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I've sent that same question already and only received answers up requirement 3 which is the Statement of owners equity Didn't get answers for question
I've sent that same question already and only received answers up requirement 3 which is the Statement of owners equity Didn't get answers for question 4, 5, and 6
Shoes Ltd. is a retailer of children's school shoes and they have produse she following nadjusted Trial Balance: Scholes Shoes Ltd Unadjusted Trial Balance as at December 31, 2018 A/C Name - CR DR 1.500.000 1,200.000 100.000 Accounts receivable Akwance for had det Merchandise Imentary Store Supplies Prenal Insurance Building Acourbe depreciation - Buikling Fixtures and Fittings Assum ed depreciation Fixtures and Fittings Accounts payable 400.000 00.000 1.600.000 10.000000 3.000.000 1.200.000 240,000 900,000 200.000 2 300.000 7305.000 65.000 130.000 3.000.000 Interest payable Uneamed Sales revenue Mortgage Scholes', Capital Scholes', withdrawals Sales revenue Sales discount Sales returns and allowances Cost of goods sold Wages Expense Insurance Expense Depreciation Expense Building Depreciation Expense - Fixtures and Fittings Supplies Expense Utilities Expense Bad Dcht Expense Travelling Expense Interest Expense 870.000 70.000 180 OK 65 25.000 20.545.000 20.545,000 The following additional information was made available at December 31, 2018 a) Insurance of $1.600.000 was paid on January 1. 2018 for the period January 2018 to April 2019. b) The company's building has an estimated life of ten (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of So. c) The fixtures and fittings are being depreciated over ten (10) years on the double-declining method of deprecation, down to a residue of $128.849. d) Wages camned by the company's employees and NOT paid at December 31, 2018 amounted to $130,000 e) A physical count of inventory at December 31. 2018, reveals $405.000 worth of inventory on hand The aging of the accounts receivable schedule at December 31, 2018 indicated that the estimated uncollectible on accounts receivable is $120,000 g) Uneamed sales revenue earned during December 2018, S100,000 h) Accrued interest payable on mortgage $120,000 Required: Required: 1. Prepare the necessary adjusting entries on December 31, 2018 2. Prepare the company's Multiple-step Income Statement for the year ended December 31. 2018. 3. Prepare the company's Statement of Owner's Equity for the year ended December 31, 2018 4. Prepare the company's classified Balance Sheet at December 31, 2018 5. Prepare the closing entries 6. Prepare the post-closing trial balance Page 14 Diament 2Step by Step Solution
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