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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 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,CreditCashtableAccounts receivableSuppliestableSuppliesPrepaid insurancetabletablePrepaid insuranceService truckstableAccumulated depreciation,,tableOther assetsAccounts payabletableAccounts payableWages payableIncome taxes payabletableIncome taxes payableNotes payable years; interest due each SeptembertableAdditional paidin capital,,tableRetained earningsService revenuetableWages expense,tableRemaining expenses not detailed; excludes income taxIncome tax expenseTotals 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.
PAlgo Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO
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,CreditCashtableAccounts receivableSuppliestableSuppliesPrepaid insurancetabletablePrepaid insuranceService truckstableAccumulated depreciation,,tableOther assetsAccounts payabletableAccounts payableWages payableIncome taxes payabletableIncome taxes payableNotes payable years; interest due each SeptembertableAdditional paidin capital,,tableRetained earningsService revenuetableWages expense,tableRemaining expenses not detailed; excludes income taxIncome tax expenseTotals
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.
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