Service

Chat Now

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.

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

Tripti 07-Dec-2019

Answer (UnSolved)

question Get solution