Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I am stuck on this parts if anyone can help. Thank you in advanced! Financial Statements: Create financial statements using appropriate methods based on

image text in transcribed

image text in transcribedimage text in transcribed

Hi,

I am stuck on this parts if anyone can help. Thank you in advanced!

Financial Statements: Create financial statements using appropriate methods based on accepted accounting principles. Be sure to prepare these financial statements in the order listed, as there are important interdependencies among them. Adjusting entries Debit Credit Trial Balance 20xx Unadjusted trial balance Debit Credit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 A. Income Statement: Prepare the income statement using the adjusted trial balance. B. Statement of Owner's Equity: Prepare the statement of owner's equity using the adjusted trial balance. C. Balance Sheet: Prepare the balance sheet using the adjusted trial balance. D. Closing Entries: Complete the "Closing Entries" tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries. E. Post-Closing Trial Balance: Prepare the "Post-Closing Trial Balance" tab of the company accounting workbook in preparation for the next accounting period. 19,400.00 200.00 600.00 9,700.00 208.00 550.00 10.000.00 150.00 A Company Adjusting Journal Entries 20XX 7,000.00 480.00 30,000.00 Adjusted trial balance Debit Credit 51,436.75 1,100.00 175.65 1,500.00 1,000.00 5,000.00 208.33 50.00 9,700.00 10,000.00 150.00 7,000.00 480.00 30,000.00 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 10,000.00 Credit Debit 208.33 60,000.00 221.00 19,400.00 208.33 4,500.00 150.00 150,00 Date Accounts 31-Dec Depreciation Expense Accumulated Depreciation 31-Dec Interest Expense Interest Payable 31-Dec Insurance Expense Prepaid Insurance 31-Dec Baking Supplies Expense Baking Supplies 31-Dec Office Supplies Expense Office Supplies 150.00 200.00 208.00 200.00 250.00 200.00 550.00 19,400.00 19,400,00 550.00 375.00 200.00 1,956.00 150.00 157.60 550.00 107,701.00 107,701.00 20,508.00 20,508.00 108,059.33 108,059.33 20,508.33 20,508.33 A Company Income Statement For Qtr. Ending 12/31/20XX A Company Balance Sheet As of December 31, 20XX Revenues Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit Assets Current Assets: Cash Accounts Receivable Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Liabilities and Owners' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Total Current Liabilities Long Term Liabilities: Total Current Assets Total Long Term Liabilities: Total Liabilities: Operating Expenses: Rent Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Shareholder's Equity: Non-Current Assets: Total Equity Baking Equipment (Net) Total Assets: : Total Liabilities & Equity Total Operating Expenses: Account Cash Trial Balance 20xx Unadjusted trial balance Adjusting entries Debit Credit Debit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 600.00 9,700.00 10,000.00 7,000.00 480.00 30,000.00 Adjusted trial balance Credit Debit Credit 51,436.75 19,400.00 1,100.00 175.65 1,500.00 200.00 1,000.00 5,000.00 208.00 208.33 550.00 50.00 9,700.00 10,000.00 150.00 150.00 7,000.00 480.00 30,000.00 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.00 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 Total: 107,701.00 107,701.00 20,508.00 20,508.00 108,059.33 108,059.33 Common Stock Retained Earnings Total 0 0 0 Beginning Balances, September 30 Issued Common Stock Net Income Dividends Ending Balances, December 31: A Company Closing Entries Qtr ending 12/31/20xx Debit Credit Date Accounts 31-Dec Bakery Sales Merchandise Sales Retained Earnings 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 31-Dec Retained Earnings Dividends Post-Closing Trial Balance Qtr. Ending 12/31/20xx Unadjusted Trial Balance Debit Credit Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Accounts Payable Wages Payable Interest Payable Notes Payable Common Stock Retained Earnings Total

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

Auditing Social Media A Governance And Risk Guide

Authors: Peter R. Scott, J. Mike Jacka

1st Edition

1118061756, 978-1118061756

More Books

Students also viewed these Accounting questions

Question

10 What are the roles of suppliers and customers in a lean system?

Answered: 1 week ago

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago