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 Service. On separate worksheets, prepare an income statement and a classified balance sheet, IN

Below, you'll find the fiscal-year end trial balances for Bundy's Tax Service. On 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 name each tab -- if it isn't named, I won't look at it.) 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). On the trial balance worksheet, add the post-closing trial balance. Do not do a totally separate trial balance; rather, you should have one trial balance with unadjusted, adjusted, and post-closing balances side by side, similar to what I show below. If you're not sure what I mean by this, ask for clarification in class. Finally, it needs to look professional -- something that you would be willing to turn in to your boss.

I REALLY NEED HELP WITH THE POST CLOSING TRIAL BALANCE!!!! PLEASE HELPimage text in transcribed

Bundy's Tax Service, Inc. Trial Balance September 30, 2016 Unadjusted Adjusted Cash 16,840 16,840 Accounts Receivable 15,340 15,340 Office Supplies 885 1,760 Prepaid Insurance Office Equipment Accum Depr - Ofc Eqp Accounts Payable Salaries Payable Rent Payable 5,800 1,450 13,300 13,300 6,960 5,220 6,560 9,860 2,750 1,750 Unearned Service Revenue 4,775 1,375 Retained Earnings 21,485 21,485 Dividends 3,000 3,000 Service Revenue 52,800 54,975 1,575 3,150 Rent Revenue Salaries Expense 20,550 24,250 Ofc Supplies Expense 2,225 Rent Expense 15,825 17,995 Insurance Expense 4,850 Depreciation Expense 2,170 102,305 $ $4 92,415 $ 92,415 102,305

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

Cost Accounting

Authors: James A. Cashin, Ralph S. Polimeni, Sheila Handy

3rd Edition

0070110263, 9780070110267

More Books

Students also viewed these Accounting questions

Question

=+What are the states of nature?

Answered: 1 week ago

Question

=+4. What key skills are necessary to work in social media?

Answered: 1 week ago