Score: 0 of 10 pts 2of4(0 complete) HW Score: 0%, 0 of 20 pts Question Help P4-3

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Score: 0 of 10 pts 2of4(0 complete) HW Score: 0%, 0 of 20 pts Question Help P4-31A (similar to) ILL The unadusted trial balance of Farrell Investment Advisers at December 31 2018, follows 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2018 2. Prepare the income statement, the statement of retained earnings, and the EB (Click the icon to view the unadjusted trial balance) classified balance sheet in account format 3. Prepare closing entries Adjustment data at December 31, 2018 (Click the lcon to view the adjustments) chap Requirement 1. Prepare a worksheet for Farrell Investment Advisers at December 31, 2018 The unadjusted balances have been entered for you in the trial balance columns of a worksheet. Complete Adjustments section. Enter the adjustments along with the adjustment letter references-(a). (b). (c) etc-into the columns as appropriate. In complete the Adjusted Trial Balance. Lastly, complete the worksheet by preparing the Income Statement and Balance Sheet columns. Be sure to calculate the total Supp. supplies) the worksheet one section at a time beginning with the the folowing step. 0%(0 Unlim 10% ting debits and credits in each step. (Abbreviations used: Depr depreciation, Exp expense, It long term, Pay payable, Rec receivable, Stk stock, and Farrell Investment Advisers Worksheet December 31, 2018 Video Unadjusted Trial Balance dy Guid Adjustments Account Title Debit Credit Debit Credit 32,000 mplete Cash Accounts Rec 45,000 Office Suptp 5,000 Eaupmen 24.000 14,000 Accum Depr Accounts Pay Salarles Pay Unearn Rev Note Pay () Common Stk 20.000 1.500 24 000 30,000 numper in the input fields and then cick Check Answer

Explanation / Answer

WORKSHEET 31-Dec-18 Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 32,000 32,000 32,000 Accounts Receivable 45,000 8,000 53,000 53,000 Office Supplies 5,000 2000 3000 3000 Equipment 24,000 24,000 24,000 Accum. Dep 14000 5000 19000 19000 Accounts payable 20000 20,000 20,000 Salaries payable 2000 2,000 2,000 Unearned revenue 1500 400 1,100 1,100 Notes payable 24000 24,000 24,000 Common Stock 30,000 30,000 30,000 Retained earnings 7,000 7,000 7,000 Dividend 30,000 30,000 30,000 Service revenue 98,000 8,400 106,400 106,400 Insurance expense 3,000 3,000 3,000 Salaries expenses 41,000 2,000 43,000 43,000 Supplies expense 2000 2,000 2000 Interest expense 6,000 6,000 6,000 Rent expenses 8,500 8,500 8,500 Depreciation expense 5000 5,000 5,000 Total 194,500 194500 17,400 17,400 209,500 209,500 67,500 106,400 142,000 103,100 Net income for the year 38,900 38,900 106,400 106,400 142,000 142,000 Income Statement: Service revenue 106400 Less: Expenses Insurance expenses 3000 Salaries expense 43000 Supplies expenses 2000 Interest expense 6000 Rent expense 8500 Depreciation expense 5000 Total expenses 67500 Net income for the year 38900 Statement of Retained earnings: Beginning Balance of RE 7000 Add: Net income 38900 45900 Less: Dividend paid 30000 Ending balance of RE 15900 Balance Sheet: Assets: Current assets: Cash 32000 Accounts receivable 53000 Supplies 3000 Total current assets 88000 Equipment 24000 Less: Depreciation Accum. 19000 5000 Total Assets: 93000 Liabilities: Current liabilities: Accounts payable 20000 Salaries payable 2000 Unearned revenue 1100 Total current liabilities 23100 Long term_notes payable 24000 Total Liabilities 47100 Stockholder's equity: Common Stock 30000 Retained earnings 15900 Total tockholder's equity 45900 Total liabilities and equity 93000

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