Devlin Company has prepared the following partially

completed worksheet for #2407

Devlin Company has prepared the following partially completed worksheet for the year ended
December 31, 2016:The following additional information is available: (a) salaries accrued but
unpaid total $250; (b) the $ 80 heat and light bill for December has not been recorded or paid;
(c) depreciation expense totals $810 on the buildings and equipment; (d) interest accrued on
the note payable totals $380 (this will be paid when the note is repaid); (e) the company leases
a portion of its floor space to KT & Daniel Specialty Company for $50 per month, and KT &
Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals $80;
(g) bad debts expense is $70; and (h) the income tax rate is 30% on current income and is
payable in the first quarter of 2017.Required:1. Complete the worksheet. (Round to the nearest
dollar.)2. Prepare the company’s financial statements.3. Prepare(a) Adjusting and(b) Closing
entries in the general journal.View Solution:
Devlin Company has prepared the following partially completed worksheet for

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