Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016 b When muscle cells run XA. Week 3 AssignmentA. Bookshelf - Intermediat xI VitalSource Bookshelf: x b Worksheet for Service C x New Tabx +A https://online.vitalsource.com/#/books/9781337268998/cfi/153!/4/4@0.00:42.5Msheet, and (4) closing entries.A < Chapter 3: Review of...Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the followingpartially completed worksheet for the year ended December 31, 2016:E3-11Go to Chapter 3: Review of aCompany's Accounting System-ADIEGH.KLO 3.6LO 3.81Retainedthe General Journal (Step 1)?23EarningsStatementDebitBalanceIncomeStatementAdjustmentsCreditTrial BalanceSheet4AccountsDebitCreditDebitDebitCreditCreditDebitCreditHow Do We Post to the5 Cash6 Prepaid Rent7 Office Equipment8 Accumulated Depreciation9 Note Payable (due 7/1/17)10 Common Stock (200 shares)Retained Earnings (1/1/16)12 Dividends13 Consulting Revenues14 Salaries Expense15 Miscellaneous Expenses3,8002,4007.0003-13>General Ledger (Step 2)?1,4002,0009How Do We Prepare AdjustingEntries (Step 3)?4,0003,2003-15>2006, 1002,500How Do We Prepare FinancialStatements (Step 4)?8003-23>16Totals16,70016,70017How Do We Prepare ClosingEntries (Step 5)?3-27Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 amonth for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, andno residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and(d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017.How Do We Use a Worksheet3-29to Prepare Financial..Required:1. Complete the worksheet.2. Prepare financial statements for 2016.What Is the Purpose of3-31>Reversing Entries?How Do We Use Subsidiary3-34>Ledgers and Special Journals?Appendix 3.1: What Is Cash-O 3-35Basis Accounting?Canurinh on17 Cannanal aarnina A Dinkte Daeanad Mau na ha aaniad nannad a dunlieatad in uhala ar in natweN 09.0n.ano1:40 AMP Type here to searcha1/2/202120近!

Name: Whitaker Consulting Company has prepared a trial balance on the follow
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Description: Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016 b When muscle cells run XA. Week 3 AssignmentA. Bookshelf - Intermediat xI VitalSource Bookshelf: x b Workshe

In the above question we have asked to prepare worksheet and financial statement of W company with…

Business

Accounting

Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016: ЕЗ-11 A G K LO 3.6 LO 3.8 1 Retained 2 Earnings Statement Income Balance 3 Trial Balance Adjustments Statement Sheet 4 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Prepaid Rent 7Office Equipment Accumulated Depreciation 9. 3,800 2,400 7,000 1,400 2,000 4,000 3,200 Note Payable (due 7/1/17) 10 Common Stock (200 shares) 11 Retained Eamings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 16 200 6,100 2,500 B00 16,700 16,700 Totals 17 Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016.

Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016: ЕЗ-11 A G K LO 3.6 LO 3.8 1 Retained 2 Earnings Statement Income Balance 3 Trial Balance Adjustments Statement Sheet 4 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Prepaid Rent 7Office Equipment Accumulated Depreciation 9. 3,800 2,400 7,000 1,400 2,000 4,000 3,200 Note Payable (due 7/1/17) 10 Common Stock (200 shares) 11 Retained Eamings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 16 200 6,100 2,500 B00 16,700 16,700 Totals 17 Additional information: (a) On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residual value is expected, (c) interest of $150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2017. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016.

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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