Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Based on the Trial balance sheet and opening balances can you build the income statement and balance sheet with reference to the rubrics for each?

Based on the Trial balance sheet and opening balances can you build the income statement and balance sheet with reference to the rubrics for each? Thanks (All information from the problem is provided)

Opening Balance Sheet Credit Debit 388,000,000 255,000,000 Adjusted Trial Balance 388,000,000 255,000,000 255,000,000 5,500,0

Mason Automation Multiple Step Income Statement-Fiscal Month End 1/31/20 Sales revenue Uncanned revenue Total Revenue (Enter

Wasan Automation Les and States LLE Current Liabilities Current Assets ERRERTE BURETO Total Enter Balance Sheet Classificatio

Mason Automotive Journal entries No Reload this page ccount Entry #1 1-Jan Cash Common Stock Additional Paid in Capital Debit

Entry #9 $ 20,500,000 3-Jan Patent Cash $ 20,500,000 $ 175,000,000 Entry #10 4-Jan Property, Plant and Equipment Cash Account

Adjusting entries Entry #12 31-Jan Interest expense Premium/Discount Cash $425,000 $$ 8,333 2000000/20 years*1/12 416,667 1

Journal Entry #1 Mason Automotive sells 15,000,000 shares at $2 par for $15 on January 1st, 2020. Journal Entry #2 Ed Mason, 

Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Pre-Paid Expense Property Plant and Equipment Accumulated Depreciation Patent Accounts Payable Unearned Revenue Salaries and Wages Payable FICA Withholding Payable Federal Income Tax Payable State Income Tax Payable Payable Bond Payable Premium/Discount Common Stock Additional Paid In Capital Treasury Stock Retained Earnings Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Payroll Tax Expense Depreciation Expense Amortization Expense (Patent) Bad Debt Expense Supplies Expense Interest Expense Totals Opening Balance Sheet . . T . . . . . . . . . Debit 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,270,539,667 Credit (32,500,000) (2,000,000) 30,000,000 195,000,000 190,500,000 Adjusted Trial Balance 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 32,500,000 . 2,000,000 (30,000,000) (195,000,000) 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,080,039,667

Step by Step Solution

3.32 Rating (155 Votes )

There are 3 Steps involved in it

Step: 1

Let 6 be the angle of incident for two surfaces Finding ... 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_2

Step: 3

blur-text-image_3

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

Fundamental financial accounting concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

8th edition

978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365

More Books

Students also viewed these Accounting questions