16th Edition

ISBN: 9781323118047

Author: Pearson

Publisher: PEARSON C

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

Videos

Textbook Question

Chapter 4, Problem 4.31AP

Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet

The unadjusted trial balance of Williamson Anvils at December 31, 2016, and the data for the adjustments follow:

Chapter 4, Problem 4.31AP, Completing the accounting cycle from adjusting entries to post-closing trial balance with an

Adjustment data:

a. Unearned Revenue still unearned at December 31, $3,300.

b. Prepaid Rent still in force at December 31, $2,400.

c. Office Supplies used, $1,200.

d. Depreciation, $350.

e. Accrued Salaries Expense at December 31, $230.

Requirements

1. Open the T-accounts using the balances in the unadjusted trial balance.

2. Complete the worksheet for the year ended December 31, 2016. (optional)

3. Prepare the adjusting entries, and post to the accounts.

4. Prepare an adjusted trial balance.

5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form.

6. Prepare the closing entries, and post to the accounts.

7. Prepare a post-closing trial balance.

8. Calculate the current ratio for the company.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 4, Problem 4.30AP

Chapter 4, Problem 4.32AP

Students have asked these similar questions

Anderson Technologies has 40,000,000 shares outstanding with a current market PPS of $30.25. If the firm has total assets of $750M, total liabilities of $250M, and net income of $480M, it would have a P/E of _ and a Market-to-Book ratio of _.

I not use ai solution please solve this question general Accounting

Want solution

Chapter 4 Solutions

ACC 201/202 MYACCLAB E-TEXT ONLY >I<

Ch. 4 - Assets are listed on the balance sheet in the...Ch. 4 - Which of the following accounts would be included...Ch. 4 - Which situation indicates a net loss within the...Ch. 4 - Which of the following accounts is not closed? a....Ch. 4 - What do closing entries accomplish? a. Zero out...Ch. 4 - Which of the following is not a closing entry?Ch. 4 - Which of the following accounts may appear on a...Ch. 4 - Which of the following steps of the accounting...Ch. 4 - Clean Water Softener Systems has Cash of 600,...Ch. 4 - Which of the following statements concerning...

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Solution Summary: The author explains T-accounts using the balances in the unadjusted trial balance.

Concept explainers

Videos

Want to see the full answer?

Chapter 4 Solutions