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    Adjusted Trial Balance

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    Below are some Financial Accounting Questions I have.

    The adjusted trial balance of Full Spectrum Color
    Laboratory at June 30, 19X9, after all adjustments,
    follows...

    Full Spectrum Color Laboratory
    Adjusted Trial Balance
    June 30, 19X9

    Cash..............................................................................$19, 350
    Accounts receivable................................................... 26, 470
    Supplies ........................................................................31, 290
    Prepaid insurance .........................................................3, 200
    Equipment .................................................................. 55, 800
    Accumulated Depreciation - equipment.............................. 16,
    480
    Building........................................................................114, 900
    Accumulated Depreciation - building.................................
    16, 850
    Land.................................................................................30, 000
    Accounts payable........................................................................ 38, 400
    Interest payable.............................................................................. 1, 490
    Wages payable................................................................................. 770
    Unearned Service Revenue...................................................... 2, 300
    Note payable, long term............................................................ 97, 000
    Frank Santos, capital.................................................................. 68, 390
    Frank Santos, withdrawals....................................... 45, 300
    Service Revenue........................................................................ 139, 860
    Depreciation Expense - equipment........................... 7, 300
    Depreciation Expense - building........................... 3, 970
    Wage expense............................................................ 21, 470
    Insurance Expense.........................................................3, 100
    Interest Expense......................................................... 11, 510
    Utilities expense............................................................ 4, 300
    Supplies expense............................................................3, 580
    Total........................................................................... $381, 540 $381, 540

    Adjusting data at June 30, 19X9, which have all been
    incorporated into the adjusted trail balance figures:

    Depreciation for the year: equipment, $7, 300;
    building, $3, 970.

    Supplies used during the year, $3, 580.

    Prepaid insurance expired during the year, $3, 100.

    Accrued interest expense, $690.

    Accrued service expense, $940.

    Unearned service revenue earned during the year,
    $7,790.

    Accrued wage expense, $770.

    Journalize the adjusting entries that would lead to
    the adjusted trial balance shown here. Also journalize
    the closing entries.

    Prepare Full Spectrum Color Laboratory's income
    statement and statement of owner's equity for the year
    ended June 30, 19X9, and the classified balance sheet
    on that date. Use the account format for the balance
    sheet.

    Compute Full Spectrum Color Laboratory's current ratio
    and debt ratio at June 30, 19X9. One year ago, the
    current ratio stood at 1.01 and the debt ratio was
    0.71. Did Full Spectrum's ability to pay debts improve
    or deteriorate during fiscal year 19X9?

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    Solution Preview

    Hi There,
    <br>
    <br>Please see the attached Excel document. Also, here are a few websites that can act as a reference point for you in the ...

    Solution Summary

    This problem involves the fundamentals of accounting

    $2.19

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