Requirements : 1) Using the data provided below, prepare the adjusted trial bala
ID: 2526981 • Letter: R
Question
Requirements:
1) Using the data provided below, prepare the adjusted trial balance for the company in chart
of accounts order. The balance listed for each account is the normal balance for that type of
account.
2) Using the adjusted trial balance, prepare the annual a) single-step income statement, b)
statement of equity, and c) classified balance sheet (in report form). Upload your completed
assignment (as one file for me to print) back into Document Sharing in MyAccountingLab!
The All Inclusive Company
December 31, 2020
During the year, the owner contributed an additional $7,000 into the business!
Account Names Balance Account Names Balance 100,000 65,000 Accounts Payable Accounts Receivable Accumulated Depreciation, Building Accumulated Depreciation, Equipment Accumulated Depreciation, Furniture Advertising Expense Allowance for Bad Debts Bad Debts Expense 80,000 10,000 15,000 Merchandise Inventor Miscellaneous Expense Notes Payable, 4 month Notes Payable, long-term Notes Receivable, current Owner, Capital Owner, Withdrawals Prepaid Insurance Prepaid Rent Refunds Pavable Rent Expense Salaries Expense 8,000 200,000 25,000 287,000 60,000 250,000 15,000 375,000 2,000 Cash Cost of Goods Sold Delivery Expense Depreciation Expense, Building Depreciation Expense, Equipment Depreciation Expense, Furniture Equipment Estimated Contingency Loss/Expense Estimated Contingency Payable Estimated Returns Inventory Estimated Warranty Payable Furniture Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue 6,000 62,000 2,000 4,000 650,000 10,000 5,000Salaries Payable 75,000 12,000 12,000 Sales Discounts Forfeited Sales Revenue Sales Tax Payable Service Revenue 100,000 10,000 Supplies Expense 55,000 Unearned Revenue 33,000 1,000Utilities Expense 2.000Wages Expense 13,000Warranty Expense 11,000 133,000 11,000 Utilities Payable Wages PayableExplanation / Answer
Adjusted Trial Balance Account Names Debit Credit Accounts Payable 7,000 Accounts Receivable 80,000 Accumulated Depreciation, Building 10,000 Accumulated Depreciation. Equipment 15,000 Accumulated Depreciation, Furniture 6,000 Advertising Expense 6,000 Allowance for Bad Debts 8,000 Bad Debts Expense 5,000 Building 250,000 Cash 22,000 Adjusted for 7000 owner contribution Cost of Goods Sold 375,000 Delivery Expense 3,000 Depreciation Expense. Building 10,000 Depreciation Expense. Equipment 5,000 Depreciation Expense. Furniture 2,000 Equipment 75,000 Estimated Contingency Loss/Expense 12,000 Estimated Contingency Payable 12,000 Estimated Returns Inventory 4,000 Estimated Warranty Payable 10,000 Furniture 55,000 Insurance Expense 1,000 Interest Expense 4,000 Interest Payable 2,000 Interest Receivable 1,000 Interest Revenue 13,000 Land 100,000 Merchandise Inventory 65,000 Miscellaneous Expense 1,000 Notes Payable. 4 month 8,000 Notes Payable, long-term 200,000 Notes Receivable, current 25,000 Owner, Capital 294,000 Adjusted for 7000 owner contribution Owner, Withdrawals 60,000 Prepaid Insurance 3,000 Prepaid Rent 2,000 Refunds Payable 9,000 Rent Expense 6,000 Salaries Expense 62,000 Salaries Payable 2,000 Sales Discounts Forfeited 4,000 Sales Revenue 650,000 Sales Tax Payable 4,000 Service Revenue 100,000 Supplies 1,000 Supplies Expense 3,000 Unearned Revenue 33,000 Utilities Expense 11,000 Utilities Payable 1,000 Wages Expense 133,000 Wages Payable 5,000 Warranty Expense 11,000 Total 1,393,000 1,393,000 Income Statement Sales Revenue 650000 Add: Sales Discounts forefeited 4000 654000 Service Revenue 100000 Interest Revenue 13000 Total Revenue 767000 Less: Expenses: Advertising Expense 6,000 Bad Debts Expense 5,000 Cost of Goods Sold 375,000 Delivery Expense 3,000 Depreciation Expense. Building 10,000 Depreciation Expense. Equipment 5,000 Depreciation Expense. Furniture 2,000 Estimated Contingency Loss/Expense 12,000 Insurance Expense 1,000 Interest Expense 4,000 Miscellaneous Expense 1,000 Rent Expense 6,000 Salaries Expense 62,000 Supplies Expense 3,000 Utilities Expense 11,000 Wages Expense 133,000 Warranty Expense 11,000 Total Expense 650,000 Net Income 117,000 Statement of equity Balance on Jan 1 287000 Add: Owner contribution 7000 Add: Net Income 117000 411000 Less: Withdrawal -60000 Balance on Dec 31 351000 Balance Sheet Assets Liabilities and equity Current Assets: Current Liability: Cash 22000 Accounts Paybale 7000 Accounts Receivable 80000 Estimated Contingency Payable 12000 Less: Allowance for bad debts -8000 72000 Estimated Warranty Payable 10000 Notes Receivable, Current 25000 Interest Payable 2000 Interest Receivable 1000 Notes Payable, 4 Month 8000 Merchandise Inventory 65000 Refunds Payable 9000 Add: Estimated returns inventory 4000 69000 Salaries Payable 2000 Supplies 1000 sales Tax Payable 4000 Prepaid Rent 2000 Unearned Revenue 33000 Prepaid Insurance 3000 Utilities Payable 1000 Total Current Assets 195000 Wages Payable 5000 Total Current Liabilities 93000 PP & E: Building 250000 Long term iabilities: Less: Accumulated Depreciation, Building -10000 240000 Notes Payable, Long Term 200000 Equipment 75000 Less: Accumulated Depreciation, Equipment -15000 60000 Total Liabilities 293000 Furniture 55000 Less: Accumulated Depreciation, Furniture -6000 49000 Owner's Capital, adjusted 351000 Land 100000 449000 Total Assets 644000 Total liabilities and equity 644000
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