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Adjustment process and financial statements
Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 2013, are as follows:
a. Wages accrued but not paid at December 31, $2,150
b. Depreciation of equipment during the year, $12,500
c. Laundry supplies on hand at December 31, $1,500
d. Insurance premiums expired, $4,600
Instructions
1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.
2. Prepare an income statement and retained earnings statement for the year ended December 31, 2013. The retained earnings balance as of January 1, 2013, was $101,500.
3. Prepare a classified balance sheet as of December 31, 2013.
4. Prepare a statement of cash flows for the year ended December 31, 2013.
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