Question

Presented below is the adjusted trial balance of Tamarisk, Inc at December 31, 2017 Debit Credit Cash $ Supplies 1110 Account

Course Content 2020 SPRIN* Chapter 5 Homework s.com/courses/32973/assignments/3353614 Prepare a classified balance sheet as o

x Course Content - 2020 SPRINX Chapter 5 Homework yplus.com/courses/32973/assignments/3353614 TOURSES Liabilities and stockho

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Tamarisk Inc.
We will first prepare Income Statement and Statement of Retained Earnings then we will make Balance Sheet.
Calculation of Net Income
Income Statement Amount $
Service Revenue         30,100.00
Total Revenue         30,100.00
Less: expenses
Salaries and Wages Expense         14,080.00
Insurance Expense            2,200.00
Rent Expense            3,260.00
Interest Expense            3,300.00
Total Expenses         22,840.00
Net Income           7,260.00
Statement of Retained Earnings Amount $
Retained Earnings- Opening Balance         14,120.00
Add: Net Income            7,260.00
Less: Dividends                        -  
Retained Earnings- Closing Balance         21,380.00
Assets Amount $ Amount $
Current Assets
Cash            5,570.00
Supplies            1,110.00
Account receivables            3,420.00
Prepaid Insurance            2,400.00
Current Assets 12,500.00
Non Current Assets
Plant, Property & Equipment
Equipment         81,000.00
Accumulated depreciation- Equipment         20,060.00
Plant, Property & Equipment 60,940.00
Intangible Assets
Trademarks     3,540.00
Total Assets 76,980.00
Liabilities
Current Liabilities
Accounts Payables            3,720.00
Salaries and Wages Payables               920.00
Unearned Service Revenue            1,640.00
Current Liabilities     6,280.00
Non Current Liabilities
Bonds Payable         32,060.00
Non Current Liabilities 32,060.00
Total Liabilities 38,340.00
Stockholder's Equity
Common Stock            1,940.00
Additional paid in capital         15,320.00
Retained Earnings         21,380.00
Total Stockholder's Equity 38,640.00
Total Liabilities & Stockholder's Equity 76,980.00
Add a comment
Know the answer?
Add Answer to:
Presented below is the adjusted trial balance of Tamarisk, Inc at December 31, 2017 Debit Credit...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Presented below is the adjusted trial balance of Tamarisk, Inc. at December 31, 2017. Prepare a...

    Presented below is the adjusted trial balance of Tamarisk, Inc. at December 31, 2017. Prepare a classified balance sheet as of December 31, 2017. We were unable to transcribe this imageTamarisk, Inc. Balance Sheet December 31, 2017 Assets Current Assets Cash $ Accounts Receivable Supplies Prepaid Insurance Total Current Assets $ Equipment Less Accumulated Depreciation-Equipment Trademarks Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Salaries and Wages Payable Unearned Service Revenue Total Current Liabilities Long-term Liabilities Bonds Payable...

  • Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1....

  • Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1....

  • Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ ? 1,460 1,260 48,260 $ 4,260 1,210 10,260 760 2,260 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 9,260 10,260 25,260 10,260 9,260 1,660 1,460 1,160 Total $ ? $ ? Additional information: 1....

  • Presented below is the adjusted trial balance of Wildhorse Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Wildhorse Corporation at December 31, 2020. Debit Credit Cash $ ? 1,430 1,230 48,230 $ 4,230 1,180 10,230 730 Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 2,230 9,230 10,230 25,230 10,230 9,230 1,630 1,430 1,130 Total $ ? $ ? Additional information: 1....

  • Presented below is the adjusted trial balance of Sage Corporation at December 31, 2017 Debit Credit...

    Presented below is the adjusted trial balance of Sage Corporation at December 31, 2017 Debit Credit Cash Supplies Prepaid Insurancee Equipment Accumulated Depreciation-Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2024) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense 1,440 1,240 48,240 $4,240 1,190 10,240 740 2,240 9,240 10,240 25,240 10,240 9,240 1,640 1,440 1,140 Total

  • Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Crane Corporation at December 31, 2020. Debit Credit Cash $          ? Supplies 1,300 Prepaid Insurance 1,100 Equipment 48,100 Accumulated Depreciation-Equipment $  4,100 Trademarks 1,050 Accounts Payable 10,100 Salaries and Wages Payable 600 Unearned Service Revenue 2,100 Bonds Payable (due 2027) 9,100 Common Stock 10,100 Retained Earnings 25,100 Service Revenue 10,100 Salaries and Wages Expense 9,100 Insurance Expense 1,500 Rent Expense 1,300 Interest Expense 1,000     Total $          ? $          ? Additional information: 1. Net loss for the...

  • Presented below is the adjusted trial balance of Teal Corporation at December 31, 2020. Credit Debit...

    Presented below is the adjusted trial balance of Teal Corporation at December 31, 2020. Credit Debit $ ? 1,530 1,330 48,330 $ 4,330 1,280 Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Trademarks Accounts Payable Salaries and Wages Payable Unearned Service Revenue Bonds Payable (due 2027) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Rent Expense Interest Expense Total 10,330 830 2,330 9,330 10,330 25,330 10,330 9,330 1,730 1,530 1,230 $ ? ? Additional information: 1....

  • Presented below is the adjusted trial balance of Flounder Corporation at December 31, 2020. Debit Credit...

    Presented below is the adjusted trial balance of Flounder Corporation at December 31, 2020. Debit Credit Cash $ 2 Supplies 1,470 Prepaid Insurance 1,270 Equipment 48,270 Accumulated Depreciation-Equipment $ 4,270 Trademarks 1,220 Accounts Payable 10,270 Salaries and Wages Payable 770 Unearned Service Revenue 2,270 Bonds Payable (due 2027) 9,270 Common Stock 10,270 Retained Earnings 25,270 Service Revenue 10,270 Salaries and Wages Expense 9,270 Insurance Expense 1,670 Rent Expense 1,470 Interest Expense 1,170 Total $ ? $ Additional information: 1. Net...

  • ONLY RED COLORED QUESTIONS Credit SANTO DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $11,350...

    ONLY RED COLORED QUESTIONS Credit SANTO DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 150 Depreciation Expense 7,000 Supplies Expenses 3,400 Rent Expense 4,000 $127,050 $35,000 5,000 150 5,000 5,600 1,300 10,000 3,500 61,500 $127,050 Common...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT