Income Statement

o. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,318 are available at year-end. c. Annual depreciation on the equipment is $10,698 d. Annual depreciation on the professional library is $5,349. e. On September 1. WTI agreed to do five courses for a client for $2,200 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $11,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees. f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $7,653 of the tuition has been earned by WTI. g. WTi's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at thborate of $100 per day for each employee. n. The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit $ 26,491 10, 187 15,284 2,039 30,565 $ 9,171 100,000 16,303 24,000 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends Tuition fees earned Training fees earned Depreciation expense--Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 11,000 27,380 79,000 40, 755 103,924 38,717 48, 987 22,429 @ 7132 5706 $ 309,495 $3099495 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 $ 0 Accumulated depreciation-Building Advertising expense Building Cash S