Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments.  Walton Anvils Unadjusted Trial Balance December 31, 2016   Balance Account Title Debt Credit Cash  $    16,900.00   Accounts Receivable               17,500   Prepaid Rent                 2,500   Office Supplies                 1,900   Equipment               23,000   Accumulated Depreciation - Equipment    $       7,000.00 Accounts Payable             6,200.00 Salaries Payable     Unearned Revenue             5,600.00 Common Stock           28,000.00 Retained Earnings             1,600.00 Dividends                 4,500   Service Revenue           20,800.00 Salaries Expense               2,900   Rent Expense     Depreciation Expense - Equipment     Supplies Expense     Total  $    69,200.00  $    69,200.00 Adjustment Data a. Unearned revenue still unearned at December 31, 2016 $1,800 b. Prepaid rent still in force at December 31, 2016 $2,300 c. Office supplies used $1,400 d. Depreciation $380 e. Accrued Salaries Expense at December 31, 2016 $210 Requirements Open T-accounts using the balances in the unadjusted trial balance. Complete the worksheet for the year ended December 31, 2016. Prepare the adjusting entries and post to the T-accounts. Prepare the adjusted trial balance. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. Prepare the closing entries and post to the T-accounts. Prepare a post-closing trial balance. Calculate the current ratio for the company.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Below is the unadjusted trial balance for Walton Anvils as of December 31, 2016, and the data for the adjustments. 

Walton Anvils
Unadjusted Trial Balance
December 31, 2016
  Balance
Account Title Debt Credit
Cash  $    16,900.00  
Accounts Receivable               17,500  
Prepaid Rent                 2,500  
Office Supplies                 1,900  
Equipment               23,000  
Accumulated Depreciation - Equipment    $       7,000.00
Accounts Payable             6,200.00
Salaries Payable    
Unearned Revenue             5,600.00
Common Stock           28,000.00
Retained Earnings             1,600.00
Dividends                 4,500  
Service Revenue           20,800.00
Salaries Expense               2,900  
Rent Expense    
Depreciation Expense - Equipment    
Supplies Expense    
Total

 $    69,200.00

 $    69,200.00

Adjustment Data

a. Unearned revenue still unearned at December 31, 2016 $1,800
b. Prepaid rent still in force at December 31, 2016 $2,300
c. Office supplies used $1,400
d. Depreciation $380
e. Accrued Salaries Expense at December 31, 2016 $210

Requirements

  1. Open T-accounts using the balances in the unadjusted trial balance.
  2. Complete the worksheet for the year ended December 31, 2016.
  3. Prepare the adjusting entries and post to the T-accounts.
  4. Prepare the adjusted trial balance.
  5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.
  6. Prepare the closing entries and post to the T-accounts.
  7. Prepare a post-closing trial balance.
  8. Calculate the current ratio for the company.
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