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Posted on Jul 17, 2024

I need help with filling out the financial statements with the T-Account balances above. Credit Trading Securities Debit Credit Allowance for Doubtful Accts Debt Credit

image text in transcribed I need help with filling out the financial statements with the T-Account balances above.

Credit Trading Securities Debit Credit Allowance for Doubtful Accts Debt Credit Credit Debit 1 268.000.00 500.000,00 Accounts Receivable Dent Credit 1300.00000 220,000.00 1,100,000.00 $ 110,000.00 100.000.00 5,000.00 $ 50,000.00 16 $ $ 13 #18 350,000.00 3.000.00 2.055.000.00 interest Receivable Note Receivable Debit Credit 200.000.00 Credit Credit Debit 100,000.00 Equipment Debt 200,000.00 500,000.00 33 PREPAD EXPENSES Debit Credit 22.000.00 5.000.00 IS 22.000.00 5 ,000.00 $ 17 $ EBIS 00 000 COZ E S 13,333.00 EB $ 100,000.00 700,000.00 Acumulated Depr Current Portion Notes Payable Debit Credit Interest Payable Credit Deb 27 33 28 11 40.000.00 Accounts Payable Debit Credit I $ 750.000.00 $ 500,000.00 350,000.00 S 900,000.00 33S #10 50.000,00 500,000.00 $ 3,333.00 $ 20,000.00 $ $ 33 #15 #16 EB 416.00 $ 30 ES $ 43,333.00 $ 20,000.00 EB S 550,000.00 S 416.00 hearned Revenue Debit Credit $ 24,000.00 Debit Note Payable Long Term Debit Credit I$ 150,000.00 IS 1.250.00 Common Stock Credit S 2 .450,000.00 $ 500,000.00 Retained Earnings Debit Credit IS 756,000.00 3.000.00 33 BE #18 $ 24,000.00 $ 40,000.00 EB $ 151,250.00 $ 2,950,000.00 EB $ 753,000.00 SERVICE REVENUE Utility Expense Widget Sales Debit $ S Credit 220,000.00 100,000.00 COST OF GOODS SOLD Debit 110.000.00 100.000.00 $ 10.000.00 5,000.00 $ 320,000.00 | 24,000.00 EB $ 210,000.00 EB $ 10,000.00 $ 5,000.00 interest Expense Depreciation Expense Credit Insurance Expense Debit Credit 22.000.00 Interest REVENUE Debit Credit $ 13.113.00 3333.00 19 10 EB SALARY EXPENSE Debit 50,000.00 20.000,00 70,000.00 $ $ $ EBS 22,000.00 3.333.00 $ 13,333.00 ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ALLOWANCE FOR DEPRECATION ALLOWANCE FOR DOUSTFUL CASH 10 COMMON STOCK COST OF SALES 12 CURRENT PORTION NP 13 DEPRECIATION 14 EQUIPMENT 15 INSURANCE EXENSE 10 INTEREST EXPENSE 1 INTEREST INCOME INTEREST PAYABLE 10 INTEREST RECEIVABLE 20 WENTORY 21 LAND NOTE PAYABLE LT NOTES RECEIVABLE PREPAID ASSETS RENT EXPENSE RETAINED EARNINGS 2 SALARY EXPENSE SALARY PAYABLE SERVICE REVENUE TRADING SECURTIES UNLARVID REVENUE UTS EXPENSE WOGET SALES MILLIY STATEMENT OF CASH FLOWS FOR THE MONTH ENDED JANUARY 31, 2019 $ Neme Plus Depreciation Adustments to reconcile income to cash Cash from Activities 13 Purchased eeuipment 10 Cash from Activities Common Stock 10 Paldends 10 Cash from Activities NET CHANGE IN CASH 15 BEGINNING CASH NONS CASH ABC Company Balance Sheet As of January 31, 2019 Trading Securities Note Receivable Prepaid Assets eest Recevable Total Current Assets Long Term Assets Eopment Less Accumulated Depreciation Toral Long Term Assets TOTAL ASSETS UABILITIES & STOCKHOLDERS EQUITY Accounts Payable Salaries Payable 100 Qurrent Portion of Notes Payable 10 Interest Payable Uneaed Revenue 100 Total Current Liabilities Note Payable. Long Term Portie TOTALLATIES STOGOHOLDERS EQUITY Common Stock TOTAL STOROLOIDIS EQUITY TOTALLAST STOCOLDERS EQUIT ABC Company home Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Goss Margin s Salary Expense U tles Expense en Expense sonsurance Expense 5 Depreciation Expense Operating income Gross margin minus total Other income/Loss s interest income interest Expen Net Income $ ABC Company Statement of Retained Earnings For the Month Ended January 31, 2019 ning Retained Earnings Sub Total Less Dividends Paid INDING RETAINED LARVINGS ABC Company found Entries 1/1/19 CREDIT $500,000.00 $500,000.00 Common Stock Che common stock for cash) 1/1/19 CREDIT $400 Uncamade 340.000.00 1/8/19 CREDIT $24OTO 524 000 Service 1/2/13 Aco Reel Wie Sie 5220 OOOOO 5200000 Cost of Goods Solid $110.000 $110.000.00 1/10/13 $100,000.00 W. 5100 000.00 $50,000.00 $50,000.00 CREDIT Cost of Inventory 1/15/13 Prepaid Expense Red Pac Rebone month in advance 1/15/19 $5,000.00 $5,000.00 CREDIT 55,000.00 $5,000.00 CREDIT Uslity Expande $10,000.00 $10,000.00 1/18/19 CREDIT 550 $50,000.00 CREDIT 1/21/19 520TOOTO SayPal 520000 1/21/13 Diction Expense 5330 $ 3100 1/23/19 $575 DOCTOR $575,000.00 CREDIT 1/24/19 Incense Prepade $1,833.00 ce $1833.00 1/24/19 CREDIT $1,667.00 $41600 $1 250.00 Note Payable Short Term Not Payable Long Term 1/24/19 CREDIT $500,000.00 Account Payable $500,000.00 CREDIT 1/30/19 interest Receivable est income $133300 $1,333.00 CREDIT 1/31/19 Dividends and amings) Declared and Paid Dividends $3.000.00 53.000.00 CREDIT Ecuipment Nos Payable $500,000.00 $500,000.00 Credit Trading Securities Debit Credit Allowance for Doubtful Accts Debt Credit Credit Debit 1 268.000.00 500.000,00 Accounts Receivable Dent Credit 1300.00000 220,000.00 1,100,000.00 $ 110,000.00 100.000.00 5,000.00 $ 50,000.00 16 $ $ 13 #18 350,000.00 3.000.00 2.055.000.00 interest Receivable Note Receivable Debit Credit 200.000.00 Credit Credit Debit 100,000.00 Equipment Debt 200,000.00 500,000.00 33 PREPAD EXPENSES Debit Credit 22.000.00 5.000.00 IS 22.000.00 5 ,000.00 $ 17 $ EBIS 00 000 COZ E S 13,333.00 EB $ 100,000.00 700,000.00 Acumulated Depr Current Portion Notes Payable Debit Credit Interest Payable Credit Deb 27 33 28 11 40.000.00 Accounts Payable Debit Credit I $ 750.000.00 $ 500,000.00 350,000.00 S 900,000.00 33S #10 50.000,00 500,000.00 $ 3,333.00 $ 20,000.00 $ $ 33 #15 #16 EB 416.00 $ 30 ES $ 43,333.00 $ 20,000.00 EB S 550,000.00 S 416.00 hearned Revenue Debit Credit $ 24,000.00 Debit Note Payable Long Term Debit Credit I$ 150,000.00 IS 1.250.00 Common Stock Credit S 2 .450,000.00 $ 500,000.00 Retained Earnings Debit Credit IS 756,000.00 3.000.00 33 BE #18 $ 24,000.00 $ 40,000.00 EB $ 151,250.00 $ 2,950,000.00 EB $ 753,000.00 SERVICE REVENUE Utility Expense Widget Sales Debit $ S Credit 220,000.00 100,000.00 COST OF GOODS SOLD Debit 110.000.00 100.000.00 $ 10.000.00 5,000.00 $ 320,000.00 | 24,000.00 EB $ 210,000.00 EB $ 10,000.00 $ 5,000.00 interest Expense Depreciation Expense Credit Insurance Expense Debit Credit 22.000.00 Interest REVENUE Debit Credit $ 13.113.00 3333.00 19 10 EB SALARY EXPENSE Debit 50,000.00 20.000,00 70,000.00 $ $ $ EBS 22,000.00 3.333.00 $ 13,333.00 ABC COMPANY TRIAL BALANCE JANUARY 31, 2019 ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE ALLOWANCE FOR DEPRECATION ALLOWANCE FOR DOUSTFUL CASH 10 COMMON STOCK COST OF SALES 12 CURRENT PORTION NP 13 DEPRECIATION 14 EQUIPMENT 15 INSURANCE EXENSE 10 INTEREST EXPENSE 1 INTEREST INCOME INTEREST PAYABLE 10 INTEREST RECEIVABLE 20 WENTORY 21 LAND NOTE PAYABLE LT NOTES RECEIVABLE PREPAID ASSETS RENT EXPENSE RETAINED EARNINGS 2 SALARY EXPENSE SALARY PAYABLE SERVICE REVENUE TRADING SECURTIES UNLARVID REVENUE UTS EXPENSE WOGET SALES MILLIY STATEMENT OF CASH FLOWS FOR THE MONTH ENDED JANUARY 31, 2019 $ Neme Plus Depreciation Adustments to reconcile income to cash Cash from Activities 13 Purchased eeuipment 10 Cash from Activities Common Stock 10 Paldends 10 Cash from Activities NET CHANGE IN CASH 15 BEGINNING CASH NONS CASH ABC Company Balance Sheet As of January 31, 2019 Trading Securities Note Receivable Prepaid Assets eest Recevable Total Current Assets Long Term Assets Eopment Less Accumulated Depreciation Toral Long Term Assets TOTAL ASSETS UABILITIES & STOCKHOLDERS EQUITY Accounts Payable Salaries Payable 100 Qurrent Portion of Notes Payable 10 Interest Payable Uneaed Revenue 100 Total Current Liabilities Note Payable. Long Term Portie TOTALLATIES STOGOHOLDERS EQUITY Common Stock TOTAL STOROLOIDIS EQUITY TOTALLAST STOCOLDERS EQUIT ABC Company home Statement For the Month Ended January 31, 2019 Widget Sales Less Cost of Goods Sold Goss Margin s Salary Expense U tles Expense en Expense sonsurance Expense 5 Depreciation Expense Operating income Gross margin minus total Other income/Loss s interest income interest Expen Net Income $ ABC Company Statement of Retained Earnings For the Month Ended January 31, 2019 ning Retained Earnings Sub Total Less Dividends Paid INDING RETAINED LARVINGS ABC Company found Entries 1/1/19 CREDIT $500,000.00 $500,000.00 Common Stock Che common stock for cash) 1/1/19 CREDIT $400 Uncamade 340.000.00 1/8/19 CREDIT $24OTO 524 000 Service 1/2/13 Aco Reel Wie Sie 5220 OOOOO 5200000 Cost of Goods Solid $110.000 $110.000.00 1/10/13 $100,000.00 W. 5100 000.00 $50,000.00 $50,000.00 CREDIT Cost of Inventory 1/15/13 Prepaid Expense Red Pac Rebone month in advance 1/15/19 $5,000.00 $5,000.00 CREDIT 55,000.00 $5,000.00 CREDIT Uslity Expande $10,000.00 $10,000.00 1/18/19 CREDIT 550 $50,000.00 CREDIT 1/21/19 520TOOTO SayPal 520000 1/21/13 Diction Expense 5330 $ 3100 1/23/19 $575 DOCTOR $575,000.00 CREDIT 1/24/19 Incense Prepade $1,833.00 ce $1833.00 1/24/19 CREDIT $1,667.00 $41600 $1 250.00 Note Payable Short Term Not Payable Long Term 1/24/19 CREDIT $500,000.00 Account Payable $500,000.00 CREDIT 1/30/19 interest Receivable est income $133300 $1,333.00 CREDIT 1/31/19 Dividends and amings) Declared and Paid Dividends $3.000.00 53.000.00 CREDIT Ecuipment Nos Payable $500,000.00 $500,000.00