Home / Questions / The unadjusted trial balance for Water & Malt Inc. appears below as of December 31, 2010.
The unadjusted trial balance for Water & Malt Inc. appears below as of December 31, 2010.
Water & Malt Inc.
Unadjusted Trial Balance
December 31, 2010
DebitCredit
Cash$35,300
Accounts receivable16,000
Prepaid insurance5,000
Supplies1,500
Equipment20,000
Accumulated depreciation-equipment$3,200
Accounts payable11,000
Unearned service revenue9,800
Common shares27,000
Retained earnings17,000
Dividends1,000
Service revenue24,600
Salary expense 8,200
Utilities expense800
Rent expense3,600
Advertising expense1,200________
$92,600$92,600
Additional data is as follows:
?Supplies used during the current year amount to $700.
?Accrued salaries on December 31, 2010, amount to $500.
?Unearned service revenue earned during the year amounts to $3,500.
?Depreciation for the current year amounts to $2,000.
?Prepaid insurance on hand on December 31, 2010, amounts to $800.
Based on the unadjusted trial balance and the additional data, prepare a balance sheet for Water & Malt Inc. dated December 31, 2010.
10) Given the adjusted trial balance for Destiny Inc. below as of December 31, 2010 prepare the income statement and statement of retained earnings for the year ended December 31, 2010.
Destiny Inc.
Adjusted Trial Balance
December 31, 2010
DebitCredit
Cash$62,500
Accounts receivable40,200
Supplies550
Prepaid insurance820
Equipment36,000
Accumulated depreciation-equipment$8,800
Accounts payable6,500
Unearned service revenue15,700
Salary payable42,650
Common shares 23,295
Retained earnings10,000
Dividends 8,000
Service revenue82,200
Salary expense32,850
Supplies expense3,200
Insurance expense800
Depreciation expense-equipment925
Utilities expense3,300________
$189,145$189,145
11) The unadjusted trial balance for Peanut Butter & Jam Inc. appears below as of December 31, 2010.
Peanut Butter & Jam Inc.
Unadjusted Trial Balance
December 31, 2010
DebitCredit
Cash$55,500
Accounts receivable6,000
Prepaid insurance15,000
Supplies3,000
Equipment40,000
Accumulated depreciation-equipment$4,000
Accounts payable21,000
Unearned service revenue10,500
Common shares48,250
Retained earnings12,000
Dividends5,000
Service revenue44,600
Salary expense 7,200
Utilities expense1,200
Rent expense5,250
Advertising expense2,200________
$140,350$140,350
Additional data is as follows:
?Unearned service revenue earned during the year amounts to $8,500.
?Depreciation for the current year amounts to $4,000.
?Prepaid insurance consists of a policy purchased on January 1, 2010 for a 15 months coverage.
? Supplies used during the current year amount to $1,500.
?Accrued salaries on December 31, 2010, amount to $2,500.
Based on the unadjusted trial balance and the additional data, prepare a balance sheet for Peanut Butter & Jam Inc. d
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