From the following Company S adjusted trial balance, prepare the following:

C. Balance Sheet (simple—unclassified)

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}55,200}\\ \text{Accounts Receivable}&\text{\hspace{10pt}30,200}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}6,000}\\ \text{Land}&\text{\hspace{10pt}30,000}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}14,300}\\ \text{Salaries Payable}&&\text{\hspace{15pt}6,100}\\ \text{Common Stock}&&\text{\hspace{10pt}26,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}38,900}\\ \text{Dividends}&\text{\hspace{10pt}16,500}\\ \text{Service Revenue}&&\text{\hspace{5pt}211,850}\\ \text{Insurance Expense}&\text{\hspace{10pt}24,000}\\ \text{Salaries Expense}&\text{\hspace{5pt}128,350}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}6,900}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}297,150}}}&\underline{\underline{\text{\$\hspace{1pt}297,150}}}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Accounts payable}&\text{\$\hspace{1pt}2,000}&\text{\$\hspace{5pt}6,120}\\ \text{Accounts receivable}&\text{\hspace{5pt}3,000}&\text{\hspace{10pt}8,450}\\ \text{Cash}&\text{\hspace{5pt}4,500}&\text{\hspace{5pt}18,600}\\ \text{Prepaid advertising}&\text{\hspace{5pt}1,200}&\text{\hspace{10pt}4,000}\\ \text{Utilities payable}&\text{\hspace{12pt}950}&\text{\hspace{10pt}6,500}\\ \text{Wages payable}&\text{\hspace{5pt}1,675}&\text{\hspace{10pt}8,600}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Unearned Revenue}&\text{\$\hspace{1pt}12,600}&\text{\$\hspace{5pt}6,000}\\ \text{Cash}&\text{\hspace{5pt}33,200}&\text{\hspace{5pt}12,750}\\ \text{Prepaid Rent}&\text{\hspace{10pt}9,000}&\text{\hspace{10pt}6,000}\\ \text{Supplies}&\text{\hspace{10pt}5,600}&\text{\hspace{10pt}2,500}\\ \text{Taxes payable}&\text{\hspace{10pt}4,800}&\text{\hspace{10pt}5,500}\\ \text{Wages payable}&\text{\hspace{10pt}8,500}&\text{\hspace{10pt}9,250}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Accounts Payable}&\text{\$\hspace{1pt}12,790}&\text{\$\hspace{1pt}1,530}\\ \text{Accounts Receivable}&\text{\hspace{5pt}16,330}&\text{\hspace{5pt}2,200}\\ \text{Cash}&\text{\hspace{5pt}21,040}&\text{\hspace{5pt}5,550}\\ \text{Prepaid Insurance}&\text{\hspace{10pt}4,500}&\text{\hspace{5pt}1,200}\\ \text{Salaries payable}&\text{\hspace{10pt}6,500}&\text{\hspace{5pt}4,000}\\ \text{Utilities payable}&\text{\hspace{10pt}1,200}&\text{\hspace{12pt}550}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

B. current ratio

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Accounts payable}&\text{\$\hspace{1pt}45,000}&\text{\$\hspace{1pt}12,600}\\ \text{Accounts receivable}&\text{\hspace{5pt}52,000}&\text{\hspace{5pt}15,200}\\ \text{Cash}&\text{\hspace{5pt}11,500}&\text{\hspace{5pt}19,780}\\ \text{Prepaid insurance}&\text{\hspace{10pt}1,060}&\text{\hspace{10pt}2,400}\\ \text{Salaries payable}&\text{\hspace{10pt}9,400}&\text{\hspace{5pt}12,800}\\ \text{Utilities payable}&\text{\hspace{10pt}3,500}&\text{\hspace{10pt}2,550}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

A. working capital

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Accounts payable}&\text{\$\hspace{1pt}2,000}&\text{\$\hspace{5pt}6,120}\\ \text{Accounts receivable}&\text{\hspace{5pt}3,000}&\text{\hspace{10pt}8,450}\\ \text{Cash}&\text{\hspace{5pt}4,500}&\text{\hspace{5pt}18,600}\\ \text{Prepaid advertising}&\text{\hspace{5pt}1,200}&\text{\hspace{10pt}4,000}\\ \text{Utilities payable}&\text{\hspace{12pt}950}&\text{\hspace{10pt}6,500}\\ \text{Wages payable}&\text{\hspace{5pt}1,675}&\text{\hspace{10pt}8,600}\\ \end{array}$$

Using the following account balances, calculate for the two years presented:

A. working capital

$$\begin{array}{lcc} &\textbf{12/31/2018}&\textbf{12/31/2019}\\[5pt] \text{Accounts Payable}&\text{\$\hspace{1pt}12,790}&\text{\$\hspace{1pt}1,530}\\ \text{Accounts Receivable}&\text{\hspace{5pt}16,330}&\text{\hspace{5pt}2,200}\\ \text{Cash}&\text{\hspace{5pt}21,040}&\text{\hspace{5pt}5,550}\\ \text{Prepaid Insurance}&\text{\hspace{10pt}4,500}&\text{\hspace{5pt}1,200}\\ \text{Salaries payable}&\text{\hspace{10pt}6,500}&\text{\hspace{5pt}4,000}\\ \text{Utilities payable}&\text{\hspace{10pt}1,200}&\text{\hspace{12pt}550}\\ \end{array}$$

From the following Company T adjusted trial balance, prepare the following:

E. Post-Closing Trial Balance

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

Assuming the following Adjusted Trial Balance, create the Post-Closing Trial Balance that would result after all closing journal entries were made and posted:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{10pt}8,625}\\ \text{Accounts Receivable}&\text{\hspace{10pt}11,600}\\ \text{Accounts Payable}&&\text{\$\hspace{10pt}8,450}\\ \text{Unearned Revenue}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}10,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}12,275}\\ \text{Dividends}&\text{\hspace{15pt}2,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}97,500}\\ \text{Advertising Expense}&\text{\hspace{15pt}2,500}\\ \text{Rent Expense}&\text{\hspace{10pt}18,000}\\ \text{Utilities Expense}&\text{\hspace{10pt}12,000}\\ \text{Wages Expense}&\underline{\text{\hspace{10pt}75,000}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}129,725}}}&\underline{\underline{\text{\$\hspace{1pt}129,725}}}\\ \end{array}$$

From the following Company T adjusted trial balance, prepare the following:

D. Closing journal entries

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}75,500}\\ \text{Accounts Receivable}&\text{\hspace{10pt}15,500}\\ \text{Accounts Payable}&&\text{\$\hspace{10pt}4,000}\\ \text{Unearned Revenue}&&\text{\hspace{15pt}6,000}\\ \text{Common Stock}&&\text{\hspace{10pt}20,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}12,500}\\ \text{Dividends}&\text{\hspace{10pt}30,000}\\ \text{Service Revenue}&&\text{\hspace{5pt}355,000}\\ \text{Advertising Expense}&\text{\hspace{10pt}30,000}\\ \text{Rent Expense}&\text{\hspace{10pt}36,000}\\ \text{Utilities Expense}&\text{\hspace{15pt}9,500}\\ \text{Wages Expense}&\underline{\text{\hspace{5pt}201,000}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}397,500}}}&\underline{\underline{\text{\$\hspace{1pt}397,500}}}\\ \end{array}$$

Use the following Adjusted Trial Balance to prepare the four journal entries required to close the books:

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{10pt}8,625}\\ \text{Accounts Receivable}&\text{\hspace{10pt}11,600}\\ \text{Accounts Payable}&&\text{\$\hspace{10pt}8,450}\\ \text{Unearned Revenue}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}10,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}12,275}\\ \text{Dividends}&\text{\hspace{15pt}2,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}97,500}\\ \text{Advertising Expense}&\text{\hspace{15pt}2,500}\\ \text{Rent Expense}&\text{\hspace{10pt}18,000}\\ \text{Utilities Expense}&\text{\hspace{10pt}12,000}\\ \text{Wages Expense}&\underline{\text{\hspace{10pt}75,000}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}129,725}}}&\underline{\underline{\text{\$\hspace{1pt}129,725}}}\\ \end{array}$$

From the following Company T adjusted trial balance, prepare the following:

A. Income Statement

$$\begin{array}{c} \textbf{Adjusted Trial Balance} \end{array}$$

$$\begin{array}{lcc} &\textbf{Debit}&\textbf{Credit}\\[5pt] \text{Cash}&\text{\$\hspace{5pt}24,000}\\ \text{Accounts Receivable}&\text{\hspace{10pt}14,900}\\ \text{Prepaid Insurance}&\text{\hspace{15pt}5,300}\\ \text{Land}&\text{\hspace{10pt}13,500}\\ \text{Accounts Payable}&&\text{\$\hspace{5pt}12,400}\\ \text{Salaries Payable}&&\text{\hspace{15pt}1,500}\\ \text{Common Stock}&&\text{\hspace{10pt}34,000}\\ \text{Retained Earnings}&&\text{\hspace{10pt}10,200}\\ \text{Dividends}&\text{\hspace{15pt}5,000}\\ \text{Service Revenue}&&\text{\hspace{10pt}56,300}\\ \text{Insurance Expense}&\text{\hspace{15pt}7,900}\\ \text{Salaries Expense}&\text{\hspace{10pt}39,000}\\ \text{Miscellaneous Expense}&\underline{\text{\hspace{15pt}4,800}}&\underline{\text{\hspace{39pt}}}\\ &\underline{\underline{\text{\$\hspace{1pt}114,400}}}&\underline{\underline{\text{\$\hspace{1pt}114,400}}}\\ \end{array}$$

The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books:

Accounts receivable            $33,200
Prepaid insurance                6,000
Land                            48,000
Accounts payable                27,050
Notes payable                   65,800
Retained earnings                9,350
Dividends                        2,200
Fees earned revenue             70,500
Selling expenses                41,770
Administrative expenses         22,400
Miscellaneous expense            1,835