Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please fill in the blanks for: 1. Wages Expense 2. Operating Income 3. Earnings per Share Note that those X's are wrong answers. ! Required
Please fill in the blanks for:
1. Wages Expense 2. Operating Income 3. Earnings per Share
Note that those X's are wrong answers.
! Required information [The following information applies to the questions displayed below.) Tunstall, Inc., 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 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 46,600 10,600 550 740 16,800 7,900 10,860 2,250 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,300 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 12,000 2,046 18,414 5,800 87,200 16, 200 33,260 135,610 135,610 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $220 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $740. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $610. e. Income tax expense, $4,880. 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) Answer is not complete. TUNSTALL, INC. Income Statement For the Current Year Ended December 31 Operating revenues Service revenue $ 87,200 740 330 Operating expenses Insurance expense Supplies expense Wages expense Depreciation expense Remaining expenses (not detailed) 610 X 3,700 33,260 38,640 Total expenses Operating income Income tax expense OOO 48,560 X (4,880) Earnings per share $ 8.24 xStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started