FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
I need the answer as soon as possible
Tunstall, Inc., a small service company, keeps its records without the help of an 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, Inc.
Unadjusted Trial Balance
for the Year Ended December 31
Debit
Credit
Cash
42,000
11,600
Accounts receivable
Supplies
Prepaid insurance
900
800
Service trucks
19,000
Accumulated depreciation
Other assets
9,200
8,300
Accounts payable
Wages payable
Income taxes payable
Notes payable, long-term
Common stock (5,000 shares outstanding)
Additional paid-in capital
Retained earnings
Service revenue
3,000
17,000
400
19,000
6,000
61,360
16,200
Wages expense
Remaining expenses
(not detailed; excludes income tax)
Income tax expense
17,160
T1s,960
115,960
Totals
Data not yet recorded at December 31 included:
a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year.
b. Insurance expired during the current year, $800.
c. Depreciation expense for the current year, $3,700.
d. Wages earned by employees not yet paid on December 31, $640,
e. Income tax expense, $5,540.
do an income statment and a balance sheet.
expand button
Transcribed Image Text:Tunstall, Inc., a small service company, keeps its records without the help of an 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, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 42,000 11,600 Accounts receivable Supplies Prepaid insurance 900 800 Service trucks 19,000 Accumulated depreciation Other assets 9,200 8,300 Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue 3,000 17,000 400 19,000 6,000 61,360 16,200 Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 17,160 T1s,960 115,960 Totals Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $300 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $800. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $640, e. Income tax expense, $5,540. do an income statment and a balance sheet.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
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
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education