Question

In: Accounting

Please prepare a full trial balance – Trial Balance, Adjustments,Adjusted Trial Balance, Income Statement, Balance...

Please prepare a full trial balance – Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, Balance Sheet, and Statement of Owner’s Equity, as well the individual Balance Sheet, Income Statement, and Statement of Owners Equity. Include any journal entries necessary for this assignment. Use T accounts if you find them helpful.

Attached are the files for your use. Check your formulas.

1. You are reporting for your client for the One Month period September 30, 2020

2. The started the month with Cash of $22,305; Equipment (5 year property) of $40,000; Accum Deprec $4,000; Accounts Payable $4,335, Capital $53,970.

3. During September they had the following transactions:

a. Sold to customers on account $55,375

b. Customers paid $12,000 on their accounts

c. Company purchased 1 year of Supplies for $12,200

d. Company has no Accts Payable at month end.

e. Company paid the annual insurance premium of $12,000

f. The owner C Mason had $5,500 of draw

g. The company incurred and paid the following expenses – Rent $3500, Repairs $105, Wages $3,000, Travel expenses $4200, Utilities $150, Miscellaneous Expenses $750.

h. The last week of payroll was unpaid at September 30. Accrue payroll and the related expenses of the company. The information is as follows:

Employees

Employee	Hourly Rate	Hours Worked	Fed Inc Tax Withheld
Mary	22.50	46	250
Jim	15.00	42	175
Hank	35.00	40	1205
Joe	12.00	62	100
Cindy	15.00	45	125

Expert Solution

Here we have transactions which are to posted using journal entries .After the closing balances for the month of september will be used to draw the trail balance at the month end.I have also drawn the cash account for better understanding of closing balance.

ekkarill92 answered 2 years ago

Prepare a worksheet that contains the following columns: Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement...

Prepare a worksheet that contains the following columns: Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement and Balance Sheet. From the following transactions as well as add't data, please complete the entire accounting cycle for Parker's Plowing (using the chart of accounts below) for 2018. Jan. 1 Parker invested $10,000 cash and $12,000 worth of snow equipment into the plowing company. Jan. 1 Paid rent for six months in advance for garage space, $6000 Jan. 6 Purchased snow supplies for...

Using the adjusted trial balance below, prepare an income statement, statement of retained earnings, and a...

Using the adjusted trial balance below, prepare an income statement, statement of retained earnings, and a balance sheet as of December 31. Download the Excel spreadsheet located in the instructions and use it as a template for your financial statements. Once you have completed the statements, save the file and upload the completed spreadsheet for grading. Parties Plus, Inc. Adjusted Trial Balance December 31 Debit Credit Cash $1,600 Accounts receivable 4,000 Office equipment 16,800 Accumulated depreciation $1,600 Income tax payable...

Prepare an adjusted trial balance showing adjustments. Show the adjustments and add any new accounts required because of the adjustments.

Case Background A sole proprietor (the owner) has established a service business specializing in recruitment for businesses needing specialized Tool Industry staff. The trail balance at the end of the first three months of operations is provided below. Part of the service is to train people before they are placed with companies. The owner has asked, you, the accountant for HR, to prepare the answers to the questions below considering the notes provided. Trial Balance Accounts Debits Credits Cash 24,500...

Prepare each item: Journal Entries T-Accounts Trial Balance Adjusted Trial Balance Income Statement Retained Earnings Statement...

Prepare each item: Journal Entries T-Accounts Trial Balance Adjusted Trial Balance Income Statement Retained Earnings Statement Balance Sheet Dinah Soars, Biff Wellington and Duane Pipe are the stockholders of Sharpe Incorporated. The charter of the corporation authorized 500,000 shares of $2 par common stock, and 100,000 shares of $30 par, 4%, preferred stock. As of January 1, 2020, there were 24,000 shares of common stock issued and outstanding and 5,000 shares of preferred stock issued and outstanding. Selected transactions completed...

Using the Adjusted Trial Balance for merchandising company, perform the following tasks: Prepare an Income Statement...

Using the Adjusted Trial Balance for merchandising company, perform the following tasks: Prepare an Income Statement in multiple-step format with subtotals for net sales, gross profit, income before taxes, and net income. (20 points) Calculate Gross Profit Margin. (5 points) Tower Corporation Adjusted Trial Balance at 31 December 2019 Debit Credit Cash 7,590 Accounts Receivable 5,910 Merchandise Inventory 4,870 Prepaid Insurance 2,550 Equipment ...

Using the adjusted trial balance given, prepare a(n) 1) income statement 2) statement of retained earnings...

Using the adjusted trial balance given, prepare a(n) 1) income statement 2) statement of retained earnings 3) balance sheet *in good form. 3 Cs Inc Adjusted Trial Balance December 31, 2017 Account Debit Credit Accounts Payable 120,000 Accounts Receivable 150,000 Accumulated Depreciation 20,000 Bonds Payable 100,000 Cash 70,000 Common Stock 20,000 Cost of Goods Sold 280,000 Depreciation Expense 10,000 Dividends 20,000 Equipment 200,000 Income Taxes Expense 40,000 Interest Payable 5,000 Inventory 60,000 Land 100,000 Note Payable (18 months) 105,000 Paid-in...

Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED BALANCE...

Use the following Adjusted Trial Balance and Statement of Retained Earnings to prepare the CLASSIFIED BALANCE SHEET for Hang in There Company for April 30, 2020 Hang in There Company Adjusted Trial Balance April 30, 2020                 Account Title Balance             Debit Credit                 Cash         $ 47,000   Accounts Receivable       12,500   Supplies       1,000   Prepaid Rent       2,600   Building       400,000   Accumulated Depreciation—Building     $ 175,000 Accounts Payable         3,200 Unearned Revenue           1,400 Bonds Payable (Long Term)         1,800 Common Stock - $1 Par Value       180,000 Paid in Capital in...

Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the...

Based on the trial balance below, prepare the Income Statement and the Balance Sheet for the year 2012. Please show your workings for the related questions below (yes, all together!). If your final answers (below) are incorrect, I'll review your workings to grant partial credit. Trial Balance as at 31st December 2012 Trial Balance Dr Cr Sales 240,000 Purchases 150,000 Returns inwards 5,000 Returns outwards 6,000 Carriage Inwards 3,000 Inventory 1.1.2012 80,000 Salaries 25,000 Electricity and telephone 4,000 Rent 5,000...

PREPARE: MULTIPLE-STEP INCOME STATEMENT, RETAINED EARNINGS, AND BALANCE SHEET MotionWork Destiny Inc. Adjusted Trial Balance December...

PREPARE: MULTIPLE-STEP INCOME STATEMENT, RETAINED EARNINGS, AND BALANCE SHEET MotionWork Destiny Inc. Adjusted Trial Balance December 31, 2016 Cash 34,000 Petty Cash 900 Accounts Receivable 159,000 Allowance for Doubtful Accounts 5,400 Notes Receivable (due 4/20/2017) 40,000 Inventory 72,000 Estimated Returns Inventory 26,700 Supplies 2,000 Prepaid Insurance 4,800 Land 100,500 Equipment 450,000 Accumulated Depreciation 70,700 Accounts Payable 63,150 Salaries Payable 13,600 Customers Refunds Payable 48,325 Income Tax Payable 21,070 Bonds Payable, Due 12/31/2018 230,000 Premium on bonds payable 2,000 Common Stock,...

Create a worksheet showing the unadjusted trial balance, adjusting entries, adjusted trial balance, income statement, and...

Create a worksheet showing the unadjusted trial balance, adjusting entries, adjusted trial balance, income statement, and balance sheet included with the data below. Also, create a pivot table. Create a general ledger, worksheet, income statement, changes in retained earnings, and balance sheet with the data below. June 1: Hudson Bloom invested $105,273.00 cash and computer equipment with a fair market value of $32,970.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office...