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Intermediate Accounting: Reporting...

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

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019:

Chapter 3, Problem 12E, Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following

Additional information: (a) The equipment is being depreciated on a straight-line basis over a 10-year life, with no residual value; (b) salaries accrued but nor recorded total $500; (c) on January 1, 2019, the company had paid 3 years’ rent in advance at $100 per month; (d) bad debts are expected to be 1% of total sales; (e) interest of $400 has accrued on the note payable; and (f) the income tax rate is 40% on current income and will be paid in the first quarter of 2020.

Required:

  1. 1. Complete the worksheet.
  2. 2. Prepare financial statements for 2019.
  3. 3. Prepare closing entries in the general journal.

1.

To determine

Prepare the worksheet for the year ended December 31, 2019.

Explanation

Worksheet: A worksheet is a tool that is used while preparing a financial statement. It is a type of form, having multiple columns and it is used in the adjustment process...

2.

To determine

Prepare the financial statements of Company S for the year ended December 31, 2019.

3.

To determine

Prepare the closing entries for the year ended December 31, 2019 in the general journal.

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