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