balance to answer questions 22-25.Cash $ 6,530Accounts Receivable 2,450Prepaid Expenses 880Equipment 18,490Accounts Payable 1,800Loan Payable 10,600Owner’s Equity 12,940Fees Earned 9,750Marketing Expense 1,685Rent Expense 1,960Utilities Expense 345Wages Expense 2,750Totals $35,090 $35,09022. Net income for the period is:A. $9,750B. $6,530C. $3,010D. None of these23. Total assets on the balance sheet will be:A. $35,090B. $28,350C. $9,860D. None of these24. Total liabilities on the balance sheet will be:A. $1,800B. $10,600C. $25,340D. None of these25. Owner’s Equity on the balance sheet will be $12,940.A. TrueB. False
1. Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading.Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166Required: i. Statement of Profit or Loss and Others Comprehensive Income for the year ended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
The following accounts were included on Nigel’s adjusted trial balance at December 31, 2020:Accounts payable 11,200Accounts receivable 8,000Cash 29,000Share capital-ordinary 50,000Retained earnings 25,000Dividends 9,000Interest expense 3,500Note payable, due 30/06/23 45,000Supplies 2,800Sales revenue 39,000Building 15,000(a) What are total current assets? (b) What are total non-current liabilities?
prepare an income using the following adjusted trial balance of billi sol companycash 13000accounts receivable 20000office supplies 10300office equipment 40500Accumulated depriciation office 22000accounts payable 11500unearned service revenue 6500long term notes payable 38000billi sol capital 11000billi sol withdrawls 10000service revenue 1100salary expenses 30000rent expenses 12300depreciation expenses 1000office suplies 3000expensesTotal 140100 140100
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheetfor the year ended 30 June 2019Adjusted trial balance Account Cash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200Required:a) Prepare Income Statement and Balance Sheetb) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity’s accounting period.
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
The adjusted trial balance of Chris Adams Co. as of December 31, 2020, contains the following. Chris Adams CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,507 Accounts Receivable 7,955 Prepaid Rent 3,315 Equipment 19,085 Accumulated Depreciation-Equipment $5,930 Notes Payable 6,735 Accounts Payable 6,507 Common Stock 21,035 Retained Earnings 12,345 Dividends 4,035 Service Revenue 12,625 Salaries and Wages Expense 7,875 Rent Expense 2,182 Depreciation Expense 223 Interest Expense 161 Interest Payable 161 $65,338 $65,338 Prepare an income statement. Prepare a statement of retained earnings. Prepare a classified balance sheet.
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…