Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Required information The following information applies to the questions displayed below] Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance

image text in transcribed
image text in transcribed
image text in transcribed
Check my work Required information The following information applies to the questions displayed below] Golf Academy, Inc., provides private golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. redit Further Intormation Cash Supplies Deferred Revenue $31,400 As reported on December 31 bank statemept Based on count, only $150 of supplies stil1 and $450 for January lessons December 28. They have not yet been paid s 2,950 of this amount, $2,500 was received for Dec Salaries and Wages payable 0 Enployees were paid $2,500 for 10 days of Income Tax Payable Interest Payable Notes Payable (long-term) December 29 and 30. year's tax notes payable for the current period 0 The company has paid last year's 0 The company has not paid the $115 of interes 13,800 This one-year note was taken out this year on 1,000 This anount vas contributed for common stock Common Stock years Retained Earnings 2,500 This is the balance reported at the end of 1a Service Revenue Salaries and Wages Expense Supplies Expense 9 150 Most custoners pay cash for lessons each provided, but sone customers pay in adv Enployees worked through December 30, bot did 35,600 Decenber 31 this is the cost of supplies used through Now The company has not paid the $11s of notes payable for the current period The company has an average tax rate of 208. 1,900 Interest Expense Income Tax Expense 88 . 1 8 9

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

Information Technology Control And Audit

Authors: Sandra Senft, Frederick Gallegos, Aleksandra Davis

4th Edition

1439893209, 978-1439893203

More Books

Students also viewed these Accounting questions