Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tighe Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tighe Electronics Company at March 31, 2016, follows: (Click the icon to

image text in transcribed

image text in transcribed

Tighe Electronics Company uses a perpetual inventory system. The unadjusted trial balance for Tighe Electronics Company at March 31, 2016, follows: (Click the icon to view the unadjusted trial balance.) Read the requirements. Requirement 2. Prepare Tighe Electronics's adjusted trial balance as of March 31, 2016. Review the adjusting entries you prepared in Requirement 1. Tighe Electronics Company Adjusted Trial Balance March 31, 2016 Balance Account Title Debit Credit Cash $ 3,500 Accounts Receivable 33,500 Interest Receivable 550 Merchandise Inventory 45.900 Office Supplies 5,800 Equipment 131,500 Accumulated DepreciationEquipment $ 38.915 Accounts Payable 15.500 Salaries Payable 2.300 Interest Payable 1,900 Uneared Revenue 13,700 Notes Payable, long-term 50,000 Tighe, Capital 44,650 Tighe, Withdrawals 15,000 Sales Revenue 315,000 Sales Returns and Allowances 5.500 Sales Discounts 6,000 Interest Revenue 550 Cost of Goods Sold 173,450 Salaries Expense (Selling) 25,800 Rent Expense (Selling) 15,900 Salaries Expense (Administrative) 5,800 Utilities Expense (Administrative) 11,100 Depreciation Expense-Equipment (Administrative) 1.315 Interest Expense 1,900 $ Total 482,515 482,515 $ Requirement 3. Prepare Tighe Electronics's multi-step income statement for year ended March 31, 2016. (Use a minus sign or parentheses to show other expenses. Review the adjusted trial balance you prepared in Requirement 2. Tighe Electronics Company Income Statement Year Ended March 31, 2016 Less: Net Income (Loss)

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_2

Step: 3

blur-text-image_3

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

Safety Health And Environmental Auditing A Practical Guide

Authors: Simon Watson Pain

2nd Edition

1138557153, 9781138557154

More Books

Students also viewed these Accounting questions

Question

Explain organisational decision making processes.

Answered: 1 week ago