Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with this question please! Thank you Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on

I need help with this question please! Thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Incorporated) on January 1 . 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows (amounts are rounded to thousands of dollars to simplify. Transactlons during 2021 (summarized in thousands of dollars) follow: Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $24 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $21 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f. On December 6 , recorded revenues in the amount of $68, Including $9 on credit and $59 recelved in cash. g. Paid salaries and wages expenses on December 7.$38. h. Collected accounts receivable on December 8,$8. i. Paid accounts payable on December 9,$11. f. Recelved a \$2 deposit on December 10 for work to start January 15, 2022. Data for adjusting Journal entries on December 31 : k. Amortization for 2021,$2 1. Supplies of $4 were counted on December 31. 2021. m. Depreciation for 2021,$2 n. Accrued interest on notes payable of $1. o. Salaries and wages earned but not yet paid, $3. P. Income tax for 2021 was $4 and will be paid in 2022 Prepare an income statement. (Enter your answers in thousands of dollars.) Required: 6-a. Prepare an income statement. 6-b. Prepare statement of retained earnings. 6-c. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Prepare statement of retained earnings. (Enter your answers in thousands of dol Required information Prepare a balance shect. (Rmocints to be seducted should be indicated by a minus sign. Einter your answers in thousands of dotiars.) LAZY SOFAFURNITURE, INCORPORATED

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

Students also viewed these Accounting questions

Question

=+ (a) Show that the definition is consistent.

Answered: 1 week ago

Question

What are the functions of top management?

Answered: 1 week ago

Question

Bring out the limitations of planning.

Answered: 1 week ago

Question

Why should a business be socially responsible?

Answered: 1 week ago

Question

Discuss the general principles of management given by Henri Fayol

Answered: 1 week ago