Answered step by step
Verified Expert Solution
Question
1 Approved Answer
! ! Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 [The following information applies to
! ! Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 [The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 110,310 9,000 17,800 9,040 80,000 $ 25,000 8,100 0 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation-office equip. Accounts payable Interest payable Salaries payable Unearned consulting fees Long-term notes payable Common stock Retained earnings Dividends Consulting fees earned Depreciation expense-Office equip. Salaries expense Interest expense Insurance expense Rent expense Office supplies expense Advertising expense Totals 32,000 48,000 30,000 20,000 Adjusted Trial Balance $ 110,310 23,500 7,000 3,760 80,000 $ 32,000 14,000 1,500 13,000 14,000 48,000 30,000 20,000 8,500 199,500 7,000 80,280 2,730 5,280 14,520 10,800 18,320 $ 372,000 $372,000 8,500 167,000 67,280 1,230 0 14,520 12,420 $ 330,100 $330,100 Problem 3-4A Part 2 2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017. 2(2-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $20,000, and the current-year dividends were $8,500. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017 Complete this question by entering your answers in the tabs below. RODITI.-4A RAI Required information ca-yu PUIS URL computy > ICONIC SLULEICESTUI LUIS y Cui Chusu vury VI, LUIT. 2(a-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $20,000, and the current-year dividends were $8,500. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017. Complete this question by entering your answers in the tabs below. Req 2A1 Req 242 Req 2B Prepare JKL Company's the balance sheet as of July 31, 2017. JKL COMPANY Balance Sheet July 31, 2017 0 S 0 0 0 $ 0
Step 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