Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, Please create a balance sheet for 2022 with given information. Thank you Additional information for 2022 adjusting entries: a) Review, Inc. uses a perpetual

Hello, Please create a balance sheet for 2022 with given information.

Thank you

image text in transcribed Additional information for 2022 adjusting entries: a) Review, Inc. uses a perpetual inventory system b) An aging of A/R calculates uncollectible accounts of $750. c) Equipment is depreciated at 10% per year, no depreciation has been recorded for 2022 to date. d) In order to boost their 2022 earnings; a sale of $6400 for January, 2023 was recorded in 2022; goods cost $4000. e) 2022 interest on the note payable has not been accrued. The 5 year note was issued on March 1, 2022, and has a simple interest rate of 12%. Principal and interest are due upon maturity. f) The balance in Insurance Expense represents $3,000 that was paid for a 1 year policy on October 1 . The policy went into effect on October 1. g) \$800 of supplies remained on hand on December 31, 2022. h) Review, Inc. received $2000 from a customer in December, 2022 for goods to be delivered in Jan. 2023. i) Dividends totaling $7,800 were declared on December 25 . The dividends will not be paid until January 15,2023 . No entry was made. j) On March 1, 2022, the company lent a supplier $20,000, a note was signed requiring principal and interest at 6% to be paid on February 28, 2023. k) Income taxes are estimated to be 20% of the income before income taxes. I) There are 50,000 shares authorized

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions