Question

please answer these questions and PLEASE SHOW ALL OF YOUR THE WORK and please be clear enough to read the work that you done and the answers

1. The following items are taken from an adjusted trial balance prepared as of December 31, 2015. All accounts have normal balances.

Cash	$   2,950
Prepaid Insurance	2,200
Supplies	1,400
Equipment	20,400
Accounts Payable	1,900
Unearned Revenue	4,900
Common Stock	7,000
Retained Earnings	3,900
Dividends	2,200
Service Revenue	6,300
Rent Expense	1,500
Salaries and Wages Expense	2,300
Utilities Expense	600
Insurance Expense	200
Supplies Expense	3,100
Depreciation Expense	200
Accumulated Depreciation––Equipment	400
Salaries and Wages Payable	300
Accounts Receivable	400
Note Payable (long-term)	12,750

Required:

Part a. Prepare an income statement

Part b. Prepare a statement of stockholders’ equity

Part c. Prepare a balance sheet

Part d. Prepare closing entries

Answer 1

l Income Statement 6300 ervice revenue xpenses Rent Expensc Salaries and Wages Utilities expense nsurance expense Supplies Expense Depreciation expense Dividen 1500 2300 600 200 200 2200 10100 Net Loss 3800 2 Statement of Stockholdcr's Equitv Common stock Rctained Farnings I.ess: Net L oss Total 7000 3900 3800 3 Balancc shcct Liabilities Amount (S) Amount (S) 20000 2200 1400 400 2950 26950 Assets Notes payablc Unearned Revenue Accounts payable Stock holder's cquity Salaries and Wages Payable Total 12750 Equipment - ace. Depreciation 4900 Prepaid Insurance 1900Supplies 7100 Accounts Reccivablc 300 Cash 26950 Total 4 Closing Entries Particulars Service Revenue NC Dr 6300 To Income Summary A/C 6300 (lo Close Service Revenue earned) 10100 Income Summary A/C Dr 1500 2300 600 200 3100 200 2200 To Rent Expense lo Salaries and Wages To UJtilitics expensc To Insurance expense To Supplies Expense l'o Depreciation expense To Dividend (To close Expenses Incured) Retained larnings AC 3800 3800 To Income Summary A/C (To Substract Net loss From Rctained Earmings)