Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

/ / Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
/ / Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 50,000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 52,000 Inventory 6,500 Vehicle 16,000 Equipment 37,000 Accumulated Depreciation 12,000 Accounts Payable 28,000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 55,000 Common Stock 114,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Returns & Allowances 13,000 Sales Discounts 3,000 Cost of Goods Sold 59,500 Delivery Expense 5.000 Depreciation Expense 19,000 Bad Debt Expense 2,600 Rent Expense 102,000 Insurance Expense 25,000 Wages Expense 195.000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7.000 Interest Expense 2,500 Income Tax Expense 44,000 Total 750,350 750,350 Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotals as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Inc. Income Statement Year Ended Dec. 31, 2017 Part 2b: Prepare a Statement of Retained Earnings. Inc. Statement of Retained Earnings Year Ended Dec. 31, 2017 Part 2c: Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Inc. Balance Sheet As of Dec. 31, 2017

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

Auditing ISO Management System

Authors: Dr. RAMESH R LAKHE, Dr. RAKESH L. SHRIVASTAVA, M M NAVEED, KRANTI P DHARKAR, Dr. C M SEDANI

1st Edition

1702203913, 978-1702203913

More Books

Students also viewed these Accounting questions

Question

If f: X is increasing, -f: X is decreasing.

Answered: 1 week ago

Question

8. Name the three catecholamine neurotransmitters.

Answered: 1 week ago

Question

What is meant by organisational theory ?

Answered: 1 week ago

Question

What is meant by decentralisation of authority ?

Answered: 1 week ago

Question

Briefly explain the qualities of an able supervisor

Answered: 1 week ago

Question

Define policy making?

Answered: 1 week ago

Question

Define co-ordination?

Answered: 1 week ago

Question

a. Describe the encounter. What made it intercultural?

Answered: 1 week ago