Can someone tell me what information I am missing to complete this?
Required information Problem 3-3A Preparing adjusting entries, adjusted trial balance, and financial statements LO A1, P1, P2, P3 The following information applies to the questions displayed below.J Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTl initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow Additional Information Items a. An analysis of WTI's insurance policies shows that $3,203 of coverage has expired b. An inventory count shows that teaching supplies costing $2,776 are available at year-end 2017 c. Annual depreciation on the equipment is $12,814 d. Annual depreciation on the professional library is $6,407 e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $3,000, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2018 f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $3,300 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.) g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31, 2817 Debit Credit Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals $ 28,0ee 10,768 16,155 2,155 32, 307 $ 9,693 75,368 17,232 35,613 15,000 68,493 43,078 109,846 40,923 51,694 23,705 7,539 6,031 $ 296,800 $296,800 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's income statement for the year 2017. WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31, 2017 Revenues $ 118,096 46,923 Tuition fees earned Training fees earned Total revenues $ 165,019 Expenses 12,814 6,407 52,094 6,031 3,203 25,860 7,539 7,992 Depreciation expense-Equipment Depreciation expense Professional libra Salaries expense Utilities expense Insurance expense Rent expense Advertising expense Teaching supplies expense Total expenses 121,940 S 43,079 Net income Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's statement of owner's equity for the year 2017. Note: there were no owner investments during the year. WELLS TECHNICAL INSTITUTE Statement of Owner's Equity For Year Ended December 31, 2017 T. Wells, Capital, December 31, 2016 $ 68,493 43,079 C 111,572 43,078 Add: Net income Less: Withdrawals by owner T. Wells, Capital, December 31, 2017 $ 68,494 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Req 3C Prepare Wells Technical Institute's balance sheet as of December 31, 2017. Include all balance sheet accounts, even those with zero balances WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017 Assets Cash Accounts receivable Prepaid insurance Prepaid rent $ 28,000 8,250 2,952 $ 32,307 Professional library Accumulated depreciation-Professional 16,207 librar Equipment Accumulated depreciation-Equipment30,046 45,322 Total assets 75,368 $ 110,731 Liabilities Accounts payable Salaries pay Unearned training fees 35,613 400 9,000 able Total liabilities 45,013 Equity T. Wells, Capital 68,494 Total liabilities and equity $ 113,507
