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E3-12 LO 3.6 LO 3.7 LO 3.8 Worksheet, Yaduding loventory Surian Motor Company prepared a trial balance of the following partially completed worksheet for the year ended December 31, 2016; K TI LG Acce ORANG UN MILANO MOHON CONDICHE 2X X SE 11 2013 TILLS 5035 HH GE Aldinal information (a) The Staring deprecated on trahe line is over a 10 year life, with ao residual value; (b) salaries accrued but not recorded to $500. (c) on January 1, 2016, the company had pad 3 years sent an advance at $100 per month. Lad dels are expected to 22 19 of total sales:ce) interes of $100 lus accrued on the more puyable, and in the income In 40CURS Income and will be paid is the first quar ter 2017 Required: 1. Complete the wisheet 2. Prepare financial statements for 2016, 3. Prepare closing entries in the general foto Bercises 3.47 B3-12 LO 3.6 LO 3.7 LO 3.8 Worksheet, Including Inventory Surian Motors Company prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2016: EK 1221 BORDE G B Infarnings TriBalance Ad uitments Statements Seatement Dat Cet Dobit Cred Dahit Dahi Cred 250 400 Sheet Duru 4 Armounts Cash HAR A for Dec 200 tod COD 37000 1200 500: T 200 Prepad Rent TE Acad Deraton AD KERING 121 000 10 Dubends 17 Sales Oo of Goods Sold westerse 2 ces Excense Adre 122 Total 333 1230 LOC 71 000 10 34 LOGO Additional information: (a) The equipment is being depreciated on a straight line basis over a 10-year lifc, 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 S400 has accrued on the note payable; and (f) the income tax rate is 40% on current income and will be paid in the first quar ter of 2017 Required: 3-47 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; (e) 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 S400 has accrued on the note payable; and (6) the income tax rate is 40% on current income and will be paid in the first quar- ter of 2017 Required: 1. Complete the worksheet 2. Prepare financial statements for 2016. 3. Prepare closing entries in the general joumal

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