The Adjusted Trial Balance For Smith

Question

the Adjusted Trial Balance For Smith M5 Assignment Module 5 Assignment: The adjusted trial balance for Smith Construction for the period ending May is as follows: Smith Construction Adjusted Trial Balance 31-May Account Debit Credit 10. Cash 47,000 Accounts Receivable 8,000 Prepaid Insurance 1,000 Supplies 900 Equipment 24,000 Accumulated Depreciation Equipment 2,000 Tools 1,500 Accounts Payable 4,500 Unearned Revenue 2,000 Wages Payable 1,200 Common Stock 42,000 Dividends 3,000 Service Revenue 56,000 Salary Expense 11,000 Depreciation Expense 2,000 Rent Expense 2,000 Repair Expense 1,000 Supplies Expense 800 Insurance Expense 1,200 Utilities Expense 200 Total 104,800

Dr. Jack HW Helper · Accepted Answer

This paper provides a comprehensive financial analysis of Smith Construction based on the provided adjusted trial balance as of May 31. It includes the preparation of the income statement, statement of retained earnings, balance sheet, the closing entries, and the post-closing trial balance, following standard accounting procedures. Introduction The financial statements are vital for assessing the financial health and operational efficiency of Smith Construction. The adjusted trial balance serves as the foundation for preparing the financial reports, which in turn support strategic decision-making and financial transparency. Income Statement for the Period Ending May 31 The income statement summarizes the revenues and expenses incurred during the period ending May 31. Based on the adjusted balances, the income statement is constructed as follows: RevenueAmount ($) Service Revenue56,000 ExpensesAmount ($) Salary Expense11,000 Depreciation Expense2,000 Rent Expense2,000 Repair Expense1,000 Supplies Expense800 Insurance Expense1,200 Utilities Expense200 Total Expenses18,400 Net Income = Total Revenues - Total Expenses = $56,000 - $18,400 = $37,600 Statement of Retained Earnings for the Period Ended May 31 The statement of retained earnings starts with the beginning balance, adds net income, and subtracts dividends distributed during the period. Retained Earnings, Beginning? + Net Income$37,600 - Dividends$3,000 Retained Earnings, EndingCalculate accordingly Assuming retained earnings at the beginning of May was $0, the ending retained earnings = $0 + $37,600 - $3,000 = $34,600. Balance Sheet as of May 31, 2010 Assets Cash: $47,000 Accounts Receivable: $8,000 Prepaid Insurance: $1,000 Supplies: $900 Equipment: $24,000 Less: Accumulated Depreciation (Equipment): $2,000 Tools: $1,500 Liabilities Accounts Payable: $4,500 Unearned Revenue: $2,000 Wages Payable: $1,200 Stockholder’s Equity Common Stock: $42,000 Retained Earnings: $34,600 Total AssetsTotal Liabilities and Sto

The Adjusted Trial Balance For Smith

the Adjusted Trial Balance For Smith

Paper For Above instruction

Introduction

Income Statement for the Period Ending May 31

Statement of Retained Earnings for the Period Ended May 31

Balance Sheet as of May 31, 2010

Assets

Liabilities

Stockholder’s Equity

Closing Entries

Post-Closing Trial Balance

Conclusion

References

Revenue	Amount ($)
Service Revenue	56,000
Expenses	Amount ($)
Salary Expense	11,000
Depreciation Expense	2,000
Rent Expense	2,000
Repair Expense	1,000
Supplies Expense	800
Insurance Expense	1,200
Utilities Expense	200
Total Expenses	18,400

Retained Earnings, Beginning	?
+ Net Income	$37,600
- Dividends	$3,000
Retained Earnings, Ending	Calculate accordingly

Account	Debit ($)	Credit ($)
Cash	47,000
Accounts Receivable	8,000
Prepaid Insurance	1,000
Supplies	900
Equipment	24,000
Tools	1,500
Accounts Payable		4,500
Unearned Revenue		2,000
Wages Payable		1,200
Common Stock		42,000
Retained Earnings		34,600