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Complete the trial balance adjustments

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Reference no: EM132744309

Question - Cayuga Ltd. prepared the trial balance at the end of its first year of operations ending December 31, 2018. To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December 31, 2018, are as follow:

Insurance expired (used) during 2018, $4

Depreciation expense for 2018, $4

Wages payable, $8

Income Tax expense, $9

Required -

a) Prepare the adjusting entries.

B) Complete the trial balance adjustments and adjusted columns.

C) Using the adjusted balances, make a statement of earnings.

D) Using the adjusted balances, make a statement of financial position.

E) Using the adjusted balances, prepare the closing entries for 2018.

Reference no: EM132744309

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