Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below are the unadjusted account balances for Dickenson Corp as of December 31, 2021: Unadjusted Account Balances Account Accounts payable $ 3,350 Accounts receivable

image text in transcribed

Below are the unadjusted account balances for Dickenson Corp as of December 31, 2021: Unadjusted Account Balances Account Accounts payable $ 3,350 Accounts receivable $ 11,000 Accumulated depreciation $ 29,779 Cash 39,771 Common Shares S 20,000 Cost of goods sold 194,000 Equipment $ 44,000 Interest expense 5,250 Inventory $ 18,060 Long term Loan S 26,000 Prepaid rent S 2,600 Rent expense 19,087 Retained Earnings $ 21,302 Sales 280,412 Salaries expense 51,000 Supplies 2,075 Uneamed revenue S 6,000 The accountant recorded the following adjusting entries: (1) Depreciation on the equipment $ 5,522 Salaries payable for 6 days of work S 1,020 Interest expense $ 1,040 (2) The ending supplies inventory count came to $1575 indicating that $500 of supplies had been used during the year. (3) All unearned revenue obligations were fulfilled. (4) Income tax is calculated as $1000 but has not yet been paid. Required: Prepare a Statement of Financial Position for the year 2021

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

Intermediate Accounting

Authors: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

More Books

Students also viewed these Accounting questions

Question

Draw and name the eight isomeric alcohols with formula C5H12O.

Answered: 1 week ago

Question

LO 2-4 Explain the four dimensions of social responsibility.

Answered: 1 week ago

Question

The dividend yield measures ___

Answered: 1 week ago