E$4-17($Algo$)$ Recording Four Adjusting Entries, Completing a Trial Balance, Preparing Financial Statements and Recording Closing Entries LO$4-1,4-2,4-4$

Cayuga Ltd$.$ prepared the following trial balance at the end of its first year of operations ended December $31.$ To simplify the case, the amounts given are in thousands of dollars. Other data not yet recorded at December $31$ are as follows:

Account Title Unadjusted Cash $ $56$ Accounts receivable $27$ Prepaid insurance $9$ Machinery $(20-$year life, no residual value$)140$ Accumulated depreciation $ $14$ Accounts payable $27$ Wages payable Income taxes payable Contributed capital $(7,000$ common shares$)119$ Retained earnings $($deficit$)7$ Revenues $($not detailed$)129$ Expenses $($not detailed$)50$ Totals $$289$ $$289$

a$.$ Insurance expired during the year, $$7.$

b$.$ Depreciation expense for the year, $$7.$

c$.$ Wages payable, $$10.$

d$.$ Income tax expense, $$27.4-$a$.$ Using the adjusted balances, prepare a statement of earnings. $($Enter your answers in thousands of dollars. Round "Earnings per share" to $2$ decimal places.$)4-$b$.$ Using the adjusted balances, prepare a statement of changes in equity. $($Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.$)4-$c$.$ Using the adjusted balances, prepare a statement of financial position. $($Enter your answers in thousands of dollars. Amounts to be deducted should be indicated with a minus sign.$)6.$ Using the adjusted balances, prepare the closing entries for the year. $($Enter your answers in thousands of dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)4-$a$.$ Using the adjusted balances, prepare a statement of earnings. $($Enter your answers in thousands of dollars. Round "Earnings per share" to $2$ decimal places.$)$

Answer is complete but not entirely correct. $4-$b$.$ Using the adjusted balances, prepare a statement of changes in equity. $($Enter your answers in thousands of dollars. Negative answers should be indicated by minus sign.$)$

Answer is not complete. $4-$c$.$ Using the adjusted balances, prepare a statement of financial position. $($Enter your answers in thousands of dollars. Amounts to be deducted should be indicated with a minus sign.$)$

Answer is not complete.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$CAYUGA LTD$.\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Statement of Financial Position$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$As at December $31\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{($In thousands of dollars$)\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Assets$\}\backslash \backslash$

$\backslash$hline Cash $($ & & $\backslash$$ & $56\backslash \backslash$

$\backslash$hline Accounts receivable $\backslash ((>)\backslash )$ & & & $27\backslash \backslash$

$\backslash$hline Prepaid insurance $($ & & & $\backslash (3\backslash$times $\backslash )\backslash \backslash$

$\backslash$hline Machinery, at cost $($ & $\backslash$$ $\backslash (121\backslash$times $\backslash )$ & & $\backslash \backslash$

$\backslash$hline & & & $121\backslash \backslash$

$\backslash$hline Total assets & & $\backslash$$ & $207\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Liabilities$\}\backslash \backslash$

$\backslash$hline Accounts payables & & $\backslash$$ & $27\backslash \backslash$

$\backslash$hline Wages payable $($V$)$ & & & $10\backslash \backslash$

$\backslash$hline Income taxes payable & & & $27\backslash \backslash$

$\backslash$hline & & & $\backslash \backslash$

$\backslash$hline Total liabilities & & & $64\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{4\}\{|$l$|\}\{$Shareholders$\text{'}$ Equity$\}\backslash \backslash$

$\backslash$hline Contributed capital & $\backslash$$ $\backslash (103\backslash$times $\backslash )$ & & $\backslash \backslash$

$\backslash$hline Retained earnings & & & $\backslash \backslash$

$\backslash$hline & & & $103\backslash \backslash$

$\backslash$hline Total liabilities and shareholders' equity & & $\backslash$$ & $167\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}5.$ This part of the question is not part of your Connect assignment.

$6.$ Using the adjusted balances, prepare the closing entries for the year. $($Enter your answers in thousands of dollars. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Answer is not complete.