Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.
Prepare a worksheet for Brown’s Plumbing and Heating. Write the heading for the worksheet for the fiscal period ending December 31, 20xx. Record the trial balance using the accounts and their balances from the Ledger tab. Some are done for you. Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year. Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year. Prove the Adjustments columns. Extend all balance sheet account balances. Extend all income statement account balances. Calculate and record the net income or loss. Total and rule the Income Statement and Balance Sheet columns.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 16MCQ
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- Prepare a worksheet for Brown’s Plumbing and Heating.
- Write the heading for the worksheet for the fiscal period ending December 31, 20xx.
- Record the
trial balance using the accounts and their balances from the Ledger tab. Some are done for you. - Calculate and record the Supplies adjustment. There is $5,600.00 in supplies on hand at the end of the fiscal year.
- Calculate and record the Insurance adjustment. There is $900.00 of insurance coverage left at the end of the fiscal year.
- Prove the Adjustments columns.
- Extend all balance sheet account balances.
- Extend all income statement account balances.
- Calculate and record the net income or loss.
- Total and rule the Income Statement and Balance Sheet columns.
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