Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(The following information applies to the questions displayed below! The year-end financial statements of Rattlers Tax Services are provided below RATTLERS TAX SERVICES Income Statement

image text in transcribed
image text in transcribed
image text in transcribed
(The following information applies to the questions displayed below! The year-end financial statements of Rattlers Tax Services are provided below RATTLERS TAX SERVICES Income Statement Service revenue $69,000 Expenses Salaries $44,300 Utilities 6,500 Insurance 4,100 Supplies 1.250 56,150 Net income $ 12.850 RATTLERS TAX SERVICES Statement of Stockholders' Equity Common Stock Retained Earnings $22.800 Total Stockholders Equity $65.800 Beginning balance, Jan. 1 Issue stock Net Income Dividends $43.000 13.000 12.850 (4,300) 13,000 12.850 (4.300) Ending balance, Dec. 31 556.000 $ 31,350 $ 87,350 Assets Cash Accounts receivable Land RATTLERS TAX SERVICES Balance Sheet Liabilities $3,000 Accounts payable 5.500 Stockholders' Equity 85.000 Common stock Retained earnings $ 6,150 $56,000 31,350 87.350 Total assets $93.500 Total abilities and equities $93,500 & Answer is not complete. No Date General Journal Credit 1 December 31 Service revenue Debit 69,000 2 December 31 Salaries expense 44,300 Insurance expense Utilities expense Supplies expense xo 4,100 6,500 1,250 3 December 31 Retained earnings Dividends 4,300 . 4,300 2. Prepare a post-closing trial balance. (Hint: The balance of Retained Earnings will be the amount shown in the balance sheet.) RATTLERS TAX SERVICES Post-Closing Trial Balance Debit Accounts Credit Totals $ 0 $ 0

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

Step: 3

blur-text-image

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

How To Perform A Building Water Audit

Authors: Troy Aichele

1st Edition

1651578273, 978-1651578278

More Books

Students also viewed these Accounting questions

Question

What is the preferred personality?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago