1. Business
  2. Accounting
  3. base your answer to problem 1 on the following information...

Question: base your answer to problem 1 on the following information...

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Base your answer to Problem 1 on the following information. 1. The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory-April 1, 20X1 Prepaid Insurance Supplies on Hand Equipment Accumulated Depreciation-Equipment Accounts Payable Taxes Payable Capital Stock Retained Earnings $ 3,995 13,240 120 22,800 360 520 15,000 4,500 11,870 390 25,000 11,920 9,000 Sales Sales Returns and Allowances Sales Discounts Purchases Purchase Returns and Allowances Purchase Discounts Transportation-In Sales Salaries Rent Expense Advertising Expense Utilities Expense Maintenance Expense 89,490 920 1,330 56,320 490 1,125 11,800 3,600 2,700 1,880 560 Additional data: a. Merchandise inventory at March 31, 20X2, was $23,300 b. The Allowance for Doubtful Accounts should be increased by $600. c. Prepaid insurance represents a three-year policy purchased April 1, 20x1 d. Supplies on hand were estimated to be $170 on March 31, 20x2. e. The cost of the equipment is being depreciated over a 15-year estimated life using the straight-line method. Salvage value should be ignored. Unpaid sales salaries on March 31, 20x2, amounted to $200. f. REQUIRED: 1. Prepare a work sheet. (Adjusted trial balance columns may be omitted.) 2. Prepare an income statement. 3 balance sheet. 5. Prepare the closing entries . Prepare a statement of retained earnings. 4. Preparea

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