Capital Purchases Sales Salaries Opening Stock Insurance Expense Rent Income Buildings Furniture Cash Debtors Other Expenses Creditors Commission Income Salaries Due Prepaid Insurance Rent Received in Adv Accrued Commission Depreciation Bad Debes written oll Closing Stock Net Profit Column Noes PRE-ADJUSTMENTS TRAIL BALANCE 400,000 362,460 261,540 48,140 43.070 8.,200 340,000 45.000 10,000 61,400 10,600 9,650 46.380 9.450 $27/950 7.050 N37.950 (0) (2) WORK SHEET YEAR END ADJUSTMENTS 3.500 Viso 2,050 4.500 3,070 15,970 (3) 2,050 4.500 3,070 1,200 3.500 1650 ADJUSTED TRAIL BALANCE 261,540 51.640 43,070 6,150 340,000 40,500 10,000 58.330 10,600 2.050 1,200 4.500 3.070 (5) 400,000 362.460 8,000 46.380 10,660 3.500 1,650 832.650 (6) INCOME STATEMENT 261,540 $1,640 43,070 6,150 10,600 4.500 3,070 50,630 431,200 (7) 362,460 8,000 10,660 50,080 431.200 (8) BALANCE SHEET 340,000 40.500 10,000 $8.330 2,050 1,200 50,080 502,160 (9) 43 330 UN p VLR 2. A Work Sheet In order to clearly see the impact of the various adjustments, at one glance, over the Profit and L Account and Balance Sheet, it is often considered helpful to draw up a statement called Work Sheet. work sheet usually has eleven columns, taking the following format: (a) FIRST TRAIL BALANCE (1) (2) YEAR END ADJUSTMENTS (3) (4) ADJUSTED TRAIL BALANCE (6) (5) INCOME STATEMENT (7) (8) BALANCE SHEET (9) (10)
Capital Purchases Sales Salaries Opening Stock Insurance Expense Rent Income Buildings Furniture Cash Debtors Other Expenses Creditors Commission Income Salaries Due Prepaid Insurance Rent Received in Adv Accrued Commission Depreciation Bad Debes written oll Closing Stock Net Profit Column Noes PRE-ADJUSTMENTS TRAIL BALANCE 400,000 362,460 261,540 48,140 43.070 8.,200 340,000 45.000 10,000 61,400 10,600 9,650 46.380 9.450 $27/950 7.050 N37.950 (0) (2) WORK SHEET YEAR END ADJUSTMENTS 3.500 Viso 2,050 4.500 3,070 15,970 (3) 2,050 4.500 3,070 1,200 3.500 1650 ADJUSTED TRAIL BALANCE 261,540 51.640 43,070 6,150 340,000 40,500 10,000 58.330 10,600 2.050 1,200 4.500 3.070 (5) 400,000 362.460 8,000 46.380 10,660 3.500 1,650 832.650 (6) INCOME STATEMENT 261,540 $1,640 43,070 6,150 10,600 4.500 3,070 50,630 431,200 (7) 362,460 8,000 10,660 50,080 431.200 (8) BALANCE SHEET 340,000 40.500 10,000 $8.330 2,050 1,200 50,080 502,160 (9) 43 330 UN p VLR 2. A Work Sheet In order to clearly see the impact of the various adjustments, at one glance, over the Profit and L Account and Balance Sheet, it is often considered helpful to draw up a statement called Work Sheet. work sheet usually has eleven columns, taking the following format: (a) FIRST TRAIL BALANCE (1) (2) YEAR END ADJUSTMENTS (3) (4) ADJUSTED TRAIL BALANCE (6) (5) INCOME STATEMENT (7) (8) BALANCE SHEET (9) (10)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...
Related questions
Question
100%
Subject/Course: Financial Accounting.
Note: A sample of a Worksheet is attached with the template, follow the sample/template. Provide workings of each and every step. If possible, attach the excel file with the solution.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning