1. Use the following information to complete the Adjustments and Adjusted Tral Balance columns of the work sheet. Depreciation on equipment $16 b. Accrued salaries $19 c. The $25 of uneared revenue has been earned d Supplies available at December 31, $80 e. Expired Insurance, $29 2 Extend the balances in the Adjusted Trel Balance columns of the work sheet to the proper financial statement columns Compute totals for those columns, including net income. WESTCOTT COMPANY Won haet For Yoar Ended December 31 Unsducted Trial Balance Acoount TiBe Adjustments Adjucted Trial Balance Ineome Statement Balance sheet Sette mentor Owner Equity Debit Cra Debit Credit Deol Credit Debit Credit Debat Credit 5 BE 51 102 444 5 41 19 25 145 Cash Accounts receivable S.poles Prepaid insurance Eu pert Accumulated depreciation Equipment Accounts payable Stores payable Uncerned love W. Weatest Coast W. Von Windows Services Ovenue Depreciation perso Eo.mont Saleros expono Insurance pense S. DOG Utos Oxberg Tetais Net Income Totais 32 34 26 400 S 136 The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. PLANTA COMPANY Work Sheet Account Number Account Title Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Debit Credit Debit Credit Debit Credit 101 Cash S 6,500 106 Accounts receivable 28.405 153 Trucks 40.000 154 Accumulated depreciation-Trucks S 18.080 183 Land 30,000 201 15.145 Accounts payable Salaries payable 209 3.485 236 Unearned revenue 2.865 301 64.124 302 B. Planta, Capital B. Planta. Withdrawals Plumbing revenue 19.332 403 99.000 611 Depreciation expense Trucks 5.380 622 Salaries expense 640 Rent expense Miscellaneous expenses 46.332 15.048 0.702 $ 200.870 s 200 679 677 Totals Net income Totals (a) Calculate the current ratio for each of the following competing companies. (Round your answers to 2 decimal places.) Current Assets $ 83.000 Current Ratio Edison MAXT Current Liabilities $ 42.347 102.032 110,390 Chatter 65,435 46.812 89.889 TRU 109.980 134,565 Gleeson 63,827 (b) Which competitor is in the best position to pay its short-term obligations? Edison MAXT Chatter O TRU O Gleeson Capri Company began the current period with a $40,000 credit balance in the K. Capri. Capital account. At the end of the period, the company's adjusted account balances include the following temporary accounts with normal balances. Services revenue Salaries expense Depreciation expense $ 102,eee Interest revenue 39,500 K. Capri, Withdrawals 11,600 Utilities expense $ 10,800 18, eee 6, 4ee 1. After closing the revenue and expense accounts, what is the balance of the Income Summary account? Step 1: Close Revenues to Income Summary Debit Credit Step 2: Close Expenses to Income Summary Debit Credit Income Summary 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Income Summary 2. After all closing entries are journalized and posted, what is the balance of the K. Capri, Capital account? Step 3: Close Income Summary to Capital Debit Credit Step 4: Close Withdrawals to Capital K. Capri, Capital Beginning balance 40.000