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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
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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 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 X A. Week 3 Assignment A. Bookshelf - Intermediat x I VitalSource Bookshelf: x b Worksheet for Service C x New Tab x + A https://online.vitalsource.com/#/books/9781337268998/cfi/153!/4/4@0.00:42.5 M sheet, and (4) closing entries. A < Chapter 3: Review of... 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: E3-11 Go to Chapter 3: Review of a Company's Accounting System - A DIE G H. K LO 3.6 LO 3.8 1 Retained the General Journal (Step 1)? 2 3 Earnings Statement Debit Balance Income Statement Adjustments Credit Trial Balance Sheet 4 Accounts Debit Credit Debit Debit Credit Credit Debit Credit How Do We Post to the 5 Cash 6 Prepaid Rent 7 Office Equipment 8 Accumulated Depreciation 9 Note Payable (due 7/1/17) 10 Common Stock (200 shares) Retained Earnings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 3,800 2,400 7.000 3-13 > General Ledger (Step 2)? 1,400 2,000 9 How Do We Prepare Adjusting Entries (Step 3)? 4,000 3,200 3-15 > 200 6, 100 2,500 How Do We Prepare Financial Statements (Step 4)? 800 3-23 > 16 Totals 16,700 16,700 17 How Do We Prepare Closing Entries (Step 5)? 3-27 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. How Do We Use a Worksheet 3-29 to Prepare Financial.. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016. What Is the Purpose of 3-31 > Reversing Entries? How Do We Use Subsidiary 3-34 > Ledgers and Special Journals? Appendix 3.1: What Is Cash- O 3-35 Basis Accounting? Canurinh on17 Cannanal aarnina A Dinkte Daeanad Mau na ha aaniad nannad a dunlieatad in uhala ar in nat weN 09.0n.ano 1:40 AM P Type here to search a 1/2/2021 20 近 !
Transcribed Image Text:b When muscle cells run X A. Week 3 Assignment A. Bookshelf - Intermediat x I VitalSource Bookshelf: x b Worksheet for Service C x New Tab x + A https://online.vitalsource.com/#/books/9781337268998/cfi/153!/4/4@0.00:42.5 M sheet, and (4) closing entries. A < Chapter 3: Review of... 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: E3-11 Go to Chapter 3: Review of a Company's Accounting System - A DIE G H. K LO 3.6 LO 3.8 1 Retained the General Journal (Step 1)? 2 3 Earnings Statement Debit Balance Income Statement Adjustments Credit Trial Balance Sheet 4 Accounts Debit Credit Debit Debit Credit Credit Debit Credit How Do We Post to the 5 Cash 6 Prepaid Rent 7 Office Equipment 8 Accumulated Depreciation 9 Note Payable (due 7/1/17) 10 Common Stock (200 shares) Retained Earnings (1/1/16) 12 Dividends 13 Consulting Revenues 14 Salaries Expense 15 Miscellaneous Expenses 3,800 2,400 7.000 3-13 > General Ledger (Step 2)? 1,400 2,000 9 How Do We Prepare Adjusting Entries (Step 3)? 4,000 3,200 3-15 > 200 6, 100 2,500 How Do We Prepare Financial Statements (Step 4)? 800 3-23 > 16 Totals 16,700 16,700 17 How Do We Prepare Closing Entries (Step 5)? 3-27 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. How Do We Use a Worksheet 3-29 to Prepare Financial.. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2016. What Is the Purpose of 3-31 > Reversing Entries? How Do We Use Subsidiary 3-34 > Ledgers and Special Journals? Appendix 3.1: What Is Cash- O 3-35 Basis Accounting? Canurinh on17 Cannanal aarnina A Dinkte Daeanad Mau na ha aaniad nannad a dunlieatad in uhala ar in nat weN 09.0n.ano 1:40 AM P Type here to search a 1/2/2021 20 近 !
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