Reference no: EM131765777
Problem - The adjusted trial balance columns of the worksheet for Porter Company are as follows.
PORTER COMPANY Worksheet For the Year Ended December 31, 2008
Adjusted
Account Trial Balance
No. Account Titles Dr. Cr.
101 Cash 18,800
112 Accounts Receivable 16,200
126 Supplies 2,300
Prepare worksheet, financial statements, and adjusting and closing entries.
(a) Adjusted trial balance $57,800
(b) Net income $6,680
Total assets $48,730
Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance.
Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, a retained earnings statement, and a classified balance sheet.
$10,000 of the notes payable become due in 2009. No additional issuance of common stock occurred during 2008.
(c) Prepare the closing entries. Use J14 for the journal page.
(d) Post the closing entries. Use the three-column form of account. Income Summary is account No. 350.
(e) Prepare a post-closing trial balance.
|
Contains a lot of energy as kinetic energy
: Your moving car contains a lot of energy as kinetic energy - energy of motion.
|
|
How can the grace and hope models be used in your counseling
: Distinguish the differences that are done with the couple using comonents of each theory. What is she, useing the hope theory seeking to accomplish?
|
|
Determine the corporation expected net income
: The Sean Corporation is considering expanding sales by $110,000 by selling on credit. The Corporation's cash sales averaged $800,000 per year.
|
|
Research contributed to the field of natural science
: Comment on what you think drives a scientist like Stephen Hawking to ask, "Why?"
|
|
Prepare an income statement
: Prepare an income statement, a retained earnings statement, and a classified balance sheet. Prepare the closing entries. Use J14 for the journal page
|
|
Determine phrase a penny saved is a penny earned
: When you see the term "avoidable cost" or "cost avoidance", just think of it as a savings. If we pursue a certain decision, there might be a savings.
|
|
Student residents in the local community to attend football
: Assume that your local university or local high school (your choice) has had difficulty getting non-student residents in the local community to attend football
|
|
Review and analyze the depiction of old age in the film
: Review and analyze the depiction of old age in the film in the context of human development.
|
|
Tune a piano is to strike a tuning fork
: One way to tune a piano is to strike a tuning fork, which emits note of frequency 261.626 Hz, then immediately strike the piano key for the frequency
|