Question

(The following information applies to the questions displayed below.) Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Assume amounts are reported in thousands of dollars.) Account Titles Debit Credit Cash $ 44 Accounts Receivable 15 Prepaid Insurance 7 Equipment 92 Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Sales Revenue Insurance Expense 0 Salaries and Wages Expense 16 Supplies Expense 32 Totals $206 $206 $ 0 15 91 7 93 Other data not yet recorded at December 31: a. Insurance expired during the year, $5. b. Depreciation expense for the year, $4. c. Salaries and wages payable, $7. d. Income tax expense, $9.

Answer 1

Income Statement Revenue Sales revenue $ 93 5 23 Expense Insuarance expense Salaries expense Supplies expense Depreciation expense Income tax expense $ $ $ $ $ 32 4 9$ 73 Net income $ 20

Balance Sheet Liablities Asset 15 Current Assets Cash Accounts recievable Prepaid Insurance Total current asset $ $ $ $ $ $ $ $ 7 22 Current Liablities 35 Account Payable 15 Salary payable 2 Total Current Liablities 52 Stockholders equity Common Stock 88 Retained earnings Equipment Accumulated depn. $ $ 92 (4) $ $ $ 91 27 Total $ $ 140 Total $ 140

Cash = 44 - 9