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P 4 - 7 ( Algo ) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO
PAlgo Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO Required a
Required b
Prepare an income statement with Operating Income and Other Items sections that include the effects of the preceding six transactions.
Note: Round "Earnings per share" to decimal places.
tableTUNSTALL INCORPORATEDIncome StatementFor the Current Year Ended December Operating revenues,,Service revenue,$Operating expenses,,Supplies expense,Insurance expense,?,Depreciation expense,?,Wages expense,Remaining expenses not detailedTotal operating expenses,,Other Items:,,Income before taxes,Income tax expense,,Net income,$Earnings per share,$ Prepare a classified balance sheet that include the effects of the preceding six transactions.
Note: Amounts to be deducted should be indicated by a minus sign.
The following information applies to the questions displayed below.
Tunstall, Incorporated, a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December :
tabletableTunstall IncorporatedUnadjusted Trial BalanceAt December Debit,CreditCashAccounts receivable,SuppliesPrepaid insurance,Service trucks,Accumulated depreciation,,Other assets,Accounts payable,,wages payable,,Income taxes payable,,Notes payable years; interest due each September Common stock shares outstandingAdditional paidin capital,,Retained earnings,,Service revenue,,wages expense,Remaining expenses not detailed; excludes income taxIncome tax expense,,Totals
Data not yet recorded at December included:
a The supplies count on December reflected $ in remaining supplies on hand to be used in the next year.
b Insurance expired during the current year, $
c Depreciation expense for the current year, $
d Wages earned by employees not yet paid on December $
e Three months of interest expense for the note payable borrowed on October of the current year was incurred in the current year.
f Income tax expense, $
P Part
a Prepare an income statement with Operating Income and Other Items sections that include the effects of the preceding six transactions.
b Prepare a classified balance sheet that include the effects of the preceding five transactions.
Please include the tables in your answer.
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