Saved mework Required information E4-16 through E4-18 Recording Four Adjusting J
ID: 2341403 • Letter: S
Question
Saved mework Required information E4-16 through E4-18 Recording Four Adjusting Journal Entries and Preparing an A Reporting an Income Statement, Statement of Retained Earnings, and Balance She Closing Entries [LO 4-2, LO 4-3, LO 4-4 and LO 4-5 [The following information applies to the questions displayed below] Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year c December 31 (Assume amounts are reported in thousands of dollars.) Debit Credit s 47 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Accounts Payable Conmon Stock Retained Earnings Sales Revenue Insurance Expense Salaries and Wages Expense Supplies Expense 98 94 10 19 Totals $212$212 Other data not yet recorded at December 31 a. Insurance expired during the year, $2 b. Depreciation expense for the year, $1 c. Salaries and wages payable, $4 d. Income tax expense, $6 E4-17 Part 3Explanation / Answer
Answer:
Mint cleaning Inc
Balancehseet
Assets
6
Liability
Current Assets
Current liability
Cash
47
Accounts payable
9
Account receivable
9
Salary and wages payable
4
prepaid insurance (4.2)
2
Income Tax payable
6
Total Current Assets
58
Total Current Liability
19
Equipment
98
Stock holder's equity
Accumulated depreciation
1
Common stock
94
Equipment, Net
97
Retained earning
42
Stock holder's equity
Total Assets
155
Total liability and Stock
holder's equity
155
Working note for the above answer is as under
Net income
Sales revenue
99
Administrative Expenses 26
19
Wages Expense
39
Insurance Expense
2
Income tax expense
6
Depreciation Expense
1
67
Net income
32
Retained earning
Opening
10
Add: Net income
32
Closing
42
Mint cleaning Inc
Balancehseet
Assets
6
Liability
Current Assets
Current liability
Cash
47
Accounts payable
9
Account receivable
9
Salary and wages payable
4
prepaid insurance (4.2)
2
Income Tax payable
6
Total Current Assets
58
Total Current Liability
19
Equipment
98
Stock holder's equity
Accumulated depreciation
1
Common stock
94
Equipment, Net
97
Retained earning
42
Stock holder's equity
Total Assets
155
Total liability and Stock
holder's equity
155
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