10 Bill's Boards (BB) is an outdoor advertising company founded by William Longtall. William knows very little accounting so he hired a friend to "keep the books." Unfortunately, William did not review his friend's work and now it seems his friend has made a mess of the accounting records. William has provided you the following list of uhadjusted account balances at BB September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column. Part 6 of 6 0.45 points Account Name Cash Accounts Receivable eBook Hint Print Prepaid Rent References BILL'S BOARDS Unadjusted Trial Balance At September 30 Debits Credits Notes $ 12,600 This balance equals the balance reported by the bank. 1,120 A customer ordered $1,120 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. 1,280 Starting January 1, BB agreed to pay $1,920 cash to rent the land on which its billboards are located, for the January-December period. The accountant adjusted this account on April 30 but has not adjusted it since. 0 BB still has supplies costing $420 on hand on September 30. 10,000 BB bought scaffolding and billboards in October last year. $ 0 Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. 3,620 BB purchased and received $3,620 of supplies used for creating advertising displays. The supplier is to be paid in October. 1,410 This balance relates to $1,410 cash paid by a customer in August for advertising from September 1-November 30. 0 BB employees are still waiting to be paid for the last half of September. 410 BB hasn't paid the $410 tax owed from the Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Check 10 Salaries and Wages Payable @ Income Tax Payable 410 Part 6 of 6 Common Stock Retained Earnings 1,910 7,220 Service Revenue 64,190 0.45 points Salaries and Wages Expense 47,200 September 1-November 30. BB employees are still waiting to be paid for the last half of September. BB hasn't paid the $410 tax owed from the last fiscal year. BB has issued 3,820 stures for $1,910 cash. BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. BB has provided $3,810 of services for which it hasn't yet billed customers or recorded in its accounting records. BB employees earn $5,200 per month. The employees were paid in full on August 31, and were paid again on September 15. About $2,500 of the usefulness of the equipment's $10,000 cost has been used up during the current fiscal year. BB incurs a small cost to rent the land on which its billboards are located. Rent for the current year has been paid in full. BB accountant expensed $5,920 of supplies purchased during the year because he assumed the supplies would be completely used by year-end. As noted above, he was wrong. BB tax rate is 20% of income before tax. eBook Depreciation Expense @ Hint Rent Expense Print 640 References Supplies Expense 5,920 Income Tax Expense Totals $ 78,760 $ 78,760 Required: Prepare a classified balance sheet for the year ended September 30. (Amounts to be deducted should be indicated by a minus sign.) BILL'S BOARDS Balance Sheet MC Graw 10 Required: Prepare a classified balance sheet for the year ended September 30. (Amounts to be deducted should be indicated by a minus sign.) rt 6 of 6 BILL'S BOARDS Balance Sheet 5 nts eBook Hint Print eferences 10 Bill's Boards (BB) is an outdoor advertising company founded by William Longtall. William knows very little accounting so he hired a friend to "keep the books." Unfortunately, William did not review his friend's work and now it seems his friend has made a mess of the accounting records. William has provided you the following list of uhadjusted account balances at BB September 30 fiscal year-end. You have reviewed the balances with William and made notes shown in the right column. Part 6 of 6 0.45 points Account Name Cash Accounts Receivable eBook Hint Print Prepaid Rent References BILL'S BOARDS Unadjusted Trial Balance At September 30 Debits Credits Notes $ 12,600 This balance equals the balance reported by the bank. 1,120 A customer ordered $1,120 of advertising services to be provided in October. The accountant recorded this service by debiting Accounts Receivable and crediting Service Revenue. 1,280 Starting January 1, BB agreed to pay $1,920 cash to rent the land on which its billboards are located, for the January-December period. The accountant adjusted this account on April 30 but has not adjusted it since. 0 BB still has supplies costing $420 on hand on September 30. 10,000 BB bought scaffolding and billboards in October last year. $ 0 Because the equipment was bought at the beginning of the fiscal year, no depreciation is carried forward from prior years. 3,620 BB purchased and received $3,620 of supplies used for creating advertising displays. The supplier is to be paid in October. 1,410 This balance relates to $1,410 cash paid by a customer in August for advertising from September 1-November 30. 0 BB employees are still waiting to be paid for the last half of September. 410 BB hasn't paid the $410 tax owed from the Supplies Equipment Accumulated Depreciation Accounts Payable Deferred Revenue Salaries and Wages Payable Income Tax Payable Check 10 Salaries and Wages Payable @ Income Tax Payable 410 Part 6 of 6 Common Stock Retained Earnings 1,910 7,220 Service Revenue 64,190 0.45 points Salaries and Wages Expense 47,200 September 1-November 30. BB employees are still waiting to be paid for the last half of September. BB hasn't paid the $410 tax owed from the last fiscal year. BB has issued 3,820 stures for $1,910 cash. BB started business a few years ago, so this is the total accumulated earnings up to October 1 of last year. BB has provided $3,810 of services for which it hasn't yet billed customers or recorded in its accounting records. BB employees earn $5,200 per month. The employees were paid in full on August 31, and were paid again on September 15. About $2,500 of the usefulness of the equipment's $10,000 cost has been used up during the current fiscal year. BB incurs a small cost to rent the land on which its billboards are located. Rent for the current year has been paid in full. BB accountant expensed $5,920 of supplies purchased during the year because he assumed the supplies would be completely used by year-end. As noted above, he was wrong. BB tax rate is 20% of income before tax. eBook Depreciation Expense @ Hint Rent Expense Print 640 References Supplies Expense 5,920 Income Tax Expense Totals $ 78,760 $ 78,760 Required: Prepare a classified balance sheet for the year ended September 30. (Amounts to be deducted should be indicated by a minus sign.) BILL'S BOARDS Balance Sheet MC Graw 10 Required: Prepare a classified balance sheet for the year ended September 30. (Amounts to be deducted should be indicated by a minus sign.) rt 6 of 6 BILL'S BOARDS Balance Sheet 5 nts eBook Hint Print eferences