| Trial Balance |
Adjustments |
Income
Statement |
Retained
Earnings
Statement |
Balance
Sheet |
| Account |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
Debit |
Credit |
| Cash |
3,800 |
|
|
|
|
|
|
|
|
|
| Prepaid Rent |
2,400 |
|
|
|
|
|
|
|
|
|
| Office Equipment |
7,000 |
|
|
|
|
|
|
|
|
|
| Accumulated Depreciation |
|
1,400 |
|
|
|
|
|
|
|
|
| Note Payable (due 7/1/17) |
|
2,000 |
|
|
|
|
|
|
|
|
| Common Stock (200 shares |
|
4,000 |
|
|
|
|
|
|
|
|
| Retained Earnings (1/1/16) |
|
3,200 |
|
|
|
|
|
|
|
|
| Dividends |
200 |
|
|
|
|
|
|
|
|
|
| Consulting Revenues |
|
6,100 |
|
|
|
|
|
|
|
|
| Salaries Expense |
2,500 |
|
|
|
|
|
|
|
|
|
| Miscellaneous Expenses |
800 |
|
|
|
|
|
|
|
|
|
| Totals |
16,700 |
16,700 |
|
|
|
|
|
|
|
|
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. Enter all amounts as positive numbers.
Additional information: On January 1, 2016, the company had paid 2 years' rent in advance at $100 a month for office space, the office equipment is being depreciated on a straight - line basis over a 10 - year life, and no residual value is expected, interest of $150 has accrued on the note payable but has not been paid, and the income tax rate is 30% on current income and will be paid in the first quarter of 2017.