Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares $ 4,660 9,600 5,200 1,000 1,100 5,000 2,600 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31.

Listed below, in alphabetical order, are the account balances (after adjustments) from the general ledger of KS Services Limited for the year ended December 31, 2018. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Bank loan payable Cash Common shares $ 4,660 9,600 5,200 1,000 1,100 5,000 2,600 Depreciation expense Dividends declared Equipment Income tax expense Interest expense Other expenses Rent expense Retained earnings Salaries expense Salaries payable Service revenue 1,000 20,800 3,500 50 1,675 16,800 3,700 30,700 710 67,200 Supplies Supplies expense Unearned revenue 180 475 1,010 (a) Prepare an adjusted trial balance. (c) Calculate net income for the year. (d) Calculate total assets, liabilities, and shareholders' equity at December 31.

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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