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Homework answers / question archive / Enabled: Mie Accounting Final Tunstall, Inc

Enabled: Mie Accounting Final Tunstall, Inc

Accounting

Enabled: Mie Accounting Final Tunstall, Inc., a small service company, keeps its records without the help of on 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 Tunstall, the Unadjunted Trial Balance for the Year Ended December 31 Credit Debit 46,000 11,300 630 690 17,900 8,400 9,760 2.310 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,400 shares outstanding) Additional paid in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed: excluden income tax) Income tax expense Totalo 13,000 1,856 16.704 6.000 87,450 16,200 33,240 135,720 135, 720 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $170 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year. $690. c. Depreciation expense for the current year. $3,900, d. Wages earned by employees not yet paid on December 31, $700. e Income tax expense, $4,980, Required: 1. Record the adjusting entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first
nabled: MIB Accounting Final 2. Prepare an income statement that include the effects of the preceding five transactions. (Round "Earnings decimal places.) TUNSTALL INC Income Statement Earnings per share 2.b. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts Indicated by a minus sign.) TUNSTALL INC
Required information 2-3. Prepare a classified balance sheet that include the effects of the preceding five transactions. (Amounts to be dedu Indicated by a minus sign.) TUNSTALL INC. Balance Sheet $ $ 0 $ $ $ TOTO $
3. Record the closing entry. (If no entry is required for a transaction/event, select "No journal entry required field.) View transaction at Journal entry worksheet Record closing entry to transfer revenues and expenses to retained earnings. Note: Enter debit before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal

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1

Transaction

General Journal

Debit

Credit

 

a

Supplies Expense (530-170)

460

 
 

 

     Supplies

 

460

 

 

     
 

b

Insurance Expense

690

 
 

 

     Prepaid Insurance

 

690

 

 

     
 

c

Depreciation Expense

3900

 
 

 

    Accumulated Depreciation

 

3900

 

 

     
 

d

Wages Expense

700

 
 

 

    Wages Payable

 

700

 

 

     
 

e

Income Tax Expenses

4980

 
 

 

    Income tax Payable

 

4980

 

 

     

2-a

Tunstall Inc

     
 

Income statement

     
 

For the year ended

     
   

$

$

 
 

Operating Revenue

     
 

Service Revenue

 

          87,450

 
 

Operating Expenses

     
 

Supplies Expense

              460

   
 

Insurance Expense

              690

   
 

Depreciation Expense

           3,900

   
 

Wages Expense (16200+700)

         16,900

   
 

Remaining Expense

         33,240

   
 

Total Expense

 

          55,190

 
 

Operating Income

 

          32,260

 
 

Income tax

 

             4,980

 
 

Net income

 

          27,280

 
         
         

2-b

Tunstall Inc

     
 

Balance sheet

     
 

For the year ended

     
         
 

Liabilities and Stockholders' Equity

Amount

Assets

Amount

 

Current Liabilities

 

Current Assets

 
 

Accounts Payable

2310

cash

46000

 

Wages Payable

700

Accounts Receivable

11300

 

Income tax payable

4980

Supplies

170

 

Total current Liabilities

7990

   
 

Notes Payable, long term

13000

   
 

Total Liabilities

20990

Total Current Assets

57470

         
 

Stockholders' Equity

 

Non-current Assets

 
 

Common stock

1856

Service trucks

17900

 

Additional Paid in capital

16704

Less: Accumulated Depreciation (8400+3900)

-12300

 

Retained Earnings

33280

 

5600

 

Total Stock holders' equity

51840

other Assets

9760

         
 

Total

72830

Total

72830

         
                 

3

Particulars

Debit

Credit

 

Service Revenue

     87,450

 
 

    Supplies Expense

 

          460

 

     Insurance Expense

 

          690

 

     Depreciation

 

       3,900

 

     Wages Expense

 

     16,900

 

     Remaining Expense

 

     33,240

 

     Income tax Expense

 

       4,980

 

     Retained Earnings

 

     27,280