Question

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 box​ empty; do not select a label or enter a​ zero.)

Emerson Production Company Unadjusted Trial Balance Adjustments Account Trial Balance 13,690 Cash Prepaid rent Equipment 1,90

Journal Entry Date Accounts Credit Debit 6,200 Dec 6,200 Dec 600 Dec 800 31 Unearned Service Revenue Service Revenue 31 Salar

December 31 Assets Current Assets Cash Prepaid rent $ 13,690 1.100 14,790 $ 41,000 (4.700) Equipment 36,300 51,090 $ Total cu

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Solution

Emerson Production Company

Unadjusted, adjustments and adjusted trial balance:

Account

Unadjusted Trial Balance

Adjustments

Adjusted Trial Balance

Debit

Credit

Debit

Credit

Debit

Credit

Cash

$13,690

$13,690

Prepaid Rent

$1,900

$800

$1,100

Equipment

$41,000

$41,000

Accumulated Depreciation - Office Equipment

$3,800

$900

$4,700

Accounts Payable

$4,700

$4,700

Salaries Payable

$600

$600

Unearned Service Revenue

$8,600

$6,200

$2,400

Income Tax Payable

$1,400

$1,400

Notes Payable, Long-Term

$12,000

$12,000

Common Stock

$8,400

$8,400

Retained Earnings

$13,190

$13,190

Dividends

$1,600

$1,600

Service Revenue

$13,400

$6,200

$19,600

Salary Expense

$4,200

$600

$4,800

Rent Expense

$1,700

$800

$2,500

Depreciation Expense - Office Equipment

0

$900

$900

Income Tax Expense

$1,400

$1,400

Totals

$64,090

$64,090

$9,900

$9,900

$66,990

$66,990

Balance Sheet:

Emerson Production Company

Balance Sheet

As of December 31

Assets

Current Assets

Cash

13,690

Prepaid Rent

$1,100

Current Assets

$14,790

Fixed Assets

Equipment

$41,000

Less: Accumulated depreciation

$4,700

$36,300

Total Assets

$51,090

Liabilities

Current Liabilities:

Accounts Payable

$4,700

Salary Payable

$600

Income Tax Payable

$1,400

Unearned Service Revenue

$2,400

Current Liabilities:

$9,100

Notes Payable, Long-Term

$12,000

Total Liabilities

$21,100

Shareholders' Equity

Common Stock

$8,400

Retained Earnings

$21,590

$29,990

Total Liabilities and Stockholders' Equity

$51,090

Computations:

Retained earnings –

Beg. Balance = $13,190

Add: net income = $10,000

Total = $23,190

Less: dividends = $1,600

Retained earnings , ending balance = $21,590

Net income –

Income statement;

Revenue          $19,600

Expenses:

Salary expense            $4,800

Rent expense              $2,500

Depreciation – expense $900

Income tax expense    $1,400

Total expenses            $9,600

Net income     $10,000

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