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Question 1: EFG Financial Services, Inc., had the following Un-adjusted Balances shown below on 31/12/2016: EFG Financial Services Un-adjusted Trial Balance December 31 2016 Cash
Question 1: EFG Financial Services, Inc., had the following Un-adjusted Balances shown below on 31/12/2016: EFG Financial Services Un-adjusted Trial Balance December 31" 2016 Cash 10400 Accounts receivable 3000 Cleaning Supplies 500 Prepaid Rent 2000 Office Furniture 6000 Accumulated Depreciation (office Furniture) 600 Accounts Payable 8600 Uneamed Consulting Revenue 1000 Share Capital 8210 Consulting Revenue 7990 Salaries Expenses 3700 Insurance Expense 800 The following information was also available: a The services for all unearned consulting revenues had not been performed by the end of the year. b. The office furniture has an estimated life of 10 years. c. The salaries that accrued were $ 3700. d. Rent expired at 31 December $ 2000. e. Cleaning Supplies used totaled $ 500 at the end of the period. f. Accrued Consultancy services performed, $ 7990. g. Estimated Income taxes for the year 2016 equal $ 1000. Required 1- Prepare the Year End Ledger T Accounts after adjustments for: A. Consulting Revenues B. Depreciation Expense, Office Furniture C. Salaries Expense D. Rent Expense E. Cleaning Supplies Expense F. Income Taxes Expense G. Uneamed Consulting Revenues H. Salaries payable 1. Income Taxes payable 2- Prepare the Income Statement for EFG Corporation at 31/12/2016. 3- Calculate the Total Liabilities at 31/12/2016. 4- Calculate the Total Equity at 31/12/2016. 2
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