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please help! Required Information The following formation applies to the questions displayed below) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training
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Required Information The following formation applies to the questions displayed below) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31, 2017, follow. Additional Information Items 3. An analysis of WTI'S Insurance policies shows that $2.939 of coverage has expired. b. An Inventory count shows that teaching supplies cosung $2.547 are available at year-end 2017 c. Annual depreciation on the equipment is $11.756. d. Annual depreciation on the professional library is $5.878 e. On November 1, WTI agreed to do a special six-month course starting immediately for a client. The contract calls for a monthly fee of $2,600, and the client paid the first five months fees in advance When the cash was received the Unearned Training Fees account was credited The fee for the sixth month will be recorded when it is collected in 2018 1. On October 15, WTI agreed to teach a four-month class beginning Immediately for an individual for $3.180 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WT'S accruals are applied to the nearest half-month, for example, October recognizes month accrual g. WTI's two employees are paid weekly. As of the end of the year two days salaries have accrued at the rate of $100 per day for each employee h. The balance in the Prepaid Rent account represents rent for Decer Credit $ 9,432 16,768 36, 249 December 31 Debit $ 27, 245 Cash Accounts receivable Teaching supplies 10,478 Prepaid insurance 15,719 Prepaid rent 2,097 Professional library 31,436 Accumulated depreciation Professional library Equipment 73,338 Accumulated depreciation-Equipment Accounts payable Salaries payable Unearned training fees Common stock Retained earnings Dividends 41 916 Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense 50, 300 Insurance expense Rent expense 23,067 Teaching supplies expense Advertising expense 7,336 Utilities expense 5,868 Totals $288, 800 13,000 14,000 52, 646 106,885 39,820 SHE ET $288,800 3-4. Prepare Wells Technical Institute's Income statement for the year 2017 3-b. Prepare Wells Technical Institute's statement of owner's equity for the year 2017 3-c. Prepare Wells Technical Institute's balance sheet as of December 31, 2017 WELLS TECHNICAL INSTITUTE Income Statement For Year Ended December 31 Revenues Tuition fees earned Training fees eamed Prepare Wells Technical Institute's statement of owner's equity for the year 2017. WELLS TECHNICAL INSTITUTE Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, December 31, 2016 | Retained earnings, December 31, 2017 S WELLS TECHNICAL INSTITUTE Balance Sheet December 31, 2017Step by Step Solution
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