Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance of Seinfield Corporation at September 30, 20X6, follows. (Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Seinfield

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

The adjusted trial balance of Seinfield Corporation at September 30, 20X6, follows. (Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Seinfield Corporation's 20X6 income statement, statement of changes in equity, and balance sheet. List expenses (except for income tax) in decreasing order on the income statement and show total liabilities on the balance sheet. Requirement 1. Prepare Seinfield Corporation's 20x6 income statement, statement of changes in equity, and balance sheet. List expenses (except balance sheet. income tax) in decreasing order on the income statement and show total liabilities on the Begin by preparing Seinfield's 20x6 income statement. Income before tax Now, prepare the statement of changes in equity. Credit $ Seinfield Corporation Adjusted Trial Balance September 30, 20X6 Account Debit Cash 2,200 Accounts receivable 9,500 Supplies 2,600 Prepaid rent 1,300 Equipment 38,800 Accumulated depreciation Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Share capital Retained earnings Dividends 20,000 Service revenue Depreciation expense 1,800 4,400 3,500 300 900 2,000 19,800 4,000 5,200 102,600 Salary expense Rent expense Interest expense Insurance expense Supplies expense 39,800 10,400 3,400 3,500 2,900 6,500 Income tax expense $ Total 142,700 $ 142,700 $ Accounts receivable Depreciation expense Expenses: Income tax expense Insurance expense Interest expense Interest income Net income Rent expense DALARLA: Rent expense Revenue: Salary expense Service revenue Supplies expense Total expenses Utilities expense Add: Now, prepare the statement of changes in equity. Add: Less: Prepare the balance sheet by first completing the header and the rest of the statement. Assets Liabilities Shareholders' Equity Prepare the balance sheet by first completing the header and the rest of the statement. Assets Liabilities Shareholders' Equity LL Dividends Net income Total equity, October 1, 20X5 Total equity, September 30, 20X6 Service revenue Total expenses Add: Less: Accounts payable ber3 Accounts receivable 1, sta Cash heet. List Equipment Income tax payable Interest payable Less: Accum. deprec. the Note payable Prepaid rent Retained earnings Retained earnings Salary payable the header and the Share capital Supplies Unearned service revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Audit In Higher Education

Authors: Alison Holmes, Sally Brown

1st Edition

0749433000, 978-0749433000

More Books

Students also viewed these Accounting questions

Question

(a) L = {uvu u, v = {a,b}*; |u| = 2}

Answered: 1 week ago