----------------- Need answers for the questions below ---------------
Tom just started a cleaning business on August 2015 and started the operation in September 2015. The following trial balance was prepared at the end of September 2015. Wayzata Cleaning, Inc. Unadjusted Trial Balance 30-Sep-15 Debit 54,750.00 1,500.00 $ 7,000.00 $ 9,000.00 $1,200.00 12,000.00 5 18,000.00 Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Cleaning Equipment Truck Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Utility Expense Advertising Expense Miscellaneous Expense Salary Expense Total S 16,600.00 $ 8,000.00 $ 78,000.00 $ 1,000.00 $ 11,000.00 $ 600.00 $ 500.00 5 50.00 $ 8,000.00 $113,600.00 $113,600.00 Required: Using the provided worksheet, prepare the company's Financial Statements using the following steps: Prepare the un-adjustmented Column 1Prepare the adjustments Column 2 Prepare the adjusted trial balance Column 3 Prepare the Income Statement columns 4 Prepare the Statement of Retained Earnings 5 Prepare the Balance Sheet Column Column Statement of R/E Dr Account ments Adjusted TB Balance Sheet Income Statement Cr Dr Cr Cr Dr Cr 16,600.00 16,600.00 Accounts Payable salaries payable Unearned Service Revenue Common Stock Dividends Service Revenue retained earnings Utility Expense Advertising Expense Miscellaneous Expense Salary Expense insurance expense office expense rent expense supplies expense bad debt expense depreciation expense interest expense Total Net Income $ 857.00 857.00 857.00 S 7,000.0o 78,000.00 $ 7,000.00 $ 78,000.00 $ 1,000.00 1,000.00 6,000.00 17,000.00 $17,000.00 600.00 $ 500.00 $ 50.00 8,857.00 100.00 600.00 $500.00 $50.00 8,857.00 s 100.00 $ 1,500.00 S 500.00 1,500.00 500.00 450.00 450.00 $9,407.00 $119,907.00 $119,907.00 $12,557.00$17,000.00$1,000.00 106,350.00$102,907.00 s 4443.00 4,443.00 Total 17,000.00 $ 17,000.00 3,443.00 1,000.00 $ 106,350.00 $ 106,350.00 Ending Retained Earnings 3,443.00 Total $1,000.00 Required Use your results in Comprehensive Case 3 and prepare the following to enter October 2015 1 Close the revenue account 2 Close the expense accounts 3.00 Close income summary 4 Close the dividend account 5 Calculate the Ending Retained Earnings Balance 6 Prepare the Post-Closing Trial Balance Statement of R/E Cr Unadjusted TB Balance Sheet Adjustments Cr Adjusted TB Dr Income Statement Dr 54,750.00 1,500.00 $ 7,000.00 $9,000.00 1,200.00 12,000.00 Cr Dr Cr Cr Cr Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Cleaning Equipment accumulated depreciation-equipment Truck 54,750.00 6,500.00 $ 500.00 6,500.00 $1,500.00 7,500.00 $ 100.00 1,100.00 $ 12,000.00 54,750.00 S 6,500.00 6,500.00 7,500.00 $ 1,100.00 12,000.00 $5,000.00 200.00 $ 200.00 250.00 857.00 $200.00 $ 18,000.00 $ 18,000.00 18,000.00 Accounts Payable salaries payable Unearned Service Revenue Common Stock $ 250.00 S 16,600.00 857.00 7,000.00 $ 78,000.00 $250.00 $ 16,600.00 857.00 $ 7,000.00 $ 78,000.00 $ 16,600.00 8,000.00 $1,000.00 $ 78,000.00 1,000.00 $ 1,000.00 1,000.00 $ 11,000.00 6,000.00 17,000.00 $ 17,000.00 Service Revenue retained earnings Utility Expense Advertising Expense Miscellaneous Expense Salary Expense insurance expense office expense 600.00 S 500.00 $50.00 $ 8,857.00 $ 100.00 $ 600.00 $500.00 $50.00 $ 8,000.00 $ 600.00 $500.00 50.00 $ 8,857.00 $ 100.00 $ 857.00 $100.00 1,500.00 $ 500.00 $ 1,500.00 S 500.00 1,500.00 rent expense supplies expense bad debt expense depreciation expense interest expense Total Net Income 500.00 $450.00 $450.00 450.00 113,600.00 113,600.00 $9,407.00 $9,407.00 $119,907.00 $119 ,90.00$12,557.00$ 17,000.001,000.00$ 106,350.00 102,907.00 4,443.00 $ 4.443.00 $17,000.0017,000.00 Total Ending Retained Earnings 3,443.00 1,000.00 S_1,000.00 $106,350.00 $ 106,350.00 3,443.00 Total Date Account September 30.00 service revenue $17,000.00 income summary $17,000.00 30.00 income summary $12,557.00 utility expense advertising expense miscellaneous expense salary expense insurance expense rent expense suppies expense depreciation expense 600.00 500.00 50.00 $8,857.00 100.00 $1,500.00 500.00 450.00 30.00 income summary $4,443.00 retained earnings $4,443.00 30.00 retained earnings 1,000.00 dividend 1,000.00 Wayzata Cleaning, Inc Post-Closing Trial Balance September 30, 2015 Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Cleaning Equipme Accumulated Depreciation - Cleaning Eqp Truck Accumulated Depreciation - Truck Accounts Payable Salary Payable Unearned Service Revenue Common Stock Retained Earnings 54,750.00 6,500.00 6,500.00 7,500.00 1,100.00 12,000.00 nt 200.00 18,000.00 250.00 16,600.00 857.00 7,000.00 78,000.00 3,443.00 Total 106,350.00 106,350.00 Using the information from previous comprehensive cases, prepare the statement of cash flows for Wayzata Clening, Inc, For the cash flows from operating activities, use the indirect method. Wayzata Inc. Statement of Cash Flow For the Month Ended September 30, 2015 Cash Flows From Operating Activities Net Cash Flows from Operating Activities Cash Flows From Investing Activities Net Cash Flows from Investing Activities Cash Flows From Financing Activities Net Cash Flows from Fiaing Ativities Net increase (decrease) in cash during the year Beginning Cash balance Ending Cash balance Wayzata Cleaning, Inc. Income Statement For the Month Ended September 30, 2015 Wayzata Cleaning, Inc. Balance Sheet September 30, 2015 Service Revenue Expenses Utility Expense Advertising Expense Miscellaneous Expense Salary Expense Rent Expense Depreciation Expense Insurance Expense Supplies Expense Total Expenses Net Income 17,000.00 Assets Cash Account receivables Supplies Prepaid Rent Prepaid Insurance 30-Sep-15 31-Aug-15 Liabilities S 54,750.00 59,150.00 Account Payables 30-Sep-15 31-Aug-15 5 16,600.00 S 6,000.00 00.00 6,500.00 S Salary Payable 400.00 S S 6,500.00 $ 6,000.00 Unearned Service Revenue S7,000.00 S 7,500.00 S Total Current Liabilities s 24,000.00$ 6,000.00 8,400.00 1,500.00 450.00 100.00 500.00 $11,250.00 5,750.00 S 1,100.00 S $ 76,350.00 $65,150.00 Equity Total CA Common Stock 5 78,000.00 S 60,000.00 s 3,900.00 (850.00) $ 81,900.00 $59,150.00 Cleaning Equipment Accumulated Depreciation -Eqp Truck Accumulated Depreciation- Truck 12,000.00S (200.00) S 18,000.00S (250.00) S 29,550.00 $ Retained Earnings Total Equity Total FA Total Assets 105,900.00 $65,150.00 Total Debt + Equity $105,900.00 $65,150.00 Wayzata Cleaning, Inc. Statement of Retained Earnings For the Month Ended September 30, 2015 (850.00) 5,750.00 4,900.00 1,000.00 3,900.00 Beginning Retained Earnings Net Income Total Dividends Ending Retained Earnings
