Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for

image text in transcribed
image text in transcribed
image text in transcribed
accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 47,300 12,200 530 750 16,000 8,700 10,960 2,310 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,500 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 1,926 17,334 4,300 90,680 16,200 33,310 137,250 137,250 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $750. c. Depreciation expense for the current year, $4,000. d. Wages earned by employees not yet paid on December 31, $590. e. Income tax expense, $5,380. 2-d. rieudie all ILUME Salement liaL llLlUue lle en LLS OI ule uleceulli II Required information Answer is not complete. TUNSTALL, INC. Income Statement For the Current Year Ended December 31 Operating revenues Service revenue 90,680 340 750 Operating expenses Supplies expense Insurance expense Depreciation expense Wages expense Remaining expenses (not detailed) 4,000 16,790 33,310 55,190 Total expenses Operating income Income tax expense 5,380 Net income Earnings per share Required information Answer is not complete. TUNSTALL, INC. Balance Sheet At December 31 of the Current Year Current assets > Cash $ $ 2,310 Current liablities Accounts payable Wages payable Income taxes payable Accounts receivable Supplies 47.300 12,200 190 >$ 590 5,380 $ $ 59,690 16,000 Total current liabilities Notes payable, long-term >> 8,280 12,000 Total assets Service trucks Accumulated depreciation Other assets 10,960 $ 20,280 Total liabilities Stockholders' equity Common stock Additional paid-in capital Retained earnings 1.926 17,334 $ Total stockholders' equity Total liabilities and stockholders' equity 00 19,260 39,540 Total assets $ 86,650 $

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

Business Accounting

Authors: Frank Wood, Alan Sangster

7th Edition

0273619829, 9780273619826

More Books

Students also viewed these Accounting questions

Question

What is your greatest weakness?

Answered: 1 week ago