Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Insert image of your assigned Adjusted Trial Balance HERE: Kaleidoscope Company, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 45,000 Accounts Receivable 44.900

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Insert image of your assigned Adjusted Trial Balance HERE: Kaleidoscope Company, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 45,000 Accounts Receivable 44.900 Allowance for Doubtful Accounts 2,000 Short Term Note Receivable 80,000 Interest Receivable 13,500 Supplies 60,000 Prepaid Insurance 48,200 Inventory 23,000 Vehicle 16,000 Equipment 41.000 Accumulated Depreciation 18.000 Accounts Payable 20,000 Unearned Revenue 18,000 Wages Payable 7,000 Long-Term Notes Payable 65,000 Common Stock 132,000 Retained Earnings (1/1/2017) 15,000 Dividends 2,000 Sales 557.000 Sales Returns & Allowances 7,600 Sales Discounts 3,000 Cost of Goods Sold 51,000 Delivery Expense 2,000 Depreciation Expense 15,400 Bad Debt Expense 2,000 Rent Expense 85,000 Insurance Expense 40,000 Wages Expense 195,000 Supplies Expense 12,300 Interest Revenue 2,400 Loss on Disposal 7,000 Interest Expense 6,500 Income Tax Expense 36.000 Total 836,400 836,400 Part 2a: Prepare a Multi-step Income Statement (Be sure to include all the necessary headings, totals and subtotais as outlined in Chapter 5. You may not need to use all the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Income Statement, use the right column for subtotals and totals.) Inc. Income Statement Year Ended Dec. 31, 2017 ALL PAGES OF THIS DOCUMENT MUST BE UPLOADED TO D2L Part 2b: Prepare a Statement of Retained Earnings. Inc. Statement of Retained Earnings Year Ended Dec. 31, 2017 Part 2c: Prepare a Classified Balance Sheet (Be sure to include all the necessary subtotals and totals as outlined in Chapter 2. You may not need to use all of the lines provided. Note: The two columns below do not represent debit and credit balances like they do on a trial balance. On the Balance Sheet, use the right column for subtotals and totals.) Inc. Balance Sheet As of Dec. 31, 2017

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

Recommended Textbook for

Managerial Accounting Information For Decisions

Authors: Thomas L. Albright , Robert W. Ingram, John S. Hill

4th Edition

0324222432, 978-0324222432

More Books

Students also viewed these Accounting questions

Question

Define the purpose of neuropsychological testing.

Answered: 1 week ago