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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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Section
BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Tom’s Catering Services prepared the following work sheet for the year ended December 31, 20--.

images

Required

  1. 1. Complete the work sheet. (Skip this step if using CLGL.)
  2. 2. Prepare an income statement.
  3. 3. Prepare a statement of owner’s equity. Assume that there was an additional investment of $2,500 on December 1.
  4. 4. Prepare a balance sheet
  5. 5. Journalize the closing entries with the four steps in the correct sequence.
  6. 6. Prepare a post-closing trial balance.

Check Figure

Post-closing trial balance total, $31,665

1.

To determine

Indicate the given adjustments and complete the worksheet for TC Services for the year ended December 31, 20--.

Explanation

Worksheet: Worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements. Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented...

2.

To determine

Prepare an income statement for TC Services for the year ended December 31, 20--, based on the account balances from worksheet of Part (1).

3.

To determine

Prepare a statement of owners’ equity for TC Services for the year ended December 31, 20--. (Refer to net income computed in Part (2)).

4.

To determine

Prepare a balance sheet for TC Services, based on the account balances from work sheet in Part (1), and capital of the owner from the statement of owners’ equity prepared in Part (3).

5.

To determine

Prepare closing entries.

6.

To determine

Prepare a post-closing trial balance for TM Services as at December 31, 20--.

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