Tunstall, Incorporated, 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: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Tunstall, Incorporated Unadjusted Trial Balance At December 31 Other assets Accounts payable Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (4,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Data not yet recorded at December 31 included: Debit Credit 46,000 11,300 540 750 17,600 9,060 16,200 33,170 134,620 9,500 2,320 11,000 1,906 17,154 4,300 88,440 134,620 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $750. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $620. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,180.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tunstall, Incorporated, 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:
Cash
Accounts receivable
Supplies
Prepaid insurance
Service trucks
Accumulated depreciation
Tunstall, Incorporated
Unadjusted Trial Balance
At December 31
Other assets
Accounts payable
Wages payable
Income taxes payable
Notes payable (3 years; 10% interest due each September
30)
Common stock (4,000 shares outstanding)
Additional paid-in capital
Retained earnings
Service revenue
Wages expense
Remaining expenses (not detailed; excludes income tax)
Income tax expense
Totals
Data not yet recorded at December 31 included:
Debit
46,000
11,300
540
750
17,600
9,060
16,200
33,170
134,620
Credit
9,500
2,320
11,000
1,906
17,154
4,300
88,440
134,620
Data not yet recorded at December 31 included:
a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in
the next year.
b. Insurance expired during the current year, $750.
c. Depreciation expense for the current year, $3,900.
d. Wages earned by employees not yet paid on December 31, $620.
e. Three months of interest expense (for the note payable borrowed on October 1 of the current year)
was incurred in the current year.
f. Income tax expense, $5,180.
Transcribed Image Text:Tunstall, Incorporated, 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: Cash Accounts receivable Supplies Prepaid insurance Service trucks Accumulated depreciation Tunstall, Incorporated Unadjusted Trial Balance At December 31 Other assets Accounts payable Wages payable Income taxes payable Notes payable (3 years; 10% interest due each September 30) Common stock (4,000 shares outstanding) Additional paid-in capital Retained earnings Service revenue Wages expense Remaining expenses (not detailed; excludes income tax) Income tax expense Totals Data not yet recorded at December 31 included: Debit 46,000 11,300 540 750 17,600 9,060 16,200 33,170 134,620 Credit 9,500 2,320 11,000 1,906 17,154 4,300 88,440 134,620 Data not yet recorded at December 31 included: a. The supplies count on December 31 reflected $210 in remaining supplies on hand to be used in the next year. b. Insurance expired during the current year, $750. c. Depreciation expense for the current year, $3,900. d. Wages earned by employees not yet paid on December 31, $620. e. Three months of interest expense (for the note payable borrowed on October 1 of the current year) was incurred in the current year. f. Income tax expense, $5,180.
Required information
Other Items:
Income before taxes
Required information
Current assets
Income Statement
Total current assets
Total assets
$
Balance Sheet
0
Current liablities
0
Total current liabilities
Total liabilities
Stockholders' equity
Total stockholders' equity
Total liabilities and stockholders' equity
< Required 2a
$
$
0
0
Transcribed Image Text:Required information Other Items: Income before taxes Required information Current assets Income Statement Total current assets Total assets $ Balance Sheet 0 Current liablities 0 Total current liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity < Required 2a $ $ 0 0
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