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I need help with this practice problem Ignore income tax expense. Yes, this trial balance is jumbled. Cash balance includes $50,000 held for inventory purchase
I need help with this practice problem
Ignore income tax expense. Yes, this trial balance is jumbled. Cash balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land cost includes $45,000 for land purchased for use starting in 2027. L/T Notes Payable includes principal payments of $80,000 to be made in 2025. Common Stock has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31 , 2024 , and a classified balance sheet for December 31, 2024. Bugs and Monkeys Inc. Adjusted Trial Balance December 31,2024 Ignore income tax expense. Yes, this trial balance is jumbled. Cash balance includes $50,000 held for inventory purchase next May and $18,000 Treasury bills purchased on 12/1/24 and maturing on 5/31/25. Land cost includes $45,000 for land purchased for use starting in 2027. L/T Notes Payable includes principal payments of $80,000 to be made in 2025. Common Stock has a $5 par value, with 400,000 share authorized to be issued Please create, in good form, a multiple step income statement for the year ending December 31 , 2024 , and a classified balance sheet for December 31, 2024. Bugs and Monkeys Inc. Adjusted Trial Balance December 31,2024Step by Step Solution
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