Business, 10.09.2019 23:30, sabaheshmat200
Devlin company has prepared the following partially completed worksheet for the year ended december 31, 2016:
show work, specially on adjustments.
a partially completed worksheet has 10 columns with headings as follows: accounts; trial balance debit; trial balance credit; adjustments debit; adjustments credit; income statement debit; and income statement credit; retained earnings statement debit; retained earnings statement credit; balance sheet debit; and balance sheet credit. the adjustments, income statement, retained earnings statement, and balance sheet columns are blank. the accounts and trial balance columns are as follows: cash, 1,000 (debit); accounts receivable, 2,700 (debit); allowance for doubtful accounts, 30 (credit); note receivable (due 5/1/17), 1,200 (debit); inventory, 9,200 (debit); land, 4,500 (debit); buildings and equipment, 20,600 (debit); accumulated depreciation, 8,760 (credit); accounts payable, 4,050 (credit); notes payable (due 4/1/19), 4,000 (credit); common stock (2,000 shares), 5,000 (credit); retained earnings (1/1/16), 6,120 (credit); dividends, 600 (debit); sales revenue, 25,400 (credit); rent revenue, 550 (credit); cost of goods sold, 9,050 (debit); salaries expense, 2,750 (debit); delivery expense, 720 (debit); heat and light expense, 820 (debit); other expenses, 540 (debit); (single rules below other expenses in both debit and credit columns of trial balance); totals: 53,680 in both debit and credit columns of trial balance, double underlined).
the following additional information is available: (a) salaries accrued but unpaid total $250; (b) the $80 heat and light bill for december has not been recorded or paid; (c) depreciation expense totals $810 on the buildings and equipment; (d) interest accrued on the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to kt & daniel specialty company for $50 per month, and kt & daniel has not yet paid its december rent; (f) interest accrued on the note receivable totals $80; (g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017.
required:
complete the worksheet. (round to the nearest dollar.)
prepare the company's financial statements.
prepare (a) adjusting and (b) closing entries in the general journal.
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