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 Accounts receivable Accumulated depreciation

image text in transcribed

Below are the unadjusted account balances for Dickenson Corp as of December 31, 2021: Unadjusted Account Balances Account Accounts payable Accounts receivable Accumulated depreciation Cash Common Shares Cost of goods sold Equipment AAAAAAAAAAAAAAAAAAAAASS 3,350 $ 11,000 $ 29,779 $ 39,771 $ 20,000 $ 194,000 $ 44,000 Interest expense $ 5,250 Inventory $ 18,060 Long term Loan $ 26,000 Prepaid rent $ 2,600 Rent expense $ 19,087 Retained Earnings $ 21,302 Sales $ 280,412 Salaries expense $ 51,000 Supplies $ 2,075 Unearned revenue $ 6,000 The accountant recorded the following adjusting entries: (1) Depreciation on the equipment $ 5,522 Salaries payable for 6 days of work $ 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. Create our Statement of Financial Position Here

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

Financial Accounting in an Economic Context

Authors: Jamie Pratt

9th edition

9781118803035, 1118582551, 1118803035, 978-1118582558

More Books

Students also viewed these Accounting questions