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 Decenber 31 Debit Credit 42,000 11,600 Cash Accounts receivable Supplies Prepaid insurance Service trucks 900 800 19,000 9,200 Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000 shares outstanding) Additional paid-in capital 8,300 3,000 17,000 400 19,000 6,000 61,360 Retained earnings Service revenue 16,200 Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 17,160 Tis,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, $3,70. 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.

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 Decenber 31 Debit Credit 42,000 11,600 Cash Accounts receivable Supplies Prepaid insurance Service trucks 900 800 19,000 9,200 Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (5,000 shares outstanding) Additional paid-in capital 8,300 3,000 17,000 400 19,000 6,000 61,360 Retained earnings Service revenue 16,200 Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense 17,160 Tis,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, $3,70. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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