Consider the unadjusted trial balance of Kings, Inc. at December 31, 2016, and the related month-end adjustment data. a Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Kings, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Requirement 1. Using the worksheet, prepare the adjusted trial balance of Kings, Inc., at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. Calculate the total debits and credits. Then calculate the adjusted balance of each account and total the debit and credit columns in the adjusted trial balance. Adjusted Trial Balance Debit Credit Account Kings, Inc. Trial Balance Work Sheet December 31, 2016 Trial Balance Adjustments Debit Credit Debit Credit 9,000 1,600 2,400 2,000 Cash Accounts receivable Prepaid rent Supplies Furniture 51,000 Accumulated depreciation, furniture 3,000 3,300 Accounts payable Salary payable Common stock 16,000 23,590 Retained earnings L Consider the unadjusted trial balance of Kings, Inc. at December 31, 2016, and the related month-end adjustment data A (Click the icon to view the month-end adjustment data.) Requirements 1. Using the worksheet, prepare the adjusted trial balance of Kings, Inc. at December 31, 2016. The unadjusted balances have been entered for you. Key each adjusting entry by letter. 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Salary payable Common stock Retained earnings 16,000 23,590 Dividends 3,800 Service revenue 27,000 Salary expense 2,600 Rent expense Utilities expense Depreciation expense 490 Supplies expense 72,890 72,890 Total Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet. Begin by preparing the income statement. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet Begin by preparing the income statement. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Kings, Inc. Income Statement Month Ended December 31, 2016 Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet Begin by preparing the income statement. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Kings, Inc. Income Statement Month Ended December 31, 2016 Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Prepare the single-step monthly income statement, the statement of retained earnings, and the classified balance sheet Begin by preparing the income statement. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. Kings, Inc. Income Statement Month Ended December 31, 2016 Choose from any list or enter any number in the input fields and then continue to the next question. Now prepare the statement of retained earnings. Review the adjusted trial balance completed in Requirement 1. Kings, Inc. Statement of Retained Earnings Month Ended December 31, 2016 Add: Subtotal Less: Finally, prepare the balance sheet. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero.) Review the adjusted trial balance completed in Requirement 1. navaidun aurira irun naisnnr am MALAY Wanna unhas Kings, Inc. Balance Sheet December 31, 2016 Assets Liabilities Stockholders' Equity Less: i More Info - X Adjustment data at December 31, 2016 a. Accrued service revenue at December 31, $3,800. b. Prepaid rent expired during the month. The unadjusted prepaid balance of $2,400 relates to the period December 1, 2016 through February 28, 2017 c. Supplies used during December, $1,660. d. Depreciation on furniture for the month. The estimated useful life of the furniture is five years. e. Accrued salary expense at December 31 for Monday, Tuesday and Wednesday. The five-day weekly payroll of $24,000 will be paid on Friday. Print Done