Accounting information System Excel The trial balance and other information for coming in Mustang Mens Coming Limited Talalam C Accuevable Allowance for double Supplies Accumulated depreciation equipment Notes payable Common shares Remed cuming Service Rent expense Salaries and was expense Insurance expense Miscellaneous expense 1. 5310 310 Additional information 1. Service revenue includes fes received in advance from clients of .00 2. Services performed for clients that were not recorded by December 31 d. tad de expense for the years 4. Instance expire includes a premium paid on December in the amount of for the starting on January 1, 2021 5. liquipment is deprecated on a singline basis over 10 years. Redullis 6. Mustang gee the bank aday, 12 note for $1.2000 December 20 7. Rent is $750 per month. The rent for 2000 and for January 2011 has been part & Salaries and was earned but unpaidat December 31, 352,5 9. Dividends of $80.000 were declared on December 15, 2000 for payment on any Instructions a. From the trial balance and other information given, prepare annual adjusting ber 31, 2030. Round amounts to the nearest dollar b. Prepare an adjusted trial balance for Mustang Rovers as at December 31, 200 c. Prepare an income statement for 2030, a statement of financial position December and a statement of retained earnings for 2000 d. Explain how the financial mis in parte) would change i Mustang Rovers proprietorship, rather than a corporate ownership structure TOARE Consulting Limited follow: Credit $ 750 Mustang Rovers Consulting Limited Trial Balance December 31, 2020 Debit Cash $ 83.700 Accounts receivable 81.100 Allowance for doubtful accounts Supplies 1,960 Equipment 85,000 Accumulated depreciation equipment Notes payable Common shares Retained earnings Service revenue Rent expense 9.750 Salaries and wages expense 28.500 Insurance expense 18.500 Utilities expense 1.050 Miscellaneous expense 720 $310.310 6,250 72200 35.000 161.TOO 100,000 $310,310 Additional information L Service revenue includes fees received in advance from chent of $6.900 2. Services performed for clients that were not recorded by December 31 totalled 57.300 3. Bad debt expense for the year is 56.300 4. Insurance expense includes a promien paid on December 31 in the amount of $6,000 for the period Starting on January 2013 0 00 ENG 12:15 AM 9/10/2020 $310,310 $310,310 Additional information: 1. Service revenue includes fees received in advance from clients of $6,900. 2. Services performed for clients that were not recorded by December 31 totalled $7.300 3. Bad debt expense for the year is $6,300. 4. Insurance expense includes a premium paid on December 31 in the amount of S6,000 for the period starting on January 1, 2021. 5. Equipment is depreciated on a straight-line basis over 10 years. Residual value is $15.000. 6. Mustang gave the bank a 90-day, 12% note for $7.200 on December 1, 2020, 7. Rent is $750 per month. The rent for 2020 and for January 2021 has been paid. 8. Salaries and wages earned but unpaid at December 31, 2020, are $2,598. 9. Dividends of $80,000 were declared on December 15, 2020 for payment on February 1, 2021 Instructions a. From the trial balance and other information given prepare annual adjusting entries as at Decem ber 31, 2020. Round amounts to the nearest dollar b. Prepare an adjusted trial balance for Mustang Rovers as at December 31, 2020 c. Prepare an income statement for 2020, a statement of financial position as al December 31, 2020 and a statement of retained earnings for 2020 d. Explain how the financiat statements in () would change if Mustang Rovers operated as a sol proprietorship, rather than a corporate hip structure, g E 0 0 ENG 12:1 9/10 hp)
