60.1K

Verified Solution

Link Copied!

I only need the answers for the red boxes, that means my answer was wrong or I didnt know the answer. most of it is the numbers, while I already got the descriptions.

The following are the trial balance and the other information related to Mark Consulting Engineer. MARK CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $ 29,500 56,600 $776 1,630 Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment 1,510 33,500 6,314 Notes Payable 7,200 10,000 25,979 Common Stock Retained Earnings Service Revenue Rent Expense Salaries and Wages Expense 117.759 10,088 33,260 1.150 Utilities Expenses Office Expense 790 $ 168,028 $ 168,028 1 venue 2 3 4 5 Fees received in advance from clients $5,850, which were recorded as rever Services performed for clients that were not recorded by December 31,5 4,949 Bad debt expense for the year is $ 1,565 Insurance expired during the year $ 474 Equipment is being deprecated at 10% per year. Mark gave the bank a 90-day, 10% note for $ 7.200 on December 1, 2020, Rent of the building is $ 776 per month. The rent for 2020 has been paid as has that for January 2021, and recorded as Rent Expense Office salaries and wages earned but unpaid December 31, 2020, $ 2,570. 6 7 8. No. Account Titles and Explanation Debit Credit 1. Service Revenue 5850 Unearned Service Revenue 5950 2. Accounts Receivable 4949 Service Revenue 4949 3 Bad Debt Expense 156 Allowance for Doubtful Accounts 1565 Insurance Expense 474 Prepaid Insurance 474 5. Depreciation Expense 3350 Accumulated Depreciation-Building 3350 6. Interest Expen 60 MARK CONSULTING ENGINEER Income Statement For the Year Ended December 31, 2020 Service Revenue Rent Experte 10088 Salaries and Wages Expense 33260 Les Expo 1150 Office for 790 Bad Depene Insurance Expense Depreciation on 350 Othe Expense 790 Bad Debt Expense 1565 Insurance Expense 474 Depreciation Expense 3350 Interest Expense 60 Total Expenses 50737 Net Income / Loss) MARK CONSULTING ENGINEER Statement of Retained Earnings For the Year Ended December 31, 2020 Retained Earnings, January 1 + ta Add : Net Income /(Loss) Less : Dividends Retained Earnings, December 31 - $ LEIENCEEEE December 31, 2020 Assets Current Assets Cash Accounts Receivable Less Allowance Deutel Accounts Supplies 16 Prepold Insurance Prepud Rand Total Current Assets . Eau DIE Less ated betontent Total Assets Balance Sheet December 31, 2020 Assets 29500 1630 276 LA gurument $ Total Liabilities and Stockholders' Equity Liabilities Notable Salines and Wald Unsered Service Revenue Stockholders' Equity CO Total Stockholders' Equity Total Laborities and Stockholders Equity : Total Liabilities and Stockholders' Equity 7200 2570 60 SB50 15680 10000

Answer & Explanation Solved by verified expert

See Answer