Business, 18.06.2020 18:57 cesar2679

A. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An inventory count shows that teaching supplies costing $2,891 are available at year-end.
c. Annual depreciation on the equipment is $13,342.
d. Annual depreciation on the professional library is $6,671.
e. On September 1, WTI agreed to do five courses for a client for $2,800 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $14,000 cash in advance for all five courses on September 1, and WTI credited Unearned Training Fees.
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $9,403 of the tuition has been earned by WTI.
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
h. The balance in the Prepaid Rent account represents rent for December.
WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Credit Debit 26, 642 $ 10, 245 15, 371 2,050 30, 739 9, 223 71, 718 Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation Professional library Equipment Accumulated depreciation Equipment Accounts payable Salaries payable Unearned training fees T. Wells, Capital T. Wells, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 16, 396 34, 159 0 14, 000 65, 169 40,988 104,516 38,937 49, 186 22, 550 0 7,173 5, 738 282, 400 $ $ 282, 400
3-a. Prepare Wells Technical Institute's income statement for the year.
3-b. Prepare Wells Technical Institute's statement of owner's equity for the year. The T. Wells, Capital account balance was $65,169 on December 31 of the prior year.
3-c. Prepare Wells Technical Institute's balance sheet as of December 31.

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A. An analysis of WTI's insurance policies shows that $3,335 of coverage has expired. b. An invento...

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