Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016: ЕЗ-11 A G K LO 3.6 LO 3.8 1 Retained 2 Earnings Statement Income Balance 3 Trial Balance Adjustments Statement Sheet 4 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Prepaid Rent 7Office Equipment Accumulated Depreciation 9. 3,800 2,400 7,000 1,400 2,000 4,000 3,200 Note Payable (due 7/1/17) 10 Common Stock (200 shares) 11 Retained Eamings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 16 200 6,100 2,500 B00 16,700 16,700 Totals 17 Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016.
Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016: ЕЗ-11 A G K LO 3.6 LO 3.8 1 Retained 2 Earnings Statement Income Balance 3 Trial Balance Adjustments Statement Sheet 4 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Prepaid Rent 7Office Equipment Accumulated Depreciation 9. 3,800 2,400 7,000 1,400 2,000 4,000 3,200 Note Payable (due 7/1/17) 10 Common Stock (200 shares) 11 Retained Eamings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 16 200 6,100 2,500 B00 16,700 16,700 Totals 17 Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section9.1: Subsidiary Ledgers And Controlling Accounts
Problem 1WT
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