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At December 31 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable F Notes payable (3 years; 10% interest due each September 30) Common stock (5,200 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Debit 46,600 10,400 620 670 17,100 9,060 16,200 33,240 133,890 Credit 7,800 2,360 11,000 1,896 17,064 5,300 88,470 133,890 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $170 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $670. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $550. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred im the current year. f. Income tax expense, $5,180.

At December 31 Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Other assets Accounts payable Wages payable Income taxes payable F Notes payable (3 years; 10% interest due each September 30) Common stock (5,200 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Debit 46,600 10,400 620 670 17,100 9,060 16,200 33,240 133,890 Credit 7,800 2,360 11,000 1,896 17,064 5,300 88,470 133,890 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $170 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $670. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $550. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred im the current year. f. Income tax expense, $5,180.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation At December 31 Other assets Accounts payable Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (5,200 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Debit 46,600 10,400 620 670 17,100 9,060 16,200 33,240 133,890 Credit 7,800 2,360 11,000 1,896 17,064 5,300 88,470 133,890 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $170 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $670. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $550. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,180.
Transcribed Image Text:Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation At December 31 Other assets Accounts payable Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (5,200 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Debit 46,600 10,400 620 670 17,100 9,060 16,200 33,240 133,890 Credit 7,800 2,360 11,000 1,896 17,064 5,300 88,470 133,890 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $170 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $670. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $550. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,180.
S Part 2 of 3 5 points eBook Ask Print References Required information Other Items: Income before taxes Earnings per share Current assets Total current assets Total assets Income Statement $ $ 0 0 Balance Sheet Current liablities Total current liabilities Total liabilities. Stockholders' equity < Required 2a 0 Total stockholders' equity Total liabilities and stockholders' equity Required 2b > $ $ $ $ 0 0 0 0
Transcribed Image Text:S Part 2 of 3 5 points eBook Ask Print References Required information Other Items: Income before taxes Earnings per share Current assets Total current assets Total assets Income Statement $ $ 0 0 Balance Sheet Current liablities Total current liabilities Total liabilities. Stockholders' equity < Required 2a 0 Total stockholders' equity Total liabilities and stockholders' equity Required 2b > $ $ $ $ 0 0 0 0
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