Sorenstam Advertising AG was founded in January 2015. The following are the adjusted and unadjusted trial balances
Question:
Instructions
a. Journalize the annual adjusting entries that were made. (Omit explanations.)
b. Prepare an income statement and a retained earnings statement for the year ending December 31, 2019, and an unclassified statement of financial position at December 31, 2019.
c. Answer the following questions.
1. If the useful life of equipment is 6 years, what is the expected residual value?
2. If the note has been outstanding 3 months, what is the annual interest rate on that note?
3. If the company paid ¬12,500 in salaries and wages in 2019, what was the balance in Salaries and Wages Payable on December 31, 2018?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Question Posted: