Given the following trail Balance and adjustment data for the A Ltd , Your task is...

Given the following trail Balance and adjustment data for the A Ltd , Your task is prepare a work-sheet for the month of November, the first month of operations in a new fiscal year.

The A Ltd Trial Balance November 30, 2021
	Dr	Cr
Cash	381300
Accounts Receivable	282000
Prepaid Rent	85000
Painting Supplies	92100
Studio Equipment	598500
Accumulated Depreciation , Studio Equipment		199500
Accounts payable		178800
A Ltd , Capital		582800
Painting Revenue		781600
Advertising Expense	51000
Utilities Expense	27800
Wages Expense	225000
Totals	1742700	1742700

Completing a worksheet

Net income $3690.25

Adjustment data :

1)Painting supplies on hand, $595

2)Prepaid rent represents the first and last months rent on a new office lease singed November 1, 2018.

3)Depreciation on studio equipment is based on straight-line, five year life and a residual value of $480

4)Wages earned but un-paid amounted to 24.5 hours at $10 per hour

Expert Solution

ekkarill92 answered 2 years ago

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