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  • Surian Motors Company Prepared A Trial Balance On The Following

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    Taimur Technologist
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    Surian Motors Company prepared a trial balance on December 31, 2016 including accounts for cash, equipment, accounts payable, notes payable, rent paid in advance, and sales. Additional information provided includes depreciation of equipment, accrued salaries and interest, expected bad debts, and income tax rate. The trial balance needs to be completed, 2016 financial statements prepared, and closing entries recorded.

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    Surian Motors Company Prepared a Trial Balance on the Following

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    Surian Motors Company prepared a trial balance on December 31, 2016 including accounts for cash, equipment, accounts payable, notes payable, rent paid in advance, and sales. Additional information provided includes depreciation of equipment, accrued salaries and interest, expected bad debts, and income tax rate. The trial balance needs to be completed, 2016 financial statements prepared, and closing entries recorded.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    27 views1 page

    Surian Motors Company Prepared A Trial Balance On The Following

    Uploaded by

    Taimur Technologist
    Surian Motors Company prepared a trial balance on December 31, 2016 including accounts for cash, equipment, accounts payable, notes payable, rent paid in advance, and sales. Additional information provided includes depreciation of equipment, accrued salaries and interest, expected bad debts, and income tax rate. The trial balance needs to be completed, 2016 financial statements prepared, and closing entries recorded.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Surian Motors Company prepared a trial balance on the

    following #2402
    Surian Motors Company prepared a trial balance on the following partially completed worksheet
    for the year ended December 31, 2016:Additional information: (a) The equipment is being
    depreciated on a straight-line basis over a 10-year life, with no residual value; (b) Salaries
    accrued but not recorded total $500; (c) On January 1, 2016, the company had paid 3 years’
    rent in advance at $100 per month; (d) Bad debts are expected to be 1% of total sales; (e)
    Interest of $400 has accrued on the note payable; (f) The income tax rate is 40% on current
    income and will be paid in the first quarter of 2017.Required:1. Complete the worksheet.2.
    Prepare financial statements for 2016.3. Prepare closing entries in the general journal.View
    Solution:
    Surian Motors Company prepared a trial balance on the following

    ANSWER
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