How to prepare

Actinolite Automobiles Inc.

Adjusted Trial Balance

December-31-23

Debit Credit

Accounts payable $44,620

Accounts receivable $25,430

Accumulated depreciation - equipment 14,300

Accumulated depreciation - building 95,500

Accumulated other comprehensive income - Jan 1, 2023 0

Advertising expense 9,700

Building 400,000

Cash 157,000

Cash dividends - common 10,000

Common shares (10,000 shares issued) 250,000

Contributed surplus - reacquisition of common shares 6,000

Cost of goods sold 417,000

Depreciation expense 20,000

Dividends payable 10,000

Equipment 80,000

Gain on sale of equipment 850

Income tax expense 0

Income tax payable 0

Interest expense 2,550

Merchandise inventory 66,140

Office expense 8,500

Other comprehensive income - holding loss on equity investment (before income tax) 2,250

Retained earnings - Jan 1, 2023 57,300

Sales 720,000

TOTALS 1,198,570 1,198,570

Prepare a statement of comprehensive income on an all-inclusive basis (ignoring earnings per share)

Prepare a statement of changes in shareholders' equity for the year

Prepare the shareholder's equity section of the balance sheet at December 31, 2023