Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.
Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- Prepare a worksheet for Brown’s Plumbing and Heating.
- Write the heading for the worksheet for the fiscal period ending December 31, 20xx.
- Record the
trial balance using the accounts and their balances from the Ledger tab. Some are done for you. - Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year.
- Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year.
- Prove the Adjustments columns.
- Extend all
balance sheet account balances. - Extend all income statement account balances.
- Calculate and record the net income or loss.
- Total and rule the Income Statement and Balance Sheet columns.
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