<\/div><\/div><\/div> 125% T View Zoom Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize Part II TB T-accounts Journal Entries & Trial Balance Part I Chapter 2 Homework Part II Using the adjusted trial balance from homework part I (see next sheet in red): 1. Prepare the necessary closing entries at December 31, year 1. 2. Prepare an income statement for the year ended December 31, year 1, and a classified balance sheet as of December 31, year 1. Template 1: Beginning Ending retained Net retained General Journal (closing entries) earnings Income earnings Date Account title and explanation Debit Credit T$ Template 2: Follow example in Chapter 2 Exercise Power Point, Exercise 2-12, pages 31 and 32 Income Statement For the year ended December 31, year 1 Balance Sheet December 31, year 1 Assets Current Assets125% T View Zoom Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize Part II TB T-accounts Journal Entries & Trial Balance Part I Balance Sheet December 31, year 1 Assets: Current Assets: Total current assets Non-current assets: Total assets Liabilities and shareholder's equity Current liabilities: Total current liabilities Long-term liabilities Total liabilities Shareholder's equity: Total shareholder's equity Total liabilities and shareholder's equity should be zero",
"transcribed_text": "",
"related_book": {
"title": "Accounting Principles",
"isbn": "1119491630, 978-1119491637, 978-0470534793",
"edition": "10th Edition",
"authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg",
"uri": "\/textbooks\/accounting-principles-10th-edition-54",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "1285952359",
"uri": "\/textbooks\/agribusiness-principles-of-management-1st-edition-9781285952352-9781285947839",
"name": "Agribusiness Principles Of Management",
"edition": "1st\u00a0Edition"
},
"question_posted": "2024-06-29 02:42:03",
"see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/show-if-two-plane-mirrors-meet-at-angle-1060-single",
"description": "Show that if two plane mirrors meet at an angle \u0424, a single ray reflected successively from both mirrors is deflected through an angle of 2\u0424 independent of the incident angle. Assume...",
"stars": 3
},
{
"url": "\/study-help\/business-statistics-in-practice\/b-what-is-the-factor-1982251",
"description": "=+b) What is the factor?",
"stars": 3
},
{
"url": "\/trans-sport-company-sells-sporting-goods-to-retailers-in-three",
"description": "Trans Sport Company sells sporting goods to retailers in three different statesFlorida, Georgia, and Tennessee. The following profit analysis by state was prepared by the company: In addition, assume...",
"stars": 3
},
{
"url": "\/study-help\/questions\/cvs-is-selling-inventory-and-a-building-to-an-unrelated-9865079",
"description": "CVS is selling inventory and a building to an unrelated company Riteaid for $100,000. The cost, book value, and fair value of the building are $90,000, 70,000, and 110,000. The cost, book value, and...",
"stars": 3
},
{
"url": "\/study-help\/questions\/linux-please-explain-the-commands-cd-dir2-and-cd-cd-8585467",
"description": "Linux please explain The commands cd.. dir2 and cd; cd dir2 are equivalent. However, if one issues next the command cd - the results are different. Explain",
"stars": 3
},
{
"url": "\/study-help\/questions\/pants-per-day-4-w-miyahs-ppf-n-1-dereks-5280069",
"description": "Pants (per day) 4 W Miyah's PPF N 1 Derek's PPF 2 3 4 5 6 Shirts (per day) The graph shows Miyah and Derek's Production Possibilities Curve. (a) What is Miyah's opportunity cost of producing a shirt?...",
"stars": 3
},
{
"url": "\/study-help\/questions\/the-parking-brake-fails-on-a-1800kg-truck-causing-it-5367916",
"description": "The parking brake fails on a 1800kg truck, causing it to roll downhill. At the bottom of the hill, it crashes into a parked car at 3 m\/s. The truck comes to a stop in just 0.2 s. What force did the...",
"stars": 3
},
{
"url": "\/study-help\/questions\/henry-a-resident-of-nevada-sued-adam-a-resident-of-3398404",
"description": "Henry, a resident of Nevada, sued Adam, a resident of Utah in the Federal Court in California. He sought $60,000 damages for personal injuries arising from an automobile accident that occurred in Los...",
"stars": 3
},
{
"url": "\/study-help\/questions\/whether-someone-is-a-manager-or-a-lowerstatus-employee-a-5068791",
"description": "Whether someone is a manager or a lower-status employee, a company fines them every time they \"clock in\" late for work. This shared accountability is an example of ____________",
"stars": 3
},
{
"url": "\/study-help\/questions\/bless-ltd-purchased-equipment-for-80000-with-an-expected-salvage-1245691",
"description": "Bless Ltd. purchased equipment for $80,000, with an expected salvage value of $5,000 after 8 years. Calculate the book value after 3 years using the double-declining balance method. Question 21...",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/blossom-company-is-preparing-its-budgeted-income-statement-for-2020-4451387",
"next": "\/study-help\/questions\/computing-revenues-on-longterm-projects-computing-revenues-on-longterm-projects-4451389"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Accounting",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting"
},
{
"name": "125% T View Zoom Add Category Insert Table Chart Text Shape Media",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/125-t-view-zoom-add-category-insert-table-chart-text-4451388"
}
],
"skill_details": {
"skill_id": "9",
"skill_name": "Accounting",
"parent_id": "1"
}
}}