Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 81, 110 14,000 18,400 9,340 82,000 $ 23,000 10, 100 0 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation-office equip. Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable Common stock Retained earnings Dividends Consulting fees earned Depreciation expense-office equip. Salaries expense Interest expense Insurance expense Rent expense office supplies expense Advertising expense Totals 22,000 52,000 25, 200 16,800 Adjusted Trial Balance $ 81, 110 17,000 4,500 2,760 82,000 $ 26,000 16,000 3,500 11,000 18,000 52,000 25, 200 16,800 9,500 168,000 3,000 78,210 4,810 6,580 14,720 13,900 18, 410 $ 336,500 $336,500 9,500 161,000 0 67,210 1, 310 0 14,720 12, 510 $ 310,100 $310, 100 2a-1) Prepare JKL Company's income statement for the year ended July 31, 2017. 2(a-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $16,800, and the current-year dividends were $9,500. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017. Complete this question by entering your answers in the tabs below. Req 241 Req 2A2 Req 2B Prepare JKL Company's income statement for the year ended July 31, 2017. JKL COMPANY Income Statement For Year Ended July 31, 2017 $ Complete this question by entering your answers in the tabs below. Req 2A1 Req 2A2 Req 2B Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $16,800, and the current-year dividends were $9,500. JKL COMPANY Statement of Retained Earnings For Year Ended July 31, 2017 Retained earnings, July 31, 2016 0 Retained earnings, July 31, 2017 $ 0 Prepare JKL Company's the balance sheet as of July 31, 2017. JKL COMPANY Balance Sheet July 31, 2017 $

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

Software Engineering Reviews And Audits

Authors: Boyd L. Summers

1st Edition

143985145X, 978-1439851456

More Books

Students also viewed these Accounting questions