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 46,500 Accounts receivable 11,900 Supplies 440 Prepaid insurance 670 Service trucks 16,200 Accumulated depreciation 7,900 Other assets 9,560 Accounts payable 2,280 Wages payable Income taxes payable Notes payable, long-term 12,000 Common stock (4,900 shares outstanding) 1,936 Additional paid-in capital 17,424 Retained earnings 5,800 Service revenue 87,320 Wages expense 16,200 Remaining expenses (not detailed; excludes income tax) 33,190 Income tax expense Totals 134,660 134,660 Data not yet recorded at December 31 included: The supplies count on December 31 reflected $180 in remaining supplies on hand to be used in the next year. Insurance expired during the current year, $670. Depreciation expense for the current year, $3,700. Wages earned by employees not yet paid on December 31, $680. Income tax expense, $5,280. I don't understand why I got the other assets incorrect. I also don't know how to calcualte the retain earning.. Can you explain the list items I needed there to make the calculation? thank you.

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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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		46,500
Accounts receivable		11,900
Supplies		440
Prepaid insurance		670
Service trucks		16,200
Accumulated depreciation				7,900
Other assets		9,560
Accounts payable				2,280
Wages payable
Income taxes payable
Notes payable, long-term				12,000
Common stock (4,900 shares outstanding)				1,936
Additional paid-in capital				17,424
Retained earnings				5,800
Service revenue				87,320
Wages expense		16,200
Remaining expenses (not detailed; excludes income tax)		33,190
Income tax expense
Totals		134,660		134,660

Data not yet recorded at December 31 included:

The supplies count on December 31 reflected $180 in remaining supplies on hand to be used in the next year.
Insurance expired during the current year, $670.
Depreciation expense for the current year, $3,700.
Wages earned by employees not yet paid on December 31, $680.
Income tax expense, $5,280.

I don't understand why I got the other assets incorrect. I also don't know how to calcualte the retain earning.. Can you explain the list items I needed there to make the calculation? thank you.

X Answer is not complete.
TUNSTALL, INC.
Balance Sheet
At December 31 of the Current Year
Assets
Liabilities and stockholders' equity
Current assets
Current liablities
$
46,500
$ 2,280
Cash
Accounts payable
Accounts receivable
11,900
Wages payable
680
Supplies
180
Income taxes payable
5,280
Other assets
9,560 X
Total current assets
$
68,140
Total current liabilities
$
8,240
Service trucks
16,200
Notes payable, long-term
12,000
Accumulated depreciation
(11,600)
Total liabilities
$
20,240
Stockholders' equity
Common stock
1,936
Additional paid-in capital
17,424
Retained earnings
32,780 X
Total stockholders' equity
$
$
52,140
Total current assets
$
72,740
Total liabilities and stockholders' equity
72,380

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