Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete the question in the same format the table is shown as in the photo... exactly what i should enter Required information Penny's Pool

please complete the question in the same format the table is shown as in the photo... exactly what i should enter image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Penny's Pool Service \& Supply, Incorporated (PPSS) is completing the accounting process for the first year of operations ended on December 31 . Transactions during the year have been journalized and posted. The following trial balance reflects the unadjusted balances on December 31 : a. PPSS owed $8,200 in wages to the olfice receptionist and three assistants for working the last 10 days in December. The employees will be paid in early next year. b. On October 1 of the current fiscal year, PPSS recelved $26.100 from customers who prepaid pool cleaning service for one year beginning on November 1 of the current year. c. The company recelved a $590 utility bill for December utility usage. It wall be paid early next year. d. PPSS borrowed $76,000 from a local bank on August 1, signing a one-year, 12 percent note. The note and interest are due on August 1 of next year. e. On December 31. PPSS cleaned and winterized a customer's pool for $870, but the service was not yet recorded on December 31 . f. On November 1 of the current fiscal year, PPSS purchased a two-year insurance policy for $4,200. with coverage beginning on that date. The amount was recorded as Prepaid Expenses when paid. 9. On. December 31. PPSS had $4,000 of pool cleaning supplies on hand after purchasing supplies costing $26,100 during the year from Pool Corporation, Incorporated. h. PPSS estimated that depreciation on its bulldings and equipment was 59.000 for the year. 1. At December 31,5180 of interest on investments was eatned that will be received in the next year. J. The company's income tax rate for the year was 22 percent. 3. Prepare a multiple-step income statement and eamings per share (Note 5,400 shares outstanding at end of the year), a statement of stockholder's equity, and a classiffed balance sheet. Complete this question by entering your answers in the tabs below. Prepare an income statement (including eamings per share). Note: Do not round intermediate calculations, Round "Earnings per share" to 2 decimal places. 3. Prepare a multiple-step income statement and earnings per share (Note: 5.400 shares outstanding at end of the ) statement of stockholder's equity, and a classified balance sheet. Complete this question by entering your answers in the tabs below. Prepare a statement of stockholders' equity. Note: Do not round intermediate calculations. Prepare a classified balance sheet. Note: Do not round intermediate calculations. Items to be deducted must be indicated with a minus sign

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

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions