The adjusted trialbalance of Party Piano Tuning Service, at fiscal year end May 31, 2012, follows. PARTY PIANO TUNINGSERVICE Adjusted TrialBalance May 31,2012 Trial Balance Account Title Debit Credit Cash $ 12,600 Accounts receivable 10,800 Supplies 1,900 Equipment 25,900 Accumulated depreciation $ 12,500 Accounts payable 3,300 Unearned service revenue 4,700 Salary payble 800 Note payable 14,000 Lindros, capital 13,600 Lindros, drawing 38,000 Service revenue 65,000 Depreciation expense 5,600 Salary expense 9,600 Utilities expense 3,900 Insurance expense 3,700 Supplies expense 1,900 Total 113,900 $ 113,900
3. Prepare the year-end balancesheet. 4. Which financial statement reportsParty
| The adjusted trialbalance of Party Piano Tuning Service, at fiscal year end | |||
| May 31, 2012, follows. | |||
| PARTY PIANO TUNINGSERVICE | |||
| Adjusted TrialBalance | |||
| May 31,2012 | |||
| Trial Balance | |||
| Account Title | Debit | Credit | |
| Cash | $ 12,600 | ||
| Accounts receivable | 10,800 | ||
| Supplies | 1,900 | ||
| Equipment | 25,900 | ||
| Accumulated depreciation | $ 12,500 | ||
| Accounts payable | 3,300 | ||
| Unearned service revenue | 4,700 | ||
| Salary payble | 800 | ||
| Note payable | 14,000 | ||
| Lindros, capital | 13,600 | ||
| Lindros, drawing | 38,000 | ||
| Service revenue | 65,000 | ||
| Depreciation expense | 5,600 | ||
| Salary expense | 9,600 | ||
| Utilities expense | 3,900 | ||
| Insurance expense | 3,700 | ||
| Supplies expense | 1,900 | ||
| Total | 113,900 | $ 113,900 | |
| 3. | Prepare the year-end balancesheet. | |||
| 4. | Which financial statement reportsParty | |||
Related questions
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
| Finders InvestigativeServices | |||
| End-of-PeriodSpreadsheet | |||
| For the Year Ended June30, 2016 | |||
| ~ | Adjusted TrialBalance | ||
| Account Title | ~ | Dr. | Cr. |
| ~ | |||
| Cash | ~ | 28,000 | |
| Accounts Receivable | ~ | 69,400 | |
| Supplies | ~ | 4,500 | |
| Prepaid Insurance | ~ | 2,500 | |
| Building | ~ | 432,000 | |
| Accumulated Depreciation-Building | ~ | 43,400 | |
| Accounts Payable | ~ | 11,100 | |
| Salaries Payable | ~ | 3,300 | |
| Unearned Rent | ~ | 1,700 | |
| Common Stock | ~ | 80,000 | |
| Retained Earnings | ~ | 293,400 | |
| Dividends | ~ | 11,400 | |
| Service Fees | ~ | 707,150 | |
| Rent Revenue | ~ | 11,400 | |
| Salaries Expense | ~ | 522,100 | |
| Rent Expense | ~ | 45,600 | |
| Supplies Expense | ~ | 10,800 | |
| Depreciation Expense-Building | ~ | 7,200 | |
| Utilities Expense | ~ | 7,150 | |
| Repairs Expense | ~ | 2,700 | |
| Insurance Expense | ~ | 2,500 | |
| Miscellaneous Expense | ~ | 5,600 | |
| ~ | 1,151,450 | 1,151,450 | |
| Required: | |||||||
| 1. |
| ||||||
| 2. | Based upon the end-of-periodspreadsheet, journalize the closing entries. | ||||||
| 3. | If Retained Earnings has instead decreased $33,000 after theclosing entries were posted, and the dividends remained the same,what would have been the amount of net income or net loss? Trying to find out whats the income statement, RetainedEarnings Statement,Balance Sheet, Journal, and 3. IfRetained Earnings has instead decreased $33,000 after the closingentries were posted, and the dividends remained the same, whatwould have been the amount of net income or net loss? If required,use the minus sign to indicate a net loss. |
