Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Look at the trial balance for company Stillson for 2020 and 2021 a. Prepare an Income Statement for 2021, b. Prepare a closing Balance Sheet

Look at the trial balance for company Stillson for 2020 and 2021

a. Prepare an Income Statement for 2021,

b. Prepare a closing Balance Sheet for 2020 and 2021.

c. Prepare a Cash Flow statement for 2021.

Trial Balance

2020

2021

Debit

Credit

Debit

Credit

Fixed assets

681.471

756.711

Accounts receivable

40.129

51.194

Inventories

31.100

39.675

Cash

325.077

637.972

Accounts payable

74.915

154.202

Capital Stock

764.821

764.821

Retained Earnings

238.041

sales

1.464.706

1.868.577

COGS

454.059

579.259

Direct labor expenses

249.000

317.658

Depreciation expenses

75.000

111.618

Utilities expenses

17.088

21.800

Sales & marketing expenses

73.235

93.429

Administration Expenses

278.936

306.829

Tax expenses

79.347

109.496

Total

2.304.442

2.304.442

3.025.641

3.025.641

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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