Question

Exercise 4-22 (Part Level Submission) The adjusted trial balance for Sheridan Company is given below: Cr. SHERIDAN COMPANY Trial Balance August 31, 2017 Before Adjustment Dr. Cr. $11,820 8,960 2,820 4,270 15,480 After Adjustment Dr. $11,820 9,490 1,740 2,830 15,480 $3,483 5,570 $4,683 5,570 1,420 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation -Equipment Accounts Payable Salaries and Wages Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Supplies Expense Rent Expense Insurance Expense Depreciation Expense 2,160 14,950 5,610 1,280 14,950 5,610 2,800 2,800 34,200 12,740 34,730 13,620 16,290 17,710 16,273 1,080 16,273 1,440 1,200 $81,863 $78,713 $78,713 $81.882 $81,863

Answer 1

2 BC 1 SHERIDAN COMPANY Income Statement For the year ended August 31, 2017 4 Revenues 5 Service revenue $ 34,730 6 Rent Revenue $ 13,620 7 Total revenue $ 48,350 8 Expenses 9 Salaries & Wages expense $ 17,710 10 Supplies expense $ 1,080 11 Rent Expense $ 16,273 12 Insurance expense $ 1,440 13 Depreciation expense $ 1,200 14 Total Expenses $ 37,703 15 Net Income $ 10,647

3 B с SHERIDAN COMPANY 2 Income Statement For the year ended August 31, 2017 4 Revenues 5 Service revenue 34730 6 Rent Revenue 13620 7 Total revenue =+B5+B6 8 Expenses 9 Salaries & Wages expense 17710 10 Supplies expense 1080 11 Rent Expense 16273 12 Insurance expense 1440 13 Depreciation expense 1200 14 Total Expenses =SUM B9:313) 15 Net Income =+C7-C14