EBK HORNGREN'S ACCOUNTING
12th Edition
ISBN: 9780134487212
Author: MILLER-NOBLES
Publisher: PEARSON CO
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Textbook Question
Chapter 4, Problem P4.38BPGB
Completing the accounting cycle from
Learning Objectives 1, 2, 3,4,5,6
5. Net Income $17,380
The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow:
Adjustment data
- Unearned Revenue still unearned at December 31,$3,600
- Prepaid Rent still in force at December 31, $2,000.
- Office Supplies used$600.
Depreciation , $400.- Accrued Salaries Expense at December 31, $180.
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
EBK HORNGREN'S ACCOUNTING
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