Using the information below, your employer asked you to create Financial Statements from the Adjusted...

80.2K

Verified Solution

Question

Accounting

image
image
Using the information below, your employer asked you to create Financial Statements from the Adjusted Trial Balance. Be sure to do the Income Statement, Statement of Owner's Equity, and Balance Sheet for the company. Make sure you do each Financial Statement in good form. Continue to use this Word document OR the Excel templates provided in Blackboard. \begin{tabular}{|l|r|r|r|} \hline Unearned Service Revenue & 220 & & 3,570.00 \\ \hline Federal Income Tax Payable & 230 & & 72.00 \\ \hline FICA Payable & 240 & & 977.12 \\ \hline Medicare Payable & 250 & & 228.52 \\ \hline FUTA Payable & 260 & & 66.00 \\ \hline SUTA Payable & 270 & & 45.10 \\ \hline Owner Capital & 301 & & 75,000.00 \\ \hline Owner Withdrawals & 301.1 & 2,000.00 & \\ \hline Service Revenue & 410 & & 16,545.00 \\ \hline Salaries Expense & 510 & 7,880.00 & \\ \hline Electric Expense & 520 & 430.00 & \\ \hline Supplies Expense & 530 & 930.00 & \\ \hline Insurance Expense & 540 & 562.50 & \\ \hline Depreciation Expense & 550 & 210.00 & \\ \hline Bank Fee Expense & 560 & 25.00 & \\ \hline Payroll Tax Expense & 570 & 713.92 & \\ \hline Misc. Expense & 580 & 55.00 & \\ \hline & & & \\ \hline TOTALS & & 105,838.74 & 105,838.74 \\ \hline & & & \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students