Lisa and Charlie operate a yacht maintenance service that they incorporated as Reliable Yacht Repair,Inc.They recently talked to their banker about obtaining a loan.The banker has requested their most recent financial statements prepared in accordance with GAAP.Lisa and Charlie are unsure of how to proceed and ask you for advice.You asked for their most recent unadjusted trial balance,which follows:
Required:
Review the unadjusted trial balance and identify the accounts that might require adjustment at June 30,2015.Then,describe what information you would need in order to determine the nature and amount of the adjusting entry for each of the accounts identified.
Definitions:
Amylase
An enzyme, found chiefly in saliva and pancreatic fluid, that converts starch and glycogen into simple sugars.
Elastase
An enzyme that breaks down elastin, an important protein in connective tissue which provides elasticity.
Enzymatic Reaction
A chemical process catalyzed by enzymes, speeding up reactions in the cells.
Reactants
Reactants are substances initially present in a chemical reaction that are consumed during the reaction to form products.
Q17: Which of the following would not be
Q21: If merchandise costing $500 that was sold
Q30: Which of the following statements about the
Q93: Which concept should be applied when reporting
Q105: Alpha Company bought inventory from Omega Company,FOB
Q106: Beginning inventory plus purchases minus ending inventory
Q121: Which of the following practices would not
Q147: Employee fraud is often grouped into three
Q166: What type of account is Accounts Receivable?<br>A)
Q181: Unearned Revenue is reported on the balance