Help

[Stella8804]

I am taking Intermediate Accounting and my assignment is to find Lockheed Martins financial statements for 2009 and reconstruct the adjusted trial balance. I'm so lost. I'm not sure how to reconstruct a trial balance...what am I reconstructing it from and with? This is due tomorrow and I am so confused. I may be over thinking this, but can anyone help explain this to me so that I can understand what she is asking for?

 

[Triest123]

I am taking Intermediate Accounting and my assignment is to find Lockheed Martins financial statements for 2009 and reconstruct the adjusted trial balance. I'm so lost. I'm not sure how to reconstruct a trial balance...what am I reconstructing it from and with? This is due tomorrow and I am so confused. I may be over thinking this, but can anyone help explain this to me so that I can understand what she is asking for?

=> Firstly, you need to make all the adjusted entries to reconstruct the
adjusted trial balance

 

[kirby]

Take the balance sheet accounts and put them into the format of a trial balance:
Acct name DR CR
Then make sure total drs = total credits
then take the current year income statement and add that in to the trial balance
(where revenues are typically credits and expenses typically credits
and make sure all that equals net income
now remove the net income amount from the income statement accts you posted AND remove the current year's net income from the balance sheet accts equity section and you should have the adjusted trial balance that was used to create the balance sheet and income statement. (Hey make sure drs = crs) Good Luck!

 

[ALSG]

how the heck are you suppose reconstruct someone else's account? its like a stranger came and renovate your house...