HomeworkLib
Question

Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owners Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service Revenue 58,200 2,500 Interest Expense Rent Expense Salaries Expense Supplies Expense Total 300 3,800 4,500 1,000 110,100 110,100Assets Liabilities Less: Total Liabilities Owners Equity Total Assets Total Liabilities and Owners Equity

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

SMART TOUCH LEARNING Income Statement For the Year ended 31st December 2016 Service Revenue 58,200 58,200 Total Revenue (A) Expenses: Office Supplies Depreciation Expense- Furniture Interest Expense Rent Expense Salary Expense Supplies expenses 200 2,500 300 3,800 1,000 Total Expenses(B)12,300 (12,300) 45,900 Net Income [C- A-B]SMART TOUCH LEARNING Balance Sheet As on 31st December 2016 Assets Cash Bank Accounts Receivable 19,200 10,600 Less: Allowance for Doubtful Accounts Inventory Prepaid Rent Accrued Commission Income Furniture 10,600 12,800 22,500 (7,700) Less: Accumulated Depreciation Total assets 14,800 57,400 Liabilities and Owners Equity Accounts Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Bright Capital 2,500 600 300 6,400 9,000 Less: Withdrawals Add: Net income 25,400 (32,700) 45,900 38,600 57,400 Total Liabilities and CapitalSMART TOUCH LEARNING Statement of Owners Equity For the Year ended 31st December 2016 58,100 45,900 104,000 32,700 32,700 71,300 Bright,Capital as on 1st Jan 2016 (note-1) Net Income Sub Total (A) Withdrawals during the period Sub Total (B) Bright,Capital as on 31st Dec 2016 (A-B) Note -1 Computation of Capital as on 1st January 2016 Bright Capital as on 31st Dec 2016 Add: Withdrawals during the period Bright Capital as on 1st Jan 2016 25400 32700

0 0
Add a comment
Know the answer?
Add Answer to:
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and...

    Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and a classified Balance Sheet. Please use proper terminology, such as Current Assets, Current Liabilities, Total Assets, Total Liabilities and "Total Liabilities and Owner's Equity". Feel free to use extra paper for your answer. Accumulated Depreciation - Bldg. 5,000 Accounts Payable 4,000 Accounts Receivable 20,000 Building 35,000 Cash 1,000 Cost of Goods Sold 27,000 Depreciation expense -bldg 3,000 Not included in Cost of Goods Sold...

  • Please give me an income statement, statement of owner's equity, and balance sheet. (No need explanation,...

    Please give me an income statement, statement of owner's equity, and balance sheet. (No need explanation, just want to check my answer) J. Tren Worksheet Month Ended May 31, 201X Trial Balance | Adjustments Adjusted Trial Balance | Income Statement Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Balance Sheet Dr. Cr. Account Titles Cash Accounts Receivable Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable J. Tren, Capital J. Tren, Withdrawals Revenue from Clients Rent Expense...

  • This is the trial balance I need verification for Income stamente, owner equity(not sure how to...

    This is the trial balance I need verification for Income stamente, owner equity(not sure how to get it) and help completing balance sheet. Also I have a quetion is post-closing trial balance the same as trial balance.? ( Whats the difference?) Please and thanks Anne Aile Trial Balance # Credit Debit $12.133 6.950 612 17,280 288 13,680 Description Cash Notes Receivable Accounts Receivable Allowance for Uncollectible Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Unearned Service...

  • complete the worksheets above using information from the adjusted trial balance sheet. Adjusted Trial Balance December...

    complete the worksheets above using information from the adjusted trial balance sheet. Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...

  • Complete the Income Statement, Statement of Owner's Equity and Balance Sheet for Help Today company. Fill...

    Complete the Income Statement, Statement of Owner's Equity and Balance Sheet for Help Today company. Fill in the templates... Exercise 2-16 HELP TODAY Income Statement For Month Ended August 31 Revenues Consulting fees earned $ Expenses Rent expense $ Salaries expense Telephone expense Miscellaneous expenses ______ Total expenses ______ Net income $ Exercise 2-17 HELP TODAY Statement of Owner’s Equity For Month Ended August 31 C. Camry, Capital, July 31 $ 0 Add: Investment by owner 102,000 Net income (from...

  • Need help with balance sheet Adjusted Trial Balance December 31, 2018 $ Account Title Cash Accounts...

    Need help with balance sheet Adjusted Trial Balance December 31, 2018 $ Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Truck Accumulated Depreciation—Truck Supplies Expense Salaries Payable Unearned Revenue Mass, Capital Mass, Withdrawals Service Revenue Salaries Expense Depreciation Expense Truck Insurance Expense Fuel Expense Rent Expense Balance Debit Credit 26,550 2,550 350 450 17,000 $ 300 700 700 32,000 2,400 19,250 1,400 150 150 200 1,300 e Egonn e Egonn Prepare Mass Delivery Service's classified balance sheet on December...

  • I all of a sudden starting drawing a blank and cannot remember how to complete Statement...

    I all of a sudden starting drawing a blank and cannot remember how to complete Statement of Owner's Equity. Prove your mastery! Your results will report to the gradebook. If you are not ready to submit work for a grade, you can try activities again or attempt the Practice Mastery. Your work will be saved as you work through each part. Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet. Enter any decreases...

  • Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...

    Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...

  • The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of...

    The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Emerson Production Company follow. .Use the data in the partial worksheet to prepare Emerson Production Company​'s classified balance sheet at December 31 of the current year. Use the report format. First you must calculate the adjusted balance for several of the​ balance-sheet accounts. ​Let's prepare the balance sheet for Emerson Production Company ​(If a box is not used in the balance sheet leave the...

  • Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each...

    Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...

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