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I just need help preparing the statement of shareholders equity. Thanks! Smith Company Adjusted Trial Balance For Year Ended December 31, 2021 Dr Cr Cash
I just need help preparing the statement of shareholders equity. Thanks!
Smith Company Adjusted Trial Balance For Year Ended December 31, 2021 Dr Cr Cash $ 33,000 Accounts Receivable 48,000 Interest Receivable 3,000 Merchandise Inventory 55,000 Long-Term Investments 15,000 Land 70,000 Buildings and Equipment 225,000 Allowance for Doubtful Accounts 4,000 Accumulated Depreciation 25,000 Accounts Payable 13,000 Salaries Payable 2,000 Interest Payable 4,000 Income Tax Payable 7,000 Notes Payable 30,000 Bonds Payable 95,000 Discount on Bonds Payable 2,000 Common Stock-$1.00 par value 200,000 Paid in Capital In Excess of Par 20,000 Retained Earnings 47,000 Treasury Stock 8,000 Sales Revenue 200,000 Interest Revenue 3,000 Cost of Goods Sold 120,000 Salaries Expense 25,000 Depreciation Expense 5,000 Bad Debt Expense 1,000 Interest Expense 8,000 Loss on Sale of Building 3,000 Income Tax Expense 16,000 Dividends 13,000 $ 650,000 $ 650,000 Additional Information Prior Year Balances Accounts Receivable Inventories Total Assets Shareholder Equity 50,000 50,000 369,000 267,000 Smith Company Balance Sheet 31-Dec-21 Assets $ 33,000 48,000 (4,000) Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable (Net) Interest Receivable Merchandise Inventory Total Current Assets 44000 3,000 55,000 135000 15,000 Non Current Assets Long-Term Investments Property Plant and Equipment Land Buildings and Equipment Accumulated Depreciation Total Property Plant and Equipment Total Assets 70,000 225,000 (25,000) 270000 4200001 Liabilities and Shareholder Equity Current Liabilities Accounts Payable Salaries Payable Interest Payable Income Tax Payable Total Current Liabilities 13,000 2,000 4,000 7,000 26,000 30,000 95,000 (2,000) 93000 149000 Long-Term Liabilities Notes Payable Bonds Payable Discount on Bonds Payable Bonds Payable (net) Total Liabilities Shareholders' Equity Common Stock Paid in Capital in excess of par Retained Earnings Treasury Stock Total Stockholders' Equity Total Liabilities and Stockholders' Equity 200,000 20,000 59,000 (8,000) 271000 420000 200,000 (120,000)| 80000 Smith Company Income Statement For Year Ended December 31, 2021 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense 25,000 Depreciation Expense 5,000 Bad Debt Expense 1,000 Total Operating Expenses Operating Income Other income (expenses) Interest Revenue 3,000 Interest Expense (8,000) Loss on Sale of Building (3,000) Total other expenses, net Income before income Taxes Income Tax Expense 16,000 Net Income Earnings Per Share 31000 49000 -8000 41000 25000 0.125 Retained Earnings 59000Step by Step Solution
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