a. give adjusting entries/ journal enteries.
b. prepare income statement(multistep)
c. prepare statement of change in equity
d. prepare statement of financial position.
- P5.17A (LO 6) Active Athletic Wear Ine's adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year: \begin{tabular}{|l|r|} \hline Accounts payable & $123,250 \\ \hline Accounts receivable & 66,300 \\ \hline Accumalated depreciation-buildings & 77,700 \\ \hline Accumalated depreciation-equipment & 64,350 \\ \hline Administrative expenses & 271,350 \\ \hline Buildings & 285,000 \\ \hline Cash & 25,500 \\ \hline Common shares & 112,500 \\ \hline Deferred revemue & 12,450 \\ \hline Dividends declared & 12,000 \\ \hline Equipment & 165,000 \\ \hline Freight in & 8,400 \\ \hline Income tax expense & 24,000 \\ \hline Interest expense & 15,600 \\ \hline Inventory, Jan. & 60,750 \\ \hline Land & 112,500 \\ \hline Mortgage payable & 187,500 \\ \hline Prepaid insurance & 3,600 \\ \hline Property tax payable & 7,200 \\ \hline Purchase discounts & 33,750 \\ \hline Purchase returns and allowances & 9,600 \\ \hline Purchases & 602,400 \\ \hline Refund liability & 6,200 \\ \hline Retained earmings & 102,900 \\ \hline Salaries payable & 5,250 \\ \hline Sales & 921,000 \\ \hline Selling expenses & 11,250 \\ \hline \end{tabular} Additional information: 1. Active Athletic Wear uses a periodic inventory system. 2. A physical inventory count determined that Inventory on December 31,2021 , was $108,900. 3. Of the mortgage payable, $18,750 is due in the next year. 4. Common shares of $37.500 were issued during the year. Instructions a. Prepare the adjusting entry required to update the inventory and related accounts at December 31 . Update the affected accounts. b. Prepare a multiple-step statement of income, statement of changes in equity, and statement of financial position for the year. - P5.17A (LO 6) Active Athletic Wear Ine's adjusted trial balance amounts (with the exclusion of the adjusting entry to update Inventory and Cost of Goods Sold accounts) appear in alphabetical order as follows on December 31, 2021, the end of its fiscal year: \begin{tabular}{|l|r|} \hline Accounts payable & $123,250 \\ \hline Accounts receivable & 66,300 \\ \hline Accumalated depreciation-buildings & 77,700 \\ \hline Accumalated depreciation-equipment & 64,350 \\ \hline Administrative expenses & 271,350 \\ \hline Buildings & 285,000 \\ \hline Cash & 25,500 \\ \hline Common shares & 112,500 \\ \hline Deferred revemue & 12,450 \\ \hline Dividends declared & 12,000 \\ \hline Equipment & 165,000 \\ \hline Freight in & 8,400 \\ \hline Income tax expense & 24,000 \\ \hline Interest expense & 15,600 \\ \hline Inventory, Jan. & 60,750 \\ \hline Land & 112,500 \\ \hline Mortgage payable & 187,500 \\ \hline Prepaid insurance & 3,600 \\ \hline Property tax payable & 7,200 \\ \hline Purchase discounts & 33,750 \\ \hline Purchase returns and allowances & 9,600 \\ \hline Purchases & 602,400 \\ \hline Refund liability & 6,200 \\ \hline Retained earmings & 102,900 \\ \hline Salaries payable & 5,250 \\ \hline Sales & 921,000 \\ \hline Selling expenses & 11,250 \\ \hline \end{tabular} Additional information: 1. Active Athletic Wear uses a periodic inventory system. 2. A physical inventory count determined that Inventory on December 31,2021 , was $108,900. 3. Of the mortgage payable, $18,750 is due in the next year. 4. Common shares of $37.500 were issued during the year. Instructions a. Prepare the adjusting entry required to update the inventory and related accounts at December 31 . Update the affected accounts. b. Prepare a multiple-step statement of income, statement of changes in equity, and statement of financial position for the year
