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Account Title Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Equipment Other non-current assets, net Accounts payable Interest payable Rent payable Wages payable Utilities payable Pool Corporation Adjusted trial balance For year ended December 31, 2020 Debit Property tax payable Short term borrowings Long term notes payable Capital Retained earnings Supplies expense Depreciation expense Sales Deferred revenue Accumulated depreciation Wages expense Insurance expense Rent expense Interest revenue Repair expense Transportation expense Interest expense Utilities expense Property tax expense Total $ 537,720 67,900 1,600 22,000 193,300 24,575 166,000 2,000 24,610 9,000 12,500 825 1,900 Credit 25,000 1,084 1,900 8,100 760 24,000 27,100 30,000 500,000 345,000 71,300 20,000 30,000 1,600 200 270 1,084 5,360 15,000 $ 1,085,844 $ 1,085,844

Account Title Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Equipment Other non-current assets, net Accounts payable Interest payable Rent payable Wages payable Utilities payable Pool Corporation Adjusted trial balance For year ended December 31, 2020 Debit Property tax payable Short term borrowings Long term notes payable Capital Retained earnings Supplies expense Depreciation expense Sales Deferred revenue Accumulated depreciation Wages expense Insurance expense Rent expense Interest revenue Repair expense Transportation expense Interest expense Utilities expense Property tax expense Total $ 537,720 67,900 1,600 22,000 193,300 24,575 166,000 2,000 24,610 9,000 12,500 825 1,900 Credit 25,000 1,084 1,900 8,100 760 24,000 27,100 30,000 500,000 345,000 71,300 20,000 30,000 1,600 200 270 1,084 5,360 15,000 $ 1,085,844 $ 1,085,844

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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With the trail balance down below, what am I missing in my Income Statement

Account Title Pool Corporation Adjusted trial balance For year ended December 31, 2020 Debit Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Equipment Other non-current assets, net Accounts payable Interest payable Rent payable Wages payable Utilities payable Property tax payable Short term borrowings Long term notes payable Capital Retained earnings Supplies expense Depreciation expense Sales Deferred revenue Accumulated depreciation Wages expense Insurance expense Rent expense Interest revenue Repair expense Transportation expense Interest expense Utilities expense Property tax expense Total $ 537,720 67,900 1,600 22,000 193,300 24,575 166,000 2,000 24,610 9,000 12,500 825 1,900 200 270 Credit 25,000 1,084 1,900 8,100 760 24,000 27,100 30,000 500,000 345,000 71,300 20,000 30,000 1,600 1,084 5,360 15,000 $ 1,085,844 $ 1,085,844
Transcribed Image Text:Account Title Pool Corporation Adjusted trial balance For year ended December 31, 2020 Debit Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Equipment Other non-current assets, net Accounts payable Interest payable Rent payable Wages payable Utilities payable Property tax payable Short term borrowings Long term notes payable Capital Retained earnings Supplies expense Depreciation expense Sales Deferred revenue Accumulated depreciation Wages expense Insurance expense Rent expense Interest revenue Repair expense Transportation expense Interest expense Utilities expense Property tax expense Total $ 537,720 67,900 1,600 22,000 193,300 24,575 166,000 2,000 24,610 9,000 12,500 825 1,900 200 270 Credit 25,000 1,084 1,900 8,100 760 24,000 27,100 30,000 500,000 345,000 71,300 20,000 30,000 1,600 1,084 5,360 15,000 $ 1,085,844 $ 1,085,844
Assets Current Assets Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Total Current Assets Non-Current Assets Equipment Less: Accumulated Depreciation Other non-current assets, net Total Non-Current Assets Total Assets Liabilities Current Liabilities Accounts payable Interest payable Rent payable Wages payable Utilities payable Property tax payable Short term borrowings Deferred revenue Total Current Liabilities Non-Current Liabilities Long term notes payable Total Non-Current liabilities Total Liabilities Owner's Equity Capital Retained earnings Pool Corporation Balance Sheet For year ended December 31, 2020 Total Owner's Equity Total Liabilities & Equity 166,000 30,000 $ $ $ $ $ $ 537,720 67,900 1,600 $ 22,000 193,300 24,575 847,095 2,000 2,000 25,000 1,084 1,900 8,100 760 24,000 27,100 20,000 107,944 $ 30,000 $ 137,944 30,000 500,000 347,151 847,151 $ $ 849,095 985,095
Transcribed Image Text:Assets Current Assets Cash and cash equivalents Accounts receivable Interest receivable Supplies Product inventory Prepaid insurance Total Current Assets Non-Current Assets Equipment Less: Accumulated Depreciation Other non-current assets, net Total Non-Current Assets Total Assets Liabilities Current Liabilities Accounts payable Interest payable Rent payable Wages payable Utilities payable Property tax payable Short term borrowings Deferred revenue Total Current Liabilities Non-Current Liabilities Long term notes payable Total Non-Current liabilities Total Liabilities Owner's Equity Capital Retained earnings Pool Corporation Balance Sheet For year ended December 31, 2020 Total Owner's Equity Total Liabilities & Equity 166,000 30,000 $ $ $ $ $ $ 537,720 67,900 1,600 $ 22,000 193,300 24,575 847,095 2,000 2,000 25,000 1,084 1,900 8,100 760 24,000 27,100 20,000 107,944 $ 30,000 $ 137,944 30,000 500,000 347,151 847,151 $ $ 849,095 985,095
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