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Required information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 [The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,300 12,100 600 720 16,500 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,000 shares outstanding) Additional paid-in capital 9,300 10,860 2,330 14,000 1,876 Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,300 12,100 600 720 16,500 9,300 10,860 2,330 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 14,000 1,876 16,884 4,600 87,610 16, 200 33, 320 136,600 136,600 Exit Data not yet recorded at December 31 included: Check my a. The supplies count on December 31 reflected $160 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $720. c. Depreciation expense for the current year, $3,400. d. Wages earned by employees not yet paid on December 31, $540. e. Income tax expense, $5,280. P4-7 Part 2 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. Income Statement For the Current Year Ended December 31 Operating revenues Service revenue $ 87.610 ! Required information For the Current Year Ended December 31 Operating revenues Service revenue $ 87,610 440 Operating expenses Supplies expense Insurance expense Depreciation expense Wages expense Remaining expenses (not detailed) 720 3,400 540 33,320 Total expenses Operating income Income tax expense + 38,420 Net income Earnings per share Assets Current assets Cash Accounts receivable Supplies AL LUcumber SI Or the current Tear Liabilities and stockholders' equity Current liablities Accounts payable Wages payable Income taxes payable Total current assets $ 0 0 Total current liabilities Notes payable, long-term Other assets Service trucks Accumulated depreciation $ 0 44 Total liabilities Stockholders' equity Common stock Retained earnings Additional pald-in capital $ Total stockholders' equity Total liabilities and stockholders' equity $ 0 Total assets