Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribed

[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: Account Titles Debit Credit $ 47,200 10,900 460 780 17,600 Cash Accounts recelvable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Note payable (3 years, 10% interest due each December 31) Common stock (5,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Remaining expenses (not detailed; excludes income tax) Income tax expense Totals $ 8,800 9,860 2,210 15,000 1,946 17,514 4,500 70,000 33,170 $ 119,970 119,970 Data not yet recorded at December 31 included a. b. c. d. e. The supplies count on December 31 reflected $150 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $780 Depreciation expense for the current year, $3,600 Wages earned by employees not yet paid on December 3, $520. Income tax expense, $5,580

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

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

15th Edition

978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960

More Books

Students also viewed these Accounting questions