Flynn Design Agency was founded by Kevin Flynn in January 2011. Presented below is the adjusted trial

Question:

Flynn Design Agency was founded by Kevin Flynn in January 2011.

Presented below is the adjusted trial balance as of December 31, 2015.

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Instructions

(a) Prepare an income statement and a retained earnings statement for the year ending December 31, 2015, and an unclassified statement of financial position at December 31.

(b) Answer the following questions.
(1) If the note has been outstanding 6 months, what is the annual interest rate on that note?
(2) If the company paid €17,500 in salaries and wages in 2015, what was the balance in Salaries and Wages Payable on December 31, 2014?

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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