Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. Prepare the financial statements (4pts total): Below is the adjusted trial balance for Beautiful Beaches, Ltd. as of June 30, 2022: Account: Cash Beautiful
4. Prepare the financial statements (4pts total): Below is the adjusted trial balance for Beautiful Beaches, Ltd. as of June 30, 2022: Account: Cash Beautiful Beaches, Ltd. Adjusted Trial Balance As of 6/30/2022 DEBIT: $ 1,091,888 CREDIT: A/R Supplies Prepaid Rent Building SSSSS $ 1,380,450 $ 11,451 $ 16,000 $ 80,000 Accumulated Depreciation-Building $ 60,000 A/P $ 1,159,750 OVER => ACCY 201-Friday Discussion Homework #4-10 points Fall 2022 Deadline: you must submit this assignment electronically via Canvas using the submission link I have provided in the module by 11:59pm, Sunday 9/18. Make sure your name, your TA's name, and your discussion section time are clearly indicated on your submission to ensure you receive credit. Wages Payable Interest Payable Investigate SS S 15,730 600 Wages Payable Interest Payable Deferred Revenue Notes Payable Common Stock Retained Earnings Service Revenue Supplies Expense Interest Expense Rent Expense Wages Expense Depreciation Expense Dividends $ 15,730 600 $ 19,300 $ 600,000 $ SSSSSSS $ 250,000 229,855 672,500 $ 71,266 $ 1,200 $ 32,000 $ 318,200 $ 5,000 $ 280 $ 3,007,735 $ 3,007,735 Using the adjusted trial balance given above, prepare the following financial statements: (1pt) Income statement for the fiscal year ended June 30, 2022. (1pt) Statement of Shareholders' Equity for the fiscal year ended June 30, 2022. Assume no additional stock was issued during the period and $280 in dividends (as given in the adjusted TB) were paid in cash during the period. (2pts) Classified balance sheet as of June 30, 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started