Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aakarshan Ltd. had the following account balances at December 31, 2021: Account Name Amount Income tax expense $12,380 Cash (beginning of year) 39,910 Purchase of

Aakarshan Ltd. had the following account balances at December 31, 2021:

Account Name Amount
Income tax expense $12,380
Cash (beginning of year) 39,910
Purchase of intangibles 1,560
Website design 1,500
Supplies expense 1,375
Supplies 3,150
Payment of dividends 7,000
Service revenue 79,480
Cash received from debt 25,000
Dividends 7,000
Payments to suppliers 56,925
Retained earnings (beginning of year) 28,365
Bank loan payable, due in 2025 25,000
Website expense 1,000
Advertising expense 1,750
Owner's capital 17,500
Prepaid insurance 1,800
Contributions by owners 8,500
Business licence 60
Insurance expense 3,600
Interest expense 1,800
Accounts receivable 52,375
Prepaid expenses 2,700
Income tax payable 2,775
Deferred revenue 2,450
Collections from customers 58,450
Accounts payable 33,845
Cash (end of year) 66,375
Salaries expense 32,550

Can You make a single step income statement , statement of retained earnings , balance sheet , and statement of cashflows from the chart above. WILL GIVE RATING QUICK !!

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Economics And Financing

Authors: Thomas E. Getzen, Michael S. Kobernick

6th Edition

1119815681, 9781119815686

More Books

Students also viewed these Accounting questions

Question

how to conclude a paper talking about the strategy diamond

Answered: 1 week ago

Question

What are the HR forecasting techniques?

Answered: 1 week ago

Question

Define succession planning. Why is it important?

Answered: 1 week ago

Question

Distinguish between forecasting HR requirements and availability.

Answered: 1 week ago