East Asian Importers Limited has the following alphabetical list of accounts and balances (in thousands) as at January 31, 2012:

Additional information:
During the year, common shares were issued for $12,900.

Instructions

(a) Prepare a trial balance, sorting each account balance into the debit column or the credit column.

(b) Prepare an income statement and statement of changes in equity for the year just ended and the statement of financial position as at January 31, 2012.

Transcribed Image Text:

Accounts payable Accounts receivable Building $ 46,300 Land Mortgage payable $12,500 19,150 rtgage payable due within one Merchandise inventories Notes payable (due 2015) Operating expenses Other assets Other short-term liabilities Prepaid expenses Retained 39,500 year 32,900 244,200 1,850 10,900 7,600 12,450 74,250 10,050 67,750 26,250 12,200 3,950 earnings, February 1, 201137,050 370,000 Common shares Cost of goods sold Equipment Goodwil1 Income tax expense Interest expense