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In: Accounting

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016 Accounts Debit Credit...

Baltic Supplies presented the following unadjusted trial balance as at December 31, 2016

Accounts Debit Credit
cash
Accounts Receivable 410,000
Merchandise Inventory 330,000
Store supplies 144,800
Prepaid Insurance Expense 156,000
Building and Equipment 800,000
Accumulated depreciation- Building and Equipment 237,000
Accounts payable 435,000
Travelling expense payable
unearned sales revenue 220,000
Note payable long term 345,000
Baltic capital 1,791,900
Baltic Withdrawal 35,000
Sales revenue earned 917,000
Sales discount 35,000
Sales returns and allowances 42,100
Cost of goods sold 585,000
Salaries expense 300,000
Telephone expense 33,000
Depreciation expense- building and equipment
Insurance expense 182,000
Store supplies expense 45,200
Electricity expense 85,000
bad debt expense 49,500
Travelling expense 62,000
Interest expense 31,300
3,945,900 3,945,900

The following information was made available at December 31, 2016

A.) Unearned revenue still not earned at December 31, 2016 amounted 120,000

B.) The prepaid insurance of 156,000 was paid on August 1, 2016 for 6 months to January 2017

C.) The building and equipment has an estimated life of (10) years and is being depreciated on the straight line method of depreciation, down to residual value of 10,000

D.) Accrued travelling expense amounted to 2,300 at December 31, 2016

E.) A physical count of inventory at December 31, 2016, reveals 315,000 worth of inventory on hand

Required to:

1 Prepare the necessary adjusting entries on December 31, 2016

2 Prepare the adjusted trial balance as at December 31, 2016

3 Prepare the company multi-step Income Statement for the year ended December 31, 2016

4 Prepare the company statement of Owner's Equity for the year ended December 31, 2016

5 Prepare the company classified Balance Sheet at December 31, 2016

Solutions

Expert Solution


ekkarill92 answered 1 year ago
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