Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is the draft trial balance for Immune Inc. as at December 31, 2022 for the year ended on that date. Using the above account

image text in transcribed

image text in transcribed

Below is the draft trial balance for Immune Inc. as at December 31, 2022 for the year ended on that date. Using the above account balance information, prepare the following: A) An Income Statement for 2022. (10 marks) B) A Statement of Retained Earnings for 2022. (5 marks) C) A classified Balance Sheet at December 31, 2022. Be sure to include all the appropriate headings and sections and subtotals. (20 marks) D) Immune Inc. accounting records reveal the following additional information relating to 2022 transactions: - The beginning balances of various accounts at January 1, 2022 were as follows: - Equipment was sold for $12,100 cash. - The company purchased equipment for $34,000 cash. - The company purchased long-term investments for $3,000 cash. - The company issued common shares for $5,000 during the year. - The company paid off $25,000 of the bank loan payable. - The company paid $20,000 of dividends to shareholders. 1. Using the financial statements you created in Parts AC, and the above information, prepare a Statement of Cash flows for the year ended December 31, 2022. (18 marks) 2. Comment on the strengths and weaknesses of the company's cash flow based on your calculations. (2 marks) E) Do closing entries for Immune Inc. at December 31, 2022

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_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

Auditing And Assurance Services

Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau

9th International Edition

1266285997, 978-1266285998

More Books

Students also viewed these Accounting questions

Question

12. Identify the ultimate boon in Excalibur.

Answered: 1 week ago