Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

- Please complete all parts of question - Please show all calculations related to the question - Please make exact same tables layout for the

- Please complete all parts of question
- Please show all calculations related to the question
- Please make exact same tables layout for the answers like the question for part 1 and part 2. It will make it easier to read
image text in transcribed
image text in transcribed
image text in transcribed
The first part have all the information and pictures 1 & 2 is the tables
Required information [The following information applies to the questions displayed below.] South Bend Repair 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 31: SOUTH BEND REPAIR SERVICE COMPANY Unadjusted Trial Balance For the Year Ended December 311 Debit Credit Cash 20,200 Accounts receivable 7,600 Supplies 1,900 Prepaid insurance 1,500 Equipment 27,600 Accumulated depreciation 12,600 Other assets 5,700 3,100 Accounts payable Wages payable Income taxes payable Note payable (two years; 128 interest due each December 31) Common stock (3,200 shares outstanding all year) Additional paid-in capital 5,600 360 16,300 9,640 51,000 Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 25,800 8,300 Totals: 98,600 98,600 Data not yet recorded at December 31 of the current year include: a. Depreciation expense for the current year, $3,600. b. Insurance expired during the current year, $750. c. Wages earned by employees but not yet paid on December 31 of the current year, $2,700. d. The supplies count at the end of the current year reflected $900 in remaining supplies on hand to be used in the next year.. e. Seven months of interest expense (on the note payable borrowed on June 1 of the current year) was incurred in the current year. f. Income tax expense was $2,514. a. Prepare an income statement (with Operating Income and Other Items sections, and earnings per share) for the current year to lude the effects of the preceding six transactions. b. Prepare a classified balance sheet for the current year to include the effects of the preceding six transactions. 40 2-a. Prepare an income statement (with Operating Income and Other Items sections, and include the effects of the preceding six transactions. 2-b. Prepare a classified balance sheet for the current year to include the effects of the pre Complete this question by entering your answers in the tabs below. Required 2a Required 2b Prepare an income statement (with Operating Income and Other Items sections, and earnings to include the effects of the preceding six transactions. (Round "Earnings per share" to 2 decir SOUTH BEND REPAIR SERVICE COMPANY Income Statement Operating revenues Operating expenses Total operating expenses Other Items: Income before taxes Earnings per share Required 2a 0 Required 2b > Income tax expense Totals Data not yet recorded at December 31 of the current year include: a. Depreciation expense for the current year, $3,600. b. Insurance expired during the current year, $750, c. Wages earned by employees but not yet paid on December 31 of the current year, $2,700. d. The supplies count at the end of the current year reflected $900 in remaining supplies on hand to be used in the next year. e. Seven months of interest expense (on the note payable borrowed on June 1 of the current year) was incurred in current year. 1. Income tax expense was $2,514. 2-a. Prepare an income statement (with Operating Income and Other Items sections, and earnings per share) for the current include the effects of the preceding six transactions. 2-b. Prepare a classified balance sheet for the current year to include the effects of the preceding six transactions. Complete this question by entering your answers in the tabs below. Required 2a Required 2b Prepare a classified balance sheet for the current year to include the effects of the preceding six transactions. (Amounts to be dedu be indicated by a minus sign.) SOUTH BEND REPAIR SERVICE COMPANY Balance Sheet Current assets Current liablities $ 0 Total current assets Total assets $ $ $ $ $ 0 0 "0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Money And Wealth

Authors: Joslyn Pine

1st Edition

0486486389, 9780486486383

More Books

Students also viewed these Accounting questions