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Please help complete balance sheet. Prepaid insurance expense isn't working. List multiple suggestions for why answer isn't complete please. Required information P4-7 (Algo) Recording Adjusting
Please help complete balance sheet. Prepaid insurance expense isn't working. List multiple suggestions for why answer isn't complete please.
Required information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 [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: Credit 610 8,500 2,260 Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Cash 46,100 Accounts receivable 11,800 Supplies Prepaid insurance 730 Service trucks 16,600 Accumulated depreciation Other assets 10,360 Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,340 Income tax expense Totals 135,740 11,000 2,046 18,414 5,000 88,520 135, 740 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $200 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $730. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $680. e. Income tax expense, $5,780. 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. TUNSTALL, INC. Balance Sheet At December 31 of the Current Year Liabilities and stockholders' equity Assets $ Current assets Cash Accounts receivable Supplies Unearned revenue oo $ 46,100 11,800 200 0 Accounts payable Wages payable Income taxes payable 2,260 680 5,780 $ Total current liabilities Notes payable, long-term 8,720 11,000 Total current assets Service trucks Accumulated depreciation Other assets 58,100 16,600 (12,200) 10,360 Total liabilities $ 19,720 Stockholders' equity Common stock Additional paid-in capital Retained earnings 2,046 18,414 32,680 Total stockholders' equity Total liabilities and stockholders' equity $ $ 53,140 72,860 $ 72,860Step by Step Solution
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