[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
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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:
 

  1.  The supplies count on December 31 reflected $190 in remaining supplies on hand to be used in the next year.
  2.  Insurance expired during the current year, $630.
  3.  Depreciation expense for the current year, $4,200.
  4.  Wages earned by employees not yet paid on December 31, $560.
  5.  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
Transcribed Image Text: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
Transcribed Image Text: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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