Comprehensive Problem

The trial balance columns of the worksheet for Firmament Roofing, Ltd. at March 31,

2017, are as follows.

FIRMAMENT ROOFING, LTD.

Worksheet

For the Month Ended March 31, 2017

Comprehensive Problem

The trial balance columns of the worksheet for Firmament Roofing, Ltd. at March 31,

2017, are as follows.

FIRMAMENT ROOFING, LTD.

Worksheet

For the Month Ended March 31, 2017

		Trial Balance
Account Titles		Dr.			Cr.
Cash		2,720
Accounts Receivable		2,700
Supplies		1,500
Equipment		11,000
Accumulated DepreciationEquipment				1,250
Accounts Payable				2,500
Unearned Service Revenue				650
Share CapitalOrdinary				10,000
Dividends		1,100
Service Revenue				6,300
Salaries and Wages Expense		1,300
Miscellaneous Expense		380
		20,700		20,700

Other data:

0. 1- A physical count reveals only 550 of roofing supplies on hand.

1. 2- Depreciation for March is 250.

2. 3- Unearned service revenue amounted to 220 at March 31.

3. 4- Accrued salaries are 420.

Instructions

4. a. Enter the trial balance on a worksheet and complete the worksheet.

5. b. Prepare an income statement and a retained earnings statement for the month of March and a classified statement of financial position at March 31. Ordinary shares were issued in exchange for 10,000 cash at the beginning of March.

6. c. Journalize the adjusting entries from the adjustments columns of the worksheet.

7. d. Journalize the closing entries from the financial statement columns of the worksheet.

e. Prepare post-closing trail balance.

Other data:

0. 1- A physical count reveals only 550 of roofing supplies on hand.

1. 2- Depreciation for March is 250.

2. 3- Unearned service revenue amounted to 220 at March 31.

3. 4- Accrued salaries are 420.

Instructions

4. a. Enter the trial balance on a worksheet and complete the worksheet.

5. b. Prepare an income statement and a retained earnings statement for the month of March and a classified statement of financial position at March 31. Ordinary shares were issued in exchange for 10,000 cash at the beginning of March.

6. c. Journalize the adjusting entries from the adjustments columns of the worksheet.

7. d. Journalize the closing entries from the financial statement columns of the worksheet.

e. Prepare post-closing trail balance.