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Mitakis Inc, a small service repair. CAN YOU PLEASE CHECK OVER MY WORK. NEED HELP WITH QUESTION 2 AND 4 Mitakis Inc., a small service
Mitakis Inc, a small service repair. CAN YOU PLEASE CHECK OVER MY WORK. NEED HELP WITH QUESTION 2 AND 4
Mitakis Inc., a small service repair company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as at the end of the company's fiscal year, December 31, 2015: Debit Credit Account Titles Cash Trade receivables Supplies inventory Prepaid insurance Equipment (five-year life, no residual value) Accumulated depreciation, equipment Other assets Trade payables Note payable (three years, 10% each December 31) Contributed capital (6,700 shares) Retained earnings Service revenue Other expenses, excluding income tax $ 30,100 12,950 2,650 1,800 51,300 $ 22,800 7,800 6,550 15,800 18,500 11,650 61,500 30,200 Totals $136,800 $136,800 Data not yet recorded at December 31, 2015, include the following a. Depreciation expense for 2015, $5,700 b. Insurance expired during 2015, $720. c. Wages earned by employees not yet paid on December 31, 2015, $2,450. d. Supplies inventory on December 31, 2015, reflecting $870 remaining on hand. e. Income tax expense, $4,300Step by Step Solution
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