Hello. Can you please answer the following? All of the information is included in the attachment. Thank you
P4-7 Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 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, December 31, 2014: Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax) Income tax expense Debit $42,000 11,600 900 800 19,000 $9,200 8,300 3,000 17,000 400 19,000 6,000 61,360 33,360 $115,960 Totals Credit $115,960 Data not yet recorded at December 31, 2014, included: a. The supplies count on December 31, 2014, reflected $300 remaining supplies on hand to be used in 2015. b. Insurance expired during 2014, $800. c. Depreciation expense for 2014, $3,700. d. Wages earned by employees not yet paid on December 31, 2014, $640. e. Income tax expense, $5,540. Required: 1 Record the 2014 adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction General Journal Debit Credit a. b. c. d. e. Required: 2-a. Prepare an income statement that includes the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. Income Statement For the Year Ended December 31, 2014 Operating revenue: Operating expenses: Total expenses - Earnings per share Required: 2-b. Prepare a classified balance sheet that includes the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) TUNSTALL, INC. Balance Sheet At December 31, 2014 Assets Liabilities and Stockholders' Equity Current assets: Total current assets Current liabilities: - Total current liabilities Total liabilities - - Stockholders' equity: Total stockholders' equity Total assets Required: 3 Transaction 1 $- Total liabilities and stockholders' equity Record the 2014 closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) General Journal Debit Credit $- P4-7 Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 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, December 31, 2014: Account Titles Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Note payable (3 years; 10% interest due each December 31) Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax) Income tax expense Debit $42,000 11,600 900 800 19,000 $9,200 8,300 3000 17000 400 19000 6000 61360 33,360 $115,960 Totals Credit $115,960 Data not yet recorded at December 31, 2014, included: a. The supplies count on December 31, 2014, reflected $300 remaining supplies on hand to be used in 2015. b. Insurance expired during 2014, $800. c. Depreciation expense for 2014, $3,700. d. Wages earned by employees not yet paid on December 31, 2014, $640. e. Income tax expense, $5,540. Required: 1 Record the 2014 adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction General Journal Debit Credit a. b. c. d. e. Required: 2-a. Prepare an income statement that includes the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) TUNSTALL, INC. Income Statement For the Year Ended December 31, 2014 Operating revenue: Operating expenses: Total expenses - Net income $16,720 Earnings per share Required: 2-b. Prepare a classified balance sheet that includes the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) TUNSTALL, INC. Balance Sheet At December 31, 2014 Liabilities and Stockholders' Equity Assets Current assets: Total current assets Current liabilities: - Total current liabilities Total liabilities - - Stockholders' equity: Total assets $- Total stockholders' equity Total liabilities and stockholders' equity Required: 3 Record the 2014 closing entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction 1 General Journal Debit Credit $
