P2. At the end of the fiscal year, Siglo Delivery Service, Inc.’s trial balance appeared as follows.
1. Enter the trial balance amounts in
the Trial Balance columns of a work sheet and complete the work sheet using the
information that follows.
a. Expired insurance, $3,060
b. Inventory of unused delivery
c. Inventory of unused office supplies,
d. Estimated depreciation on the
e. Estimated depreciation on the trucks,
f. Estimated depreciation on the office
g. The company credits the lockbox fees
of customers who pay in advance to the Unearned Lockbox Fees account. Of the
amount credited to this account during the year, $5,630 had been earned by
h. Lockbox fees earned but unrecorded
and uncollected at the end of the accounting period, $816
i. Accrued but unpaid truck drivers’
wages at the end of the year, $1,920
2. Prepare an income statement, a
statement of retained earnings, and a balance sheet for the company.
3. Prepare adjusting and closing entries
from the work sheet.
4. Can the work sheet be used as a
substitute for the financial statements? Explain your answer.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more