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JKL Company | |
Answer 2 (a-1) | |
Income Statement | Amount $ |
Consulting fees earned | 178,500.00 |
Less: | |
Salaries Expense | 72,250.00 |
Insurance Expense | 3,980.00 |
Rent Expense | 14,640.00 |
Office Supplies Expense | 9,700.00 |
Advertising Expense | 17,080.00 |
Depreciation Expense- Office Equip. | 12,000.00 |
Income before interest | 48,850.00 |
Less: Interest Expense | 4,210.00 |
Net Income | 44,640.00 |
Answer 2 (a-2) | |
Statement of Owners Equity | Amount $ |
J. Logan Capital | 54,000.00 |
Add: Net Income | 44,640.00 |
Less: Withdrawals | 9,000.00 |
J. Logan Capital- Closing Balance | 89,640.00 |
Answer 2 (b) | |
Balance Sheet | |
Assets | Amount $ |
Current Assets | |
Cash | 92,680.00 |
Accounts Receivable | 21,500.00 |
Office Supplies | 7,500.00 |
Prepaid Insurance | 2,960.00 |
Total Current Assets | 124,640.00 |
Fixed Assets | |
Office Equipment | 88,000.00 |
Accumulated Depreciation- Office Equip. | (36,000.00) |
Total Fixed Assets | 52,000.00 |
Total Assets | 176,640.00 |
Liabilities & Stockholders' Equity | |
Liabilities | Amount $ |
Current Liabilities | |
Unearned Consulting fees | 13,000.00 |
Accounts Payable | 14,000.00 |
Interest Payable | 3,000.00 |
Salaries Payable | 5,000.00 |
Total Current Liabilities | 35,000.00 |
Long Term Liabilities | |
Long Term Notes Payable | 52,000.00 |
Total Long Term Liabilities | 52,000.00 |
Total Liabilities | 87,000.00 |
Owner's Equity | 89,640.00 |
Owner's Equity | 89,640.00 |
Total Liabilities & Owner's Equity | 176,640.00 |
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3,...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3, P4, P5, P6 The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance $ 92,680 12.000 17.200 6,90 88,000 $ 24,000 9.100 Mccounts...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 [The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. $ Unadjusted Trial Balance 90.400 12,000 17,800 6.640 90,000 $ 24,000 10,100 Cash Accounts receivable...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO C3, A1, P1, P2, P3 [The following information applies to the questions displayed below.] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Trial Balance Adjusted Trial Balance Cash $ 121,140 $ 121,140 Accounts receivable...
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements Lo P1, P2, P3, P4, PS, P6 The following information applies to the questions displayed below! A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of My 31. The last two columns contain the adjusted trial balance as of the same date Unaduated Trial Balance $ 92.680 12.000 17,200 6.960 80,000 $ 20,000 A nts receivable orice...
Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unad usted Trial Balance $187.240 11,089 17,200 9.648 88,888 $24.888 10,180 Cash Accounts receivable Office supplies Prepaid insurance Office equipment Accum. Depreciation-office equip. Accounts payable Interest...
I tried to complete this exercise but something is wrong with the results.Problem 3-4A Part 22(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017. 2(a-2) Prepare JKL Company's statement of retained earnings for the year ended July 31, 2017. Note: Retained earnings at July 31, 2016, was $18,400, and the current-year dividends were $11,000. 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017.Could you please help me to find out what is missing or where is...
Ngorithmic Soved Help Save & Exit Submit Check my work A six column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31. The last two columns contain the adjusted trial balance as of the same date. Unadjusted Tr Balance $ 103,390 14.000 17.200 9,840 BS, 080 $ 24,000 9,100 26, Cash Accounts receivable office supplies Prepaid insurance Office equipment Accum. Depreciation Office equip. Accounts payable Interest payable Salaries...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 The following information applies to the questions displayed below.) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Unad justed Trial Balance $ 90,400 12,000 17,800 6.640 90,000 $ 24,000 10,100 0 Cash...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 The following information applies to the questions displayed below] A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date. Adjusted Trial Balance $ 90,400 19,000 Unadjusted Trial Balance $ 90,400 12,000 17,800 6,640 90,000...
Required information Problem 3-4A Interpreting unadjusted and adjusted trial balances, and preparing financial statements LO P1, P2, P3 (The following information applies to the questions displayed below) A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2017. The last two columns contain the adjusted trial balance as of the same date Chaded Trial Balance Acants receivable 12.00 90.000 Meeu. Depreesation office equip 24.000 10.100 20,000 50.000...