The adjusted trial balance of Feagler Company for the year ended December 31, 2020, is as follows
Question:
The adjusted trial balance of Feagler Company for the year ended December 31, 2020, is as follows
Instructions
Prepare a multiple-step income statement and retained earnings statement for 2020, and a classified balance sheet as of December 31, 2020.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Debit Credit $ 5,500 Cash Accounts Receivable 3,100 Note Receivable (due February 20, 2021) 2,000 Inventory 6,000 Timberland 21,000 Land 14,000 Equipment 35,400 Patents 11,000 Accumulated Depletion $ 3,900 Allowance for Doubtful Accounts 1,000 Accumulated Depreciation-Equipment 8,300 Notes Payable (due January 15, 2021) 4,600 Accounts Payable 2,300 Common Stock 60,000 Retained Earnings 8,500 Sales Revenue 52,000 Interest Revenue 400 Cost of Goods Sold $ 23,000 Salaries and Wages Expense 11,400 Depreciation Expense 2,100 Amortization Expense 1,600 Research and Development Expense 1,300 Bad Debt Expense 500 License Expense 300 Interest Expense 800 Loss on Disposal of Plant Assets 2,000 Total $141,000 $141,000
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Feagler Company Income Statement For the Year Ended December 31 2020 Sales revenue 52000 Cost of goods sold 23000 Gross profit 29000 Operating expense...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
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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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