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Prepare the adjusted trial balance on December 31, 20X6. Attach your response in an excel or...

Prepare the adjusted trial balance on December 31, 20X6. Attach your response in an excel or word file.

Questions 4 through 10 are based on the following December 31, 20X6 year-end account balances for XYZ Co. after adjusting entries had been prepared but before the books were closed for the year.                                                 

                Cash……………..…………………………….250,000

                Accounts receivable…………………….……..680,000

                Marketable securities…………………………...60,000

                Prepaid insurance……………………………….35,000

                Prepaid rent….………………………………….30,000

                Office equipment…………………………….....620,000

                Accumulated depreciation: equipment………...200,000

                Land……………………………………………750,000

                Accounts payable………………………………306,000

                Dividends payable……………………………… 50,000

                Interest payable…………………………………... 8,750

                Income tax payable……………………………...30,000

                Unearned client service revenue………………..180,000

                Notes payable (long-term).……………………..350,000

                Common stock………………………………….750,000

                Retained earnings….…………………………....315,200

                Dividends…………………………………….......75,000

                Client service revenue………………………...1,200,000

                Travel expense………………………………..…..28,000

                Office supplies expense…………………………..20,000

                Advertising expense………………………………45,000

                Salary expense…………………………………...400,000

                Utility expense………………………………….....40,000

                Depreciation expense: equipment…………………25,000

                Interest expense……………………………….…...17,500

                Insurance expense……………………………….....52,000

                Rent expense……………………………………..175,000

                Income tax expense………………………………..87,450

Solutions

Expert Solution

Answer-

XYZ CO.
ADJUSTED TRAIL BALANCE
FOR THE YEAR ENDED DECEMBER 31,20X6
PARTICULARS AMOUNT AMOUNT
$ $
Cash 250000
Accounts receivable 680000
Maketable securities 60000
Prepaid insurance 35000
Prepaid rent 30000
Office equipment 620000
Accumulated depreciation- equipment 200000
Land 750000
Accounts payable 306000
Dividends payable 50000
Interest payable 8750
Income taxes payable 30000
Unearned client service-revenue 180000
Notes payable (long-term) 350000
Common stock 750000
Retained earnings 315200
Dividends 75000
Client service-revenue 1200000
Travel expense 28000
Office supplies expense 20000
Advertising expense 45000
Salary expense 400000
Utility expense 40000
Depreciation expense:equipment 25000
Interest expense 17500
Insurance expense 52000
Rent expense 175000
Income tax expense 87450
Totals 3389950 3389950

ekkarill92 answered 1 year ago
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