The data needed to determine year-end adjustments are as follows:

Supplies on hand at December 31, 2016 are $700.

Insurance premiums expired during the year are $1,800.

Depreciation of equipment during the year is $8,350.

Depreciation of trucks during the year is $6,200.

Wages accrued but not paid at December 31 are $600.

Tasks:

Prepare the Unadjusted Trial Balance using the General Ledger provided above.

Use the additional information provided at year-end to record the adjusting entries and post them into the ledger accounts to calculate the new year-end balances. NOTE: use the Excel General Ledger provided to you. Be sure to safe the file to prevent loss of work.

Prepare the Adjusted Trial Balance.

Use the updated general ledger balances to prepare the following 2016 financial statements for Chesterfield Company, Inc. [in proper order]:

Income Statement

Statement of Retained Earnings

Balance sheet

Use the information on the financial statements to answer the following questions:

Was Chesterfield Company, Inc. profitable in 2016?

Has the stockholders equity grown?

If looking for a loan, can Chesterfield Company, Inc. expect to get the loan? Give your reasons for your response. [Hint: Calculate some appropriate ratios, such as Current ratio, Cash Ratio, Quick ratio, Return on Assets, and Working Capital. These ratio may help.]

If you are looking for an investment opportunity, would you invest in Chesterfield Company, Inc.?

A friend of yours wants to invest in Chesterfield Company, Inc. but wants your advice, what would you recommend?

If Chesterfield Company, Inc. establishes another branch of the business in Panama City, Panama, what accounting standards will the company use to record the accounting activities and prepare the financial statements

NEED HELP PLEASE!

Chesterfield Company, Inc. General Ledger Accounts Receivable Accounts Payable Common Stock Bal. 18,000 Bal. 9,525 2,575 Bal 6,000 Bal Prepaid Insurance Office Supplies Wages Payable Retained Earnings Bal. 3,600 Bal. 1,750 3,700 5,700 Bal Accumulated Depreciation Equipment Equipment 120,500 Dividends Bal. 7.500 Ba Bal. 15,900 Accumulated Depreciation Trucks Trucks Wages Expense Service Revenue Bal 80,000 16,000 Bal Bal. 40,000 165,000 Bal Depreciation Expense Equipment Rent Expense s Expense Trucks .500 Bal. Truck Expense Miscellaneous Expense Insurance Expense Bal. 2,500 Bal. 1,800 5,400 Bal