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Coyote Company Adjusted Trail Balance As of 12/31/2019 account credit debit cash $30,000 accounts receivable 40,000 allowance for doubtful accounts $1,000 notes receivable 18,000 inventory
Coyote Company
Adjusted Trail Balance
As of 12/31/2019
account | credit | debit |
cash | $30,000 | |
accounts receivable | 40,000 | |
allowance for doubtful accounts | $1,000 | |
notes receivable | 18,000 | |
inventory 12/31/2019 | 51,000 | |
prepaid insurance | 6,000 | |
long term investment in ms stock | 80,000 | |
buildings | 500,000 | |
accumulated depreciation on buildings | 300,000 | |
furniture and equipment | 110,000 | |
accumulated depreciation of F & E | 30,000 | |
patent | 90,000 | |
accounts payable | 20,000 | |
bonds payable | 100,000 | |
common stock | 360,000 | |
retained earnings | 257,000 | |
dividends | 160,000 | |
sales | 410,000 | |
COGS | 243,000 | |
salary expense | 50,000 | |
rent expense | 60,000 | |
gain on sale of discounted operation | 60,000 | |
net loss from operations of discounted operation | 100,000 | |
totals | 1,538,000 | 1,538,000 |
*net of tax amounts, tax = 30%
Instructions: using information on the above adjusted trial balance prepare
a. Multiple steps Income statement for 2019
b. Statement of Retained Earnings for 2019
c. Multiple step Balance sheet as of 12/31/2019
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