Choke Cherry Ltd. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal
Question:
Choke Cherry Ltd. is a private company reporting under ASPE. Its adjusted trial balance at its fiscal year end, December 31, 2021, is shown below:
Instructions
Prepare an income statement, statement of retained earnings, and balance sheet.
Taking It Further
Compare dividends paid to owners of corporations with withdrawals by owners of proprietorships or partnerships.
CНОKE CHERRY LTD. Adjusted Trial Balance December 31, 2021 Debit Credit Cash $ 28,000 Inventory Supplies 26,500 5,000 Equipment Accumulated depreciation-equipment Accounts payable Income tax payable 300,000 $ 65,000 34,000 8,985 Unearned revenue 21,000 Notes payable ($12,000 is due in 2022) Preferred shares ($4 noncumulative, 1,000 issued) Common shares (120,000 issued) Retained earnings Cash dividends-preferred 30,000 40,000 60,000 73,000 4,000 Cash dividends-common 50,000 Sales 515,000 Cost of goods sold 159,000 Depreciation expense Income tax expense Insurance expense Interest expense 20,000 14,385 8,200 1,800 Rent expense Salaries expense Supplies expense 32,600 185,000 12,500 $846,985 $846,985
Step by Step Answer:
CHOKE CHERRY LTD Income Statement Year Ended December 31 2021 Sales 515000 Cost of goods sold 159000 Gross profit 356000 Operating expenses Depreciati...View the full answer
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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