Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Required information The following information applies to the questions displayed below.) Tunstall, Inc., a small service company, keeps its records without the help of an
Required information 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 46,200 10,500 610 760 18,000 9.000 9,960 2,240 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 (4,300 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 16,000 2.046 18.414 5,000 82,700 16,200 33,170 135,400 135,400 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $760, c. Depreciation expense for the current year, $4,000. d. Wages earned by employees not yet paid on December 31, $530. e. Income tax expense, $5,180. 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings per share" to 2 decimal places.) 2-a. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings decimal places.) TUNSTALL, INC. Income Statement 0 Earnings per share mandinn freneartlane I Amniinte to Required information Earnings per share 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted shoul Indicated by a minus slgn.) TUNSTALL, INC Balance Sheet $ O $ 0 0 $ $ 0 $ MacBook Pro R G Search or type URL SC # 3 & 7 $ 4 @ 2 ! 1 6 8
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6698f1ec79c7e_4366698f1ec1b097.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6698f1ed21038_4366698f1ecb8d1a.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/6698f1edb184c_4376698f1ed5198a.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started