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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
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
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