Preparing a Balance Sheet and Income Statement Including Earnings per Share

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: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Credit Debit 47,400 11,400 490 690 16,500 9,000 10,160 2,320 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 (5,200 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 1,886 16,974 5,700 88,260 16,200 33,300 136,140 136,140