Solution-Discuss determine how well the company is doing

Discuss determine how well the company is doing

Assignment Help Accounting Basics

Reference no: EM131753445

At the end of the first three months of operation, Kubose Answering Service, Inc.'s trial balance appears as follows. Kubose has hired an accountant to prepare financial statements to determine how well the company is doing after three months. Upon examining the accounting records, the accountant finds the following items of interest:

An inventory of office supplies reveals supplies on hand of $133.
The Prepaid Rent account includes the rent for the first three months plus a deposit for April's rent.
Depreciation on the equipment for the first three months is $208.
The balance of the Unearned Answering Service Revenue account represents a 12-month service contract paid in advance on February 1.
On March 31, accrued wages total $80.
Federal income taxes for the three months are estimated to be $980.

Kubose Answering Service, Inc.
Trial Balance
March 31, 2014
Cash		3,482
Accounts Receivable		4,236
Office Supplies		903
Prepaid Rent		800
Equipment		4,700
Accounts Payable			2,673
Unearned Answering Service Revenue			888
Common Stock			5,933
Dividends		2,130
Answering Service Revenue			9,002
Wages Expense		1,900
Office Cleaning Expense		345
	18,496		18,496

All adjustments affect one balance sheet account and one income statement account. For each of these situations, the accounts affected are shown below, you are required to show the amount of the adjustment (using a + or - to indicate an increase or decrease), and the balance of the account after the adjustment in the following format (Enter all dollar amounts as positive numbers):

Balance Sheet Account

Amount of Adjustment
(+ or -)

Balance after
Adjustment

Income Statement Account

Amount of Adjustment
(+ or -)

Balance after
Adjustment

Office Supplies

Select+-Item 1

mce_markernbsp;

Office Supplies Expense

Select+-Item 4

mce_markernbsp;

Prepaid Rent

Select+-Item 7

Rent Expense

Select+-Item 10

Accumulated Depreciation-Equipment

Select+-Item 13

Depreciation Expense-Equipment

Select+-Item 16

Unearned Answering Service Revenue

Select+-Item 19

Answering Service Revenue

Select+-Item 22

Wages Payable

Select+-Item 25

Wages Expense

Select+-Item 28

Income Taxes Payable

Select+-Item 31

Income Taxes Expense

Select+-Item 34

Reference no: EM131753445

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Discuss determine how well the company is doing

Reference no: EM131753445

Reference no: EM131753445

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