# Worksheet Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2019: The following additional information is available : (a) salaries accrued but unpaid total \$250; (b) the \$80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals \$810 on the buildings and equipment; (d) interest accrued on the note payable totals \$380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT &amp; Daniel Specialty Company for \$50 per month, and KT &amp; Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals \$80; (g) bad debts expense is \$70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017. Required: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepare the company’s financial statements. 3. Prepare (a) adjusting and (b) closing entries in the general journal.

### Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

### Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

#### Solutions

Chapter
Section
Chapter 3, Problem 11P
Textbook Problem

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