Question

Given the info: Please do only requirements 5,6,7 and 8 please.

10d) Hec. Donerin Completing the Accounting Cycle 3 A Completing the aleting the accounting Cycle from adjusting entries to post-closing A dal balance with an optional worksheet trial balance of Williamson Amvis at December 31, 2016, and the data Learning Objectives 1, 2, 4, 5, 6 The ansted trials arche adjustments follow 5. Net Income $19,890 WILLIAMSON ANVILS Unadjusted Trial Balance December 31, 2016 Balance Debit Credit $16.370 16,500 2.530 1,800 29.000 5 10,000 6.600 Account Title Cash Accounts Receivable Prepaid Rent Office Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Williamson, Capital Wiliamson, Withdrawals Service Revenue Salaries Expense Rent Expense Depreciation Expense--Equipment Supplies Expense 7,200 28.000 3,500 20.500 2.600 5 72.300 72,300 Adjustment data: a. Unearned Revenue still unearned at December 31, $3.300. b. Prepaid Rent still in force at December 31, $2,400. c. Office Supplies used, $1,200. d. Depreciation, $350. c. Accrued Salaries Expense at December 31, $230. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. Complete the worksheet for the year ended December 31, 2016. (optional) 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance. . Prepare the income statement, the statement of owner's equity, and the classified balance sheet in report form. Assume that there were no contributions made by the owner during the year.

Answer 1

Income statement Particulars Amount Amount Service revenue $ 24,400.00 Less: Salary $ 2,830.00 Supplies $ 1,200.00 Depreciation on equipment $ 350.00 Rent $ 130.00 $ 4,510.00 Net income $ 19,890.00 Statement of owner's Equity Particulars Amount W's capital as on january 1, 2016 $ 28,000.00 Owner contribution Net income for the year $ 19,890.00 Owner withdrawls $ -3,500.00 W's Capital as on December 31, 2016 $ 44,390.00 Balance sheet Assets Current assets Cash Accounts receivable Prepaid rent Office supplies $ 16,370.00 $ 16,500.00 $ 2,400.00 $ 600.00 $ 35,870.00 Plan assets Equipment (29000-10350 depreciation) Total assets $ 18,650.00 $ 54,520.00 Liabilities Current liabilities Accounts payable Unearned revenue Salary payable Total current liabilities Total Liabilities $ 6,600.00 $ 3,300.00 $ 230.00 $ 10,130.00 $ 10,130.00 Owner's equity Total Liabilities and Owner equity $ 44,390.00 $ 54,520.00 CR DR $ 24,400.00 6 Particulars Service revenue Income summary To close revenue $ 24,400.00 $ 4,510.00 Income summary Salary Rent Depreciation Equipment Supplies expenses To close expenses $ 2,830.00 $ 130.00 $ 350.00 $ 1,200.00 $ 19,890.00 Income summary W Capital To transfer profit $ 19,890.00 $ 3,500.00 W capital W withdrawls To close withdrawals $ 3,500.00 Post closing trial balance Particulars Amount Amount Cash $ 16,370.00 Accounts receivable $ 16,500.00 Prepaid rent $ 2,400.00 Office supplies $ 600.00 Equipment $ 29,000.00 Accumulated depreciation- Equipment $ 10,350.00 Accounts payable $ 6,600.00 Salaries payable $ 230.00 Unearned revenue $ 3,300.00 W capital $44,390.00 Total $ 64,870.00 $64,870.00 8 Cash Accounts receivable Prepaid rent Office supplies Current assets $ 16,370.00 $ 16,500.00 $ 2,400.00 $ 600.00 $ 35,870.00 Salary Accounts payable Unearned revenue Current liabilities $ 230.00 $ 6,600.00 $ 3,300.00 $ 10,130.00 Current ratio 3.5 =35870/10130