ari Fle Edit View History Bookmarks Window Help O\" ezto.mheducation.com Chap A
ID: 2510920 • Letter: A
Question
ari Fle Edit View History Bookmarks Window Help O" ezto.mheducation.com Chap A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2015. The last two columns contain the adjusted trial balance as of the same date Unadjusted Trial Balance Trial Balance Accounts recelvable Office supplies Prepaid insurance 102,520 12,000 18.400 8,140 $ 102,520 24,500 3,500 2,960 82.000 Office equipment Accum. Depreciation-Offic Accounts payable $ 23.000 s 30000 nterest payable Salaries payable Unearned consulting fees Long-term notes payable J. Logan, Capital 24,000 3,000 9,000 15,000 24,000 60,000 50000 J. Logan, Withdrawals 0,000 Consulting fees earned Depreciation expense Office equip Salaries expense interest expense Insurance expense Rent expense Office supplies expense Advertising expense 164,000 185,500 7000 86,680 4.250 5,180 14,600 14,900 28.410 67,680 12,510 s 329100 $ 329100 $ 386,500 $386.500 3. 1000 points 2(a-4) Prepars JKL Companys income statement for the year anded July 31, 2015 JK L COMPANYExplanation / Answer
1. Income statement
Consulting fees earned = 185500
less: expenses
Depreciation expense-office equip. 7000
salaries expenses 86680
Interest expenses 4250
insurance expense 5180
Rent expense 14600
Office supplies expense 14900
advertising expense 28410 = 161020
net income = 24480
2. Statement of owner's equity
J logan capital , July 31,2014 = 50000
Add: net income = 24480
less: Drawing = (10000)
J logan capital , July 31,2015 = 64480
3. Balance sheet
Assets
Cash 102520
Accounts receivables 24500
Office supplies 3500
Prepaid inusrance 2960
Total current assets 133480
Office equipment 82000
less: Accumulated depreciation 30000 52000
Total Assets 185480
Liabilities
Accounts payable 24000
Interest payable 3000
Salaries payable 19000
Unearned consulting fees 15000
Total current liabilities 61000
Long term notes payable 60000
Total liabilities 121000
Owner's Equity
J logan capital 64480
Total Liabilities and Owner's Equity 185480
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.