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I need the answer as soon as possible Please. Q2: Challenge Exercises E3-44. (Learning Objectives 3, 4: Computing financial statement amounts) The accounts of Gretel
I need the answer as soon as possible Please.
Q2: Challenge Exercises E3-44. (Learning Objectives 3, 4: Computing financial statement amounts) The accounts of Gretel Company prior to the year-end adjustments follow. LO 34 $ 16,700 7,200 4,100 3,500 110,000 $ 14,500 45,000 13,000 165,000 38,000 Cash Accounts receivable. Supplies. Prepaid insurance Building.... Accumulated depreciation- building Land... Accounts payable Salary payable. Unearned service revenue ......... Share capital. Retained earnings Dividends. Service revenue Salary expense.. Depreciation expense- building. Supplies expense. Insurance expense Advertising expense.. Utilities expense 15,000 50,000 7,700 7,700 2,400 5,400 Adjusting data at the end of the year include which of the following? a. Unearned service revenue that has been earned, $1,820 b. Accrued service revenue, $34,000 c. Supplies used in operations, $3,400 d. Accrued salary expense, $3,300 e. Prepaid insurance expired, $1,400 f. Depreciation expense-building, $2,500 Hansel Lacourse, the principal shareholder, has received an offer to sell Gretel Company. He needs to know the following information within one hour: a. Net income for the year covered by these data b. Total assets c. Total liabilities d. Total shareholders' equity e. Proof that Total assets = Total liabilities + Total shareholders' equity after all items are updated. REQUIRED: Prepare adjustment, adjusted trial balance and the financial statementsStep by Step Solution
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