The trial balance of ABC Ltd at 30 June 2016 is as follows: Noted: The 'Final'...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6657b701d5cba_5136657b701d087c.jpg)
Transcribed Image Text:
The trial balance of ABC Ltd at 30 June 2016 is as follows: Noted: The 'Final' column in the above worksheet represents the aggregated account balances from each line and the 'Sign' column (last column to the right) above can be either 'dr.' or 'cr.'. The data needed for the year-end adjustments are given as follows: Unearned service revenue still unearned $2099 Prepaid rent still in effect $1916 Supplies used during the month $225 Depreciation for the month $1598 Accrued advertising expense $1913 Accrued salary expense $3324 Prepare the adjusting entries above and fill in the trial balance worksheet, so that the final amount of adjusted balance can be derived. Prepare the income statement from the adjusted trial balance in the following format: ABC Ltd Income Statement For the year ended 30 June 2016 Service revenue Salary expense ?? Rent expense ?? Depreciation expense ?? Advertising expense ?? Supplies expense ?? ?? The trial balance of ABC Ltd at 30 June 2016 is as follows: Noted: The 'Final' column in the above worksheet represents the aggregated account balances from each line and the 'Sign' column (last column to the right) above can be either 'dr.' or 'cr.'. The data needed for the year-end adjustments are given as follows: Unearned service revenue still unearned $2099 Prepaid rent still in effect $1916 Supplies used during the month $225 Depreciation for the month $1598 Accrued advertising expense $1913 Accrued salary expense $3324 Prepare the adjusting entries above and fill in the trial balance worksheet, so that the final amount of adjusted balance can be derived. Prepare the income statement from the adjusted trial balance in the following format: ABC Ltd Income Statement For the year ended 30 June 2016 Service revenue Salary expense ?? Rent expense ?? Depreciation expense ?? Advertising expense ?? Supplies expense ?? ??
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Calculate the power absorbed by each element in the circuit in figure. 0.01 F 50 3 0.4 H} 0.02 F: 25 cos201 V (+ 50
-
What is the cost of capital equal to?
-
Welch Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month...
-
Activity Rates and Product Cts using Activity Best Lamdale Inc manufactures entry and dining room lighting futures Five adues are used in manufacturing the These and there ss wid activity bases are...
-
Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the...
-
How is a relationship marketing approach different to conventional transactional marketing?
-
Discussed four general methods for coping with complexity: modularity, abstraction, hierarchy, and layering. a. Which of those four methods does virtual memory use as its primary organizing scheme?...
-
Answer the following questions. a. Why was the Commission on Auditors' Responsibilities appointed? b. Why was the Treadway Commission established? a. "Due professional care is to be exercised." b....
-
What is database marketing?
-
Name the generally accepted auditing standards from which the following phrase or phrases are taken. (For example, the phrase "adequate technical training and proficiency" is taken from the first...
-
We have already discussed parity check code in the class. The problem is that it cannot detect even-bit errors. In order to handle this issue, we design an advanced parity check as follows: We use...
-
Stock in Cheezy-Poofs Manufacturing is currently priced at $100 per share. A call option with a $100 strike and 90 days to maturity is quoted at $5. Compare the percentage gains and losses from a...
-
Suppose you purchase five call contracts on Macron Technology stock. The strike price is $50, and the premium is $2. If, at expiration, the stock is selling for $60 per share, what are your call...
-
Suppose you purchase eight put contracts on Testaburger Co. The strike price is $30, and the premium is $3. If, at expiration, the stock is selling for $20 per share, what are your put options worth?...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App