Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

tThe following information applies to the questions displayed below cof Academy inc . provides privete gof lessons. ts unadjusted trial balance at December 31, 2018.

image text in transcribed
image text in transcribed
tThe following information applies to the questions displayed below cof Academy inc . provides privete gof lessons. ts unadjusted trial balance at December 31, 2018. ate golf lessons. Its unadjusted trial balance at December 31, 2018, follows, along with information about selected accounts. Cash Supplies Deferred Revenue $32 As reported on December 31 bank statement 780 Salaries and Wages payable Income Tax Payable Interest Payable s 2,990 Of this amount, $2,400 was received for December lessons and $590 0 Employees were paid $1,988 for 18 days of work through December 0 The company has paid last yean's income tax but not this year's e The company has not paid the s115 of interest owed on its notes Based on count, only $290 of supplies still exist for January lessons. 28. They have not yet been paid for work on December 29 and 30, tax. payable for the current period. Notes Payable (long-term) Common Stock Retained Earnings Service Revenue 13,800 This one-year note was taken out this year on December 1 1,000 This amount was contributed for common stock in prior years. 3,900 This is the balance reported at the end of last year 2,190 Most customers pay cash for lessons each time they are provided, but some customers pay in advance. Employees worked through December 30, but did not work on December 31 This is the cost of supplies used through November 30. The company has not paid the $115 of interest owed on its notes payable for the current period. The company has an average tax rate of 20%. Salaries and Wages Expense 37,000 Supplies Expense Interest Expense 573,888 $73,880

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

More Books

Students also viewed these Accounting questions