Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[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 Credit Debit 47,300 10,400 480 779 17,500 8,200 9,060 2,260 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,800 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals 16,000 2,026 18,234 5,100 83,190 16,200 33,300 135,010 135,010 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $770. c. Depreciation expense for the current year, $3,400. d. Wages earned by employees not yet paid on December 31, $520. e. Income tax expense, $5,380. 2-b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be deducted should be indicated by a minus sign.) TUNSTALL, INC. Balance Sheet For the Current Year Ended December 31 $ 0 $ 0 $ 0 $ 0 $ 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started