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[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
[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 | ||||||||
Debit | Credit | |||||||
Cash | 47,500 | |||||||
Accounts receivable | 12,100 | |||||||
Supplies | 480 | |||||||
Prepaid insurance | 770 | |||||||
Service trucks | 16,200 | |||||||
Accumulated depreciation | 8,100 | |||||||
Other assets | 10,160 | |||||||
Accounts payable | 2,220 | |||||||
Wages payable | ||||||||
Income taxes payable | ||||||||
Notes payable, long-term | 11,000 | |||||||
Common stock (5,200 shares outstanding) | 1,866 | |||||||
Additional paid-in capital | 16,794 | |||||||
Retained earnings | 4,700 | |||||||
Service revenue | 91,950 | |||||||
Wages expense | 16,200 | |||||||
Remaining expenses (not detailed; excludes income tax) | 33,220 | |||||||
Income tax expense | ||||||||
Totals | 136,630 | 136,630 | ||||||
Data not yet recorded at December 31 included:
- The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.
- Insurance expired during the current year, $770.
- Depreciation expense for the current year, $4,100.
- Wages earned by employees not yet paid on December 31, $580.
- Income tax expense, $5,480.
Prepare a classified balance sheet that include the effects of the preceding five transactions.
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