Question

Please help complete balance sheet. Prepaid insurance expense isn't working. List multiple suggestions for why answer isn't complete please.

Required information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance Sheet and Income Statement Including Earnings per Share LO4-1, 4-2, 4-4 [The following information applies to the questions displayed below.) 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: Credit 610 8,500 2,260 Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Cash 46,100 Accounts receivable 11,800 Supplies Prepaid insurance 730 Service trucks 16,600 Accumulated depreciation Other assets 10,360 Accounts payable Wages payable Income taxes payable Notes payable, long-term Common stock (4,400 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,340 Income tax expense Totals 135,740 11,000 2,046 18,414 5,000 88,520 135, 740 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $200 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $730. c. Depreciation expense for the current year, $3,700. d. Wages earned by employees not yet paid on December 31, $680. e. Income tax expense, $5,780.

Answer 1

TUNSTALL, INC.
Income Statement
For the Year Ended December 31
Operating revenue:
Service revenue (a)		88520
Less: Operating expenses:
Insurance expense	730
Supplies expense (610-200)	410
Wages expense (16200+680)	16880
Depreciation expense	3700
Remaining expenses (not detailed)	33340
Total expenses (b)		55060
Less: Income tax (c )		5780
Net income ( d= a-b-c)		27680
TUNSTALL, INC.

TUNSTALL, INC.
Balance Sheet			Liabilities
As on december 31			Current Liabilities
Assets			Accounts Payable	2260
Current Assets			Wages Payable	680
Cash	$46,100.00		Income tax Payable	5780
Accounts Receivable	$11,800.00		Total Current Liabilities		8720
Supplies	200		Note Payable		11000
Total Current Assets		$58,100.00	Total Liabilities		19720
Service Trucks (net of Depreciation)	16600
Accumulated depreciation (8500+3700)	-12200		Stockholders Equity
Other Assets	10360		common stock	2046
			additional paid in capital	$18,414.00
			Retained Earnings	$32,680.00
Total Assets		$72,860.00	Total Liabilities and Stockholders Equity		$72,860.00
			Retained Earnings =Beginning retained earnings + Net income
			=5000+27680=32680

Note: prepaid insurance already expired during the year $730.