The accounts of Atlantic Specialists Ltd. prior to theyear-end adjustments are given below.
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(Click the icon to view accountbalances.)
Adjusting data at the end of the year include thefollowing:
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(Click the icon to view adjustmentinformation.)
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(Click the icon to view information for theowner.)
Requirement
Without opening anyaccounts, making any journalentries, or using aworksheet, provide Eel with the requested information. Ignore income taxes. Show all computations.
a. Use the table below to compute net income for the year. (Use parentheses or a minus sign for a netloss.)
Revenue:
Expenses:
Net income (loss)
b. Use the table below to compute total assets. (Use a minus sign or parentheses for amounts to besubtracted.)
Total assets
c. Use the table below to compute total liabilities.
Total liabilities
d. Use the table below to compute totalshareholders' equity. (Use a minus sign or parentheses for amounts to besubtracted.)
Total shareholders' equity
e. Use the accounting equation to prove that total assets equal total liabilities plusshareholders' equity.
Total liabilities
+
Total shareholders' equity
=
Total assets
+
=
end of the year include the following: Information for the owner i Adjustment information X Dale Eel, the principal shareholder, has received an offer to sell Atlantic Specialists. He needs to know the following information within one hour: a. Unearned service revenue that has been earned, $1,300 a. Net income for the year covered by these data b. Accrued sales revenue, $2,500 b. Total assets c. Supplies used in operations, $3,200 c. Total liabilities d. Accrued salary expense, $3, 100 d. Total shareholders' equity e. Prepaid insurance expired, $1,500 e. Proof that Total assets = Total liabilities + Total shareholders' equity, after all items are f. Depreciation expense, building, $2,300 undated Print Done Print DoneThe accounts of Atlantic Specialists Lid. prior to the year-end adjustments are given below. (Click the icon to view account balances.) Adjusting data at the end of the year include the following: i (Click the icon to view adjustment information.) i (Click the icon to view information for the owner.) Requirement Without opening any accounts, making any journal entries, or using a worksheet, provide Eel with the requested information. Ignore income taxes. Show all computations. a. Use the table below to compute net income for the year. (Use parentheses or a minus sign for a net loss.) Revenue: Expenses: Net income (loss) h I les the table halow to somniItA total nocats Illes a minile cian or naranthese for amaiInte to ha eihtranted ) Choose from any list or enter any number in the input fields and then continue to the next question.b. Use the table below to compute total assets. (Use a minus sign or parentheses for amounts to be subtracted.) Total assets |:| c. Use the table below to compute total liabilities. c. Use the table below to compute total liabilities. | || |:|I: [ Total liabilities I: d. Use the table below to compute total shareholders' equity. (Use a minus sign or parentheses for amounts to be subtracted.) Total shareholders' equity I: d. Use the table below to compute total shareholders' equity. (Use a minus sign or parentheses for amounts to be subtracted.) || || H %; Total shareholders' equity I: 9. Use the accounting equation to prove that total assets equal total liabilities plus shareholders' equity. Total liabilities + Total shareholders' equity = Total assets ll+|l Il 0 Account balances Cash ................................................ Accounts receivable .......................... Supplies ........................................... Prepaid insurance ............................. Building ............................................ Accumulated depreciationbuilding.... Land ................................................ Accounts payable............................. Salary payable .................................. Unearned service revenue ................... $ 3.700 6.500 3.900 3.300 102.600 19.000 52.000 6.000 0 5.100 Print Share capital ............................. $ Retained earnings ...................... Dividends .................................. Sales revenue .......................... Salary expense .......................... Depreciation expensebuilding... Supplies expense...................... Insurance expense ..................... Advertising expense................... Utilities expense ........................ Done 10,300 42,000 22,000 155.000 35.000
