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Bali Company Worksheet For The Year Ended December 31, 2020: Instructions

The document provides the trial balance, income statement, balance sheet, and closing entries for Bali Company for the year ended December 31, 2020. It shows the company had revenues of $61,000, expenses of $44,500, and net income of $16,500. Assets included $5,300 in cash, $10,800 in accounts receivable, and $27,000 in equipment. Liabilities included $15,000 in notes payable and equity was $22,500 in owner's capital.

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114 views4 pages

Bali Company Worksheet For The Year Ended December 31, 2020: Instructions

The document provides the trial balance, income statement, balance sheet, and closing entries for Bali Company for the year ended December 31, 2020. It shows the company had revenues of $61,000, expenses of $44,500, and net income of $16,500. Assets included $5,300 in cash, $10,800 in accounts receivable, and $27,000 in equipment. Liabilities included $15,000 in notes payable and equity was $22,500 in owner's capital.

Uploaded by

shera hani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BALI COMPANY

Worksheet
For the Year Ended December 31, 2020
Adjusted Trial
Income Statement Balance Sheet
Balance
Account Titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 5,300 5,300
Accounts Receivable 10,800 10,800
Supplies 1,500 1,500
Prepaid Insurance 2,000 2,000
Equipment 27,000 27,000
Notes Payable 15,000 15,000
Accounts Payable 6,100 6,100
Salaries and Wages Payable 2,400 2,400
Interest Payable 600 600
Owner's Capital 13,000 13,000
Owner's Drawings 7,000 7,000
Service Revenue 61,000 61,000
Advertising Expense 8,400 8,400
Supplies Expense 4,000 4,000
Insurance Expense 3,500 3,500
Salaries and Wages 28,00
28,000
Expense 0
Interest Expense 600 600
Totals 98,100 98,100 44500 61000 53600 37100
Net income 16500 16500
Totals 53600 53600

Instructions
(a) Complete the worksheet by extending the balances to the financial statement columns.
(b) Prepare an income statement, owner's equity statement, and a classified balance sheet.
(c) Prepare the closing entries.
(d) Post the closing entries.
BALI COMPANY
Income Statement
For the year ended December 31, 2020
Revenue:
Service Revenue 61,000
Expenses:
Advertising Expense 8,400
Supplies Expense 4,000
Insurance Expense 3,500
Salaries and Wages
28,000
Expense
Interest Expense 600
Total 44,500
Net Income 16,500

BALI COMPANY BALI COMPANY


Owner's Equity Statement Balance Sheet
For the year ended December 31, 2020 as at December 31, 2020
Owner's capital, Jan 1 13,000 ASSETS
Add: Net Income 16,500 Current assets
Cash 5,300
Less: Drawings 7,000 Accounts Receivable 10,800
Owner's Capital, Dec 31 22,500 Supplies 1,500
Prepaid Insurance 2,000
Property, plant and equipment
Equipment 27,000
Total Assets 46,600

LIABILITIES AND OWNER'S EQUITY


Current liabilities
Accounts Payable 6,100
Salaries and Wages Payable 2,400
Interest Payable 600

Long-term liabilities
Notes Payable 15,000

Owner's Equity
Owner's Capital 22500
Total liabilities and owner's equity 46,600
BALI COMPANY
Balance Sheet
as at December 31, 2020
ASSETS
Current assets
Cash 5,300
Accounts Receivable 10,800
Supplies 1,500
Prepaid Insurance 2,000
Property, plant and equipment
Equipment 27,000
Total Assets 46,600

LIABILITIES AND OWNER'S EQUITY


Current liabilities
Accounts Payable 6,100
Salaries and Wages Payable 2,400
Interest Payable 600

Long-term liabilities
Notes Payable 15,000

Owner's Equity
Owner's Capital 22500
Total liabilities and owner's equity 46,600

Income Summary
Debit Credit
8,400 61,000
4,000
3,500
28,000 Insurance Expense
600 Debit Credit
16,500 (Closing) 3,500 3500 (Closing)
61,000 61000
Salaries and Wages Expense
Advertising Expense Debit Credit
Debit Credit 28000
28,000
8,400 8400 (Closing) (Closing)

Supplies Expense Interest Expense


Debit Credit Debit Credit
4,000 4000 (Closing) 600 600 (Closing)
Owner's Capital
Debit Credit
7,000 13,000
16,500
Bal. 22,500

Owner's Drawing
Debit Credit
7,000 7,000 (Closing)

Service Revenue
Debit Credit
61,000 (Closing) 61,000

Post Closing Trial Balance


Account Titles Dr. Cr.
Cash 5,300
Accounts Receivable 10,800
Supplies 1,500
Prepaid Insurance 2,000
Equipment 27,000
Notes Payable 15,000
Accounts Payable 6,100
Salaries and Wages
2,400
Payable
Interest Payable 600
Owner's Capital 22,500
Totals 46,600 46,600

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