Income Statement:
WELLS TECHNICAL INSTITUTE | ||
Income Statement | ||
For the year ended Dec 31,2018 | ||
Revenues: | ||
Tuition fees earned | $110,582 | |
Training fees earned | $44,296 | |
Total revenues | $154,878 | |
Expenses: | ||
Depreciation expense-Professional library | $5,349 | |
Depreciation expense-Equipment | $10,698 | |
Salaries expense | $49,028 | |
Insurance expense | $2,674 | |
Rent expense | $24,324 | |
Teaching supplies expense | $7,811 | |
Advertising expense | $7,092 | |
Utilities expense | $5,673 | |
Total expenses | $112,649 | |
Net income | $42,229 |
Statement of retained earnings:
WELLS TECHNICAL INSTITUTE | |
Statement of retained earnings | |
For the year ended Dec 31,2018 | |
Retained earnings, Dec 31,2017 | $50,431 |
Add: Net income | $42,229 |
(Less): Dividends | ($40,523) |
Retained earnings, Dec 31,2018 | $52,137 |
Balance Sheet:
WELLS TECHNICAL INSTITUTE | ||
Balance Sheet | ||
As of December 31,2018 | ||
Assets | ||
Cash | $26,340 | |
Accounts receivable | $7,250 | |
Teaching Supplies | $2,318 | |
Prepaid insurance | $12,523 | |
Prepaid rent | $0 | |
Professional library | $30,391 | |
Accumulated depreciation-Professional library | ($14,468) | $15,923 |
Equipment | $70,903 | |
Accumulated Depreciation-Equipment | ($26,908) | $43,995 |
Total Assets | $108,349 | |
Liabilities | ||
Accounts payable | $33,112 | |
Salaries payable | $400 | |
Unearned training fees | $8,700 | |
Total liabilities | $42,212 | |
Stockholders' equity | ||
Common stock | $14,000 | |
Retained earnings | $52,137 | |
Total stockholders' equity | $66,137 | |
Total liabilities and stockholders' equity | $108,349 |
Calculations:
WELLS TECHNICAL INSTITUTE | ||
Adjusted Trial Balance | ||
December 31,2018 | ||
Account title | Debit | Credit |
Cash | $26,340 | |
Accounts receivable | $7,250 | |
Teaching Supplies | $2,318 | |
Prepaid insurance | $12,523 | |
Prepaid rent | $0 | |
Professional library | $30,391 | |
Accumulated depreciation-Professional library | $14,468 | |
Equipment | $70,903 | |
Accumulated Depreciation-Equipment | $26,908 | |
Accounts payable | $33,112 | |
Salaries payable | $400 | |
Unearned training fees | $8,700 | |
Common stock | $14,000 | |
Retained earnings | $50,431 | |
Dividends | $40,523 | |
Tuition fees earned | $110,582 | |
Training fees earned | $44,296 | |
Depreciation expense-Professional library | $5,349 | |
Depreciation expense-Equipment | $10,698 | |
Salaries expense | $49,028 | |
Insurance expense | $2,674 | |
Rent expense | $24,324 | |
Teaching supplies expense | $7,811 | |
Advertising expense | $7,092 | |
Utilities expense | $5,673 | |
Total | $302,897 | $302,897 |
Required information The following information applies to the questions displayed below) Wells Technical Institute (WTI), a...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. lts unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow Additional Information...
Required Information The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2017, follow. Additional Information...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items...
Required information [The following information applies to the questions displayed below.] Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items athrough h that require adjusting entries on December 31, 2017, follow. Additional Information...
Required information The following information applies to the questions displayed below) Wells Technical Institute WTA a school owned by Tristana Wells, provides training to individuals who pay tution directly to the school. WTI also offers training to groups in off-site locations. WTI nally records prepaid expenses and unearned revenues in balance sheet accounts. Its unad usted trial balance as of December 31 follows along with descriptions of items a through that require adjusting entries on December 31 Additional Information Items...
please help! Required Information The following formation applies to the questions displayed below) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2017 follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through that require adjusting entries on December 31, 2017, follow. Additional...
3A 3B 3C Saved Required information The following information applies to the questions displayed below.) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December...
Required information [The following information applies to the questions displayed below.) Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items...
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2018, follow. Additional Information Items o. An analysis of WTI's insurance policies shows that $3,468...