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ericanicole234 · Jul 23, 2007, 12:16 PM

I have to create a worksheet using the following information:
1. Prepare a 10 column work sheet for fiscal year 2008, starting with the unadjusted trial balance and inluding adjustments based on these additional facts. (columns include in this order: unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet)

The supplies available at the end of fiscal yr 2008 had a cost of $3300
The cost of expired insurance for fiscal yr '08 is $3800
Annual depreciation on equipment is $8400
The June utilities expense of $650 is not included in the unadjusted trial balance because the bill arrived after the trial balance was prepared. The $650 amount owed needs to be recorded.
The company's employees have earned $1800 of accrued wages at fiscal year-end.
The rent expense incurred and not yet paid or recorded at fiscal yr-end is $500.
Additional property taxes of $1000 have been assessed for this fiscal yr but have not been paid or recorded in the accounts.
The Long term not payable bears interest at 12% per year. The unadjusted interest expense account equals the amt paid for the first 11 months of the fiscal yr 2008. The $250 accrued interest for June has not been paid or recorded. (Note that the company is required to make a $5000 payment toward the note payable during the 2009 fiscal year.)

For the Unadjusted Trial balance the amounts are as follows.
cash -dr. 18,500
supplies- dr. 9,900
prepaid insurance- dr. 7,200
equipment- dr. 132,000
accumulated depreciation -equipment- cr. 26,250
accounts payable- cr. 6,800
interest payable- 0
rent payable- 0
wages payable- 0
property taxes payable- 0
long term notes payable- cr. 25,000
V.Ace Capital- cr. 88,660
V. Ace Withdrawals- dr. 33,000
construction fees earned- cr. 132,100
depreciation expense- equipment- 0
wages expense- dr. 46,860
interest expense- dr. 2750
insurance expense- 0
rent expense- dr. 12,000
supplies expense- 0
Property taxes expense- dr. 7800
repairs expense- dr. 2910
utilities expense- dr. 5890
total dr.=278,810
total cr. = 278,810
net income=
totals=

Help please!

Dawg123 · Jul 29, 2007, 05:18 AM

Hi

I have a similar problem, could you tell me what a 10 column worksheet is. How you prepare one, and what it is used for. I really need this answer

Dawg123 · Jul 29, 2007, 05:18 AM

Hi

I have a similar problem, could you tell me what a 10 column worksheet is. How you prepare one, and what it is used for. I really need this answer

Zero · Jul 29, 2007, 03:12 PM

Originally Posted by ericanicole234

(columns include in this order: unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet)

The ten columns are the five headings stated i.e. unadjusted trial balance, adjustments, adjusted trial balance, income statement, balance sheet and each of these headings will then split into two - one for debit entries and one for credit entries.