Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Additional Information a . An analysis of WTI's insurance policles shows that $ 2 , 4 0 0 of coverage has expired. b . An
Additional Information a An analysis of WTI's insurance policles shows that $ of coverage has expired. b An inventory count shows that teaching supplies costing $ are avallable at yearend. c Annual depreclation on the equipment is $ d Annual depreciation on the professional library is $ e On September WTI agreed to do five training courses for a client for $ each. Two courses will start Immediately and finish before the end of the year. Three courses will not begin untll next year. The client pald $ cash in advance for all five training courses on September and WTI credited Unearned Revenue. t On October WTI agreed to teach a fourmonth class beginning Immediately for an executive with payment due at the end of the class. At December $ of the turtion revenue has been earned by WTI. g WTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $ per day for each employee. h The balance in the Prepald Rent account represents rent for December. a Prepare Wells Technical Institute's Income statement for the year. b Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $ on December of the prior year. c Prepare Wells Technical Institute's balance sheet as of December Complete this question by entering your answers in the tabs below. Req A Req Req
Additional Information
a An analysis of WTI's insurance policles shows that $ of coverage has expired.
b An inventory count shows that teaching supplies costing $ are avallable at yearend.
c Annual depreclation on the equipment is $
d Annual depreciation on the professional library is $
e On September WTI agreed to do five training courses for a client for $ each. Two courses will start Immediately and finish before the end of the year. Three courses will not begin untll next year. The client pald $ cash in advance for all five training courses on September and WTI credited Unearned Revenue.
t On October WTI agreed to teach a fourmonth class beginning Immediately for an executive with payment due at the end of the class. At December $ of the turtion revenue has been earned by WTI.
g WTI's two employees are pald weekly. As of the end of the year, two days' salarles have accrued at the rate of $ per day for each employee.
h The balance in the Prepald Rent account represents rent for December.
a Prepare Wells Technical Institute's Income statement for the year.
b Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $ on December of the prior year.
c Prepare Wells Technical Institute's balance sheet as of December
Complete this question by entering your answers in the tabs below.
Req A
Req
Req
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started