Menu
support@graduatecourseshelp.com
+1(805) 568 7317

prepare the income statement the statement of retained earnings and the classified b 642939

Completing the accounting cycle The trial balance of Wolfe Anvils, Inc., at October 31, 2012, and the data for the month end adjustments follow:

WOLFE ANVILS, INC.

Trial Balance

October 31, 2012

 

Balance

Account

Debit

Credit

Cash

$ 4,300

 

Accounts receivable

15,000

 

Prepaid rent

2,700

 

Supplies

1,600

 

Equipment

31,200

 

Accumulated depreciation

 

$ 3,000

Accounts payable

 

6,900

Salary payable

 

 

Unearned service revenue

 

5,400

Common stock

 

5,000

Retained earnings

 

21,600

Dividends

3,500

 

Service revenue

 

18,900

Salary expense

2,500

 

Rent expense

 

 

Depreciation expense

 

 

Supplies expense

 

 

Total

$60,800

$60,800

Adjustment data:

  1. Unearned service revenue still unearned at October 31, $1,200.
  2. Prepaid rent still in force at October 31, $2,500.
  3. Supplies used during the month, $1,000.
  4. Depreciation for the month, $300.
  5. Accrued salary expense at October 31, $200.

Requirements

1. Prepare adjusting journal entries.

2. Enter the trial balance on a worksheet and complete the worksheet through the Adjusted Trial Balance of Wolfe Anvils for the month ended October 31, 2012.

3. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.

4. Using the worksheet data that you prepared, journalize the closing entries and post the adjusting and closing entries to T accounts. Use dates and show the ending balance of each account.

5. Prepare a post closing trial balance.

6. Calculate the current and debt ratios for the company.

"Order a similar paper and get 15% discount on your first order with us
Use the following coupon
"GET15"

Order Now