Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6. The following ledger balances are obtained from the books of Thompson Electric Co. for the year ended June 30, 2017. The following information is

image text in transcribed

6. The following ledger balances are obtained from the books of Thompson Electric Co. for the year ended June 30, 2017. The following information is also obtained on June 30, 2017. 1. Inventory of merchandise was $46,800 2. Interest on note payable at 6% p.a. has not been paid for the month. 3. General expenses unpaid at the end of the month amounted to $2,000 4. Insurance was paid on January 1,2017 for 12 months ending December 31,2017 5. Salaries still unpaid amounted to $600 6. Depreciation on Equipment for the year was to be provided for $3,800 REQUIRED: A. Write up a trial balance at June 30,2017 to determine the capital account balance. B Prepare an income statement in the multi-step format at June 30, 2017. C Prepare a balance sheet for the month ending June 30, 2017. HINT: Make the necessary adjustments in the Income Statement and Balance sheet. OR Prepare an adjusted Trial Balance and use the adjusted figures to prepare the Income Statement and balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A New Auditors Guide To Planning Performing And Presenting IT Audits

Authors: Nelson Gibb, CIA, CISA, CISSP, Divakar Jain, CA, CPA, Amitesh Joshi, Surekha Muddamsetti, Sarabjot Singh

1st Edition

0894136852, 978-0894136856

More Books

Students also viewed these Accounting questions

Question

What are the properties of the t distribution?

Answered: 1 week ago

Question

1. Define mass and mediated communication

Answered: 1 week ago