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Hey, I need to some help with this question. Open T-accounts using the balances in the unadjusted trial balance. Complete the worksheet for the year
Hey, I need to some help with this question.
Open T-accounts using the balances in the unadjusted trial balance.
Complete the worksheet for the year ended December 31, 2016.
Prepare the adjusting entries and post to the T-accounts.
Prepare the adjusted trial balance.
Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
Prepare the closing entries and post to the T-accounts.
Prepare a post-closing trial balance.
Calculate the current ratio for the company.
\begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ Walton Anvils } \\ \hline \multicolumn{2}{|c|}{ Unadjusted Trial Balance } \\ \hline \multicolumn{2}{|c|}{ December 31, 2016} \\ \hline \multicolumn{1}{|c|}{ Account Title } & \multicolumn{1}{|c|}{ Balance } \\ \hline & Debt & \multicolumn{1}{c|}{ Credit } \\ \hline Cash & $16,900.00 & \\ \hline Accounts Receivable & 17,500 & \\ \hline Prepaid Rent & 2,500 & \\ \hline Office Supplies & 1,900 & \\ \hline Equipment & 23,000 & \\ \hline Accumulated Depreciation - Equipment & & $ \\ \hline Accounts Payable & & 7,000.00 \\ \hline Salaries Payable & & \\ \hline Unearned Revenue & & \\ \hline Common Stock & & 28,600.000.00 \\ \hline Retained Earnings & & 1,600.00 \\ \hline Dividends & & \\ \hline Service Revenue & & 20,800.00 \\ \hline Salaries Expense & & \\ \hline Rent Expense & & \\ \hline Depreciation Expense - Equipment & & \\ \hline Supplies Expense & & \\ \hline Total & & \\ \hline \end{tabular} Adjustment Data 1. Open T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2016. 3. Prepare the adjusting entries and post to the T-accounts. 4. Prepare the adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 6. Prepare the closing entries and post to the T-accounts. 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the companyStep by Step Solution
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