[The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc.Unadjusted Trial Balancefor the Year Ended December 31 Debit CreditCash 46,800 Accounts receivable 11,700 Supplies 550 Prepaid insurance 630 Service trucks 16,300 Accumulated depreciation 8,400 Other assets 9,860 Accounts payable 2,220 Wages payable Income taxes payable Notes payable, long-term 15,000 Common stock (4,100 shares outstanding) 1,936 Additional paid-in capital 17,424 Retained earnings 4,600 Service revenue 85,680 Wages expense 16,200 Remaining expenses(not detailed; excludes income tax) 33,220 Income tax expense Totals 135,260 135,260 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $630. Depreciation expense for the current year, $4,200. Wages earned by employees not yet paid on December 31, $560. Income tax expense, $5,780.I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items. Answer is complete but not entirely correct.TUNSTALL, INC.Balance SheetFor the Current Year Ended December 31AssetsLiabilities and stockholders' equityCurrent assetsCurrent liablities$46,800$ 2,200 XCashAccounts payableAccounts receivable11,700Wages payable560Supplies550Income taxes payable5,780Prepaid expenses630Service trucks16,300Total current assets2$75,980Total current liabilities$8,540Service revenueAccumulated depreciation85,680Notes payable, long-term15,000(8,400) 8Other assets9,860Total liabilities$23,540Stockholders' equityCommon stock1,936Additional paid-in capital17,424Retained earnings4,600$$Total stockholders' equity23,960Total assets163,120Total liabilities and stockholders' equity47,500 AВD1Balance SheetAt December 313 AssetsLiabilities and equity4 Current assets:Current Liabilites2$46,800 |Accounts payable11,700 Wages payable190 Income taxes payable5 Cash2,2206 Accounts receivable5607 Supplies8 Prepaid expenses9 Other assets5,780$9,86068,550 |Total current liabilites$ 16,300 Notes payable, long term10 Total Current assets8,560$ 15,00011 Service trucks12 Accumulated depreciation $ (12,600)$ 23,5603,700 Total liabilitiesStockholders' equity13 Total non-current assets14Common stockAdditional paid-in capitalRetained earnings$1,936$ 17,424$ 29,33015161718Total stockholders' equity $ 48,690$ 72,2501920 Total assets$$ 72,250 Total liabilites and equity

Balance Sheet is called the position statement of the company because it shows the standing balances…

[The following information applies to the questions displayed below.] Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31: Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31 Debit Credit Cash 46,800 Accounts receivable 11,700 Supplies 550 Prepaid insurance 630 Service trucks 16,300 Accumulated depreciation 8,400 Other assets 9,860 Accounts payable 2,220 Wages payable Income taxes payable Notes payable, long-term 15,000 Common stock (4,100 shares outstanding) 1,936 Additional paid-in capital 17,424 Retained earnings 4,600 Service revenue 85,680 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,220 Income tax expense Totals 135,260 135,260 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $630. Depreciation expense for the current year, $4,200. Wages earned by employees not yet paid on December 31, $560. Income tax expense, $5,780. I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items.

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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[The following information applies to the questions displayed below.]

Tunstall, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end of the annual accounting period on December 31:

Tunstall, Inc. Unadjusted Trial Balance for the Year Ended December 31
	Debit		Credit
Cash		46,800
Accounts receivable		11,700
Supplies		550
Prepaid insurance		630
Service trucks		16,300
Accumulated depreciation				8,400
Other assets		9,860
Accounts payable				2,220
Wages payable
Income taxes payable
Notes payable, long-term				15,000
Common stock (4,100 shares outstanding)				1,936
Additional paid-in capital				17,424
Retained earnings				4,600
Service revenue				85,680
Wages expense		16,200
Remaining expenses (not detailed; excludes income tax)		33,220
Income tax expense
Totals		135,260		135,260

Data not yet recorded at December 31 included:

The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.
Insurance expired during the current year, $630.
Depreciation expense for the current year, $4,200.
Wages earned by employees not yet paid on December 31, $560.
Income tax expense, $5,780.

I missed few questions (pic 1) and posted them in Bartleby to assistance and got the attached (pic2) response. I still need some help with understanding the calcuation of few items.

Answer is complete but not entirely correct.
TUNSTALL, INC.
Balance Sheet
For the Current Year Ended December 31
Assets
Liabilities and stockholders' equity
Current assets
Current liablities
$
46,800
$ 2,200 X
Cash
Accounts payable
Accounts receivable
11,700
Wages payable
560
Supplies
550
Income taxes payable
5,780
Prepaid expenses
630
Service trucks
16,300
Total current assets
2$
75,980
Total current liabilities
$
8,540
Service revenue
Accumulated depreciation
85,680
Notes payable, long-term
15,000
(8,400) 8
Other assets
9,860
Total liabilities
$
23,540
Stockholders' equity
Common stock
1,936
Additional paid-in capital
17,424
Retained earnings
4,600
$
$
Total stockholders' equity
23,960
Total assets
163,120
Total liabilities and stockholders' equity
47,500

A
В
D
1
Balance Sheet
At December 31
3 Assets
Liabilities and equity
4 Current assets:
Current Liabilites
2$
46,800 |Accounts payable
11,700 Wages payable
190 Income taxes payable
5 Cash
2,220
6 Accounts receivable
560
7 Supplies
8 Prepaid expenses
9 Other assets
5,780
$
9,860
68,550 |Total current liabilites
$ 16,300 Notes payable, long term
10 Total Current assets
8,560
$ 15,000
11 Service trucks
12 Accumulated depreciation $ (12,600)
$ 23,560
3,700 Total liabilities
Stockholders' equity
13 Total non-current assets
14
Common stock
Additional paid-in capital
Retained earnings
$
1,936
$ 17,424
$ 29,330
15
16
17
18
Total stockholders' equity $ 48,690
$ 72,250
19
20 Total assets
$
$ 72,250 Total liabilites and equity

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