Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below, you'll find the fiscal-year end trial balances for Bundy's Tax Services, Inc. Using separate worksheets, prepare an income statement and a classified balance sheet,

image text in transcribed
image text in transcribed
Below, you'll find the fiscal-year end trial balances for Bundy's Tax Services, Inc. Using separate worksheets, prepare an income statement and a classified balance sheet, IN GOOD FORM. A statement of retained earnings is not required; however, you might find it helpful. NOTE: you must use formulae to pull data from the trial balance to the financial statements. Don't forget to label the tabs. GOOD FORM means proper headings, dollar signs where dollar signs belong (and not where they don't belong), underlines and double underlines as necessary, consistent formatting of font and numbers (use whole dollar amounts with no decimals showing). Refer to your Intermediate Accounting textbook for examples. On the trial balance worksheet, add the post-closing trial balance. Do NOT prepare a separate trial balance. Rather, append two new columns to the existing one. Finally, it needs to look professional -- something that you would be willing to turn in to your boss. Bundy's Tax Services, Inc. Trial Balance 30-Sep-21 Unadjusted Adjusted Cash 10,680 S 10,680 Accounts Receivable 14,960 16,110 Office Supplies 2,760 1,215 Prepaid Insurance 5,800 1,650 Office Equipment 15,500 15,500 Accum Depr - Ofc Eqp 7,420 9,620 Accounts Payable 9,860 9,860 Salaries Payable 2,750 Rent Payable 1,990 Unearned Service Revenue 2,175 1,150 Unearned Rent Revenue 2,100 525 Retained Earnings 16,295 16,295 Dividends 3,000 3,000 Service Revenue 48,800 50,975

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

Step: 3

blur-text-image

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

Management Accounting

Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu

6th Canadian edition

013257084X, 1846589207, 978-0132570848

More Books

Students also viewed these Accounting questions

Question

What are two approaches to capital budgeting?

Answered: 1 week ago

Question

What are the responsibilities of the position?

Answered: 1 week ago

Question

1. Information that is currently accessible (recognition).

Answered: 1 week ago