MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters
12th Edition
ISBN: 9780134490397
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 4, Problem P4.32APGA
Completing the accounting cycle from
Learning Objectives 1, 2, 3,4,5,6
5. Net Income $18,890
The unadjusted trial balance of Walton Anvils at December 31,2018, and the data forthe adjustments follow:
Adjustment data:
- Unearned Revenue still unearned at December 31, $1,800 t. Prepaid Rent still in force at December 31,$2,100.
- Office Supplies used$1,500.
Depreciation , $390.- Accrued Salaries Expense at December 31, $20
Requirements
- Open the T-accounts using the balances in the unadjusted trial balance.
- Complete the worksheet for the year ended December 31,2018 (optional).
- Prepare the adjusting entries, and post to the accounts.
- Prepare an adjusted trial balance.
- Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year.
- Prepare the closing entries, and post to the accounts.
- Prepare a post-closing trial balance.
- Calculate the
current ratio for the company.
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Chapter 4 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters
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