Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help completing the trial balance, income statement, retained earnings, and balance sheet. Please follow the format so I can understand what is being done.

Need help completing the trial balance, income statement, retained earnings, and balance sheet. Please follow the format so I can understand what is being done.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Cash Inventory Prepaid insurance Equipment Marigold Corp. Balance Sheet December 31, 2018 $31,000 Accounts payable 31,000 Interest payable 6,600 Bonds payable 38,100 Common stock Retained earnings $106,700 $13,550 2,750 55,000 16,800 18,600 $106,700 During 2019, the following transactions occurred. 1. Marigold paid $2,750 interest on the bonds on January 1, 2019. 2. Marigold purchased $244,200 of inventory on account. 3. Marigold sold for $481,000 cash inventory which cost $260,000. Marigold also collected $33,670 sales taxes. 4. Marigold paid $235,000 on accounts payable. 5. Marigold paid $2,750 interest on the bonds on July 1, 2019. 6. The prepaid insurance ($6,600) expired on July 31. 7. On August 1, Marigold paid $12,000 for insurance coverage from August 1, 2019, through July 31, 2020. 8. Marigold paid $24,700 sales taxes to the state. 9. Paid other operating expenses, $91,000. 10. Retired the bonds on December 31, 2019. by paying $52,000 plus $2,750 interest. 11. Issued $94.000 of 8% bonds on December 31, 2019, at 104. The bonds pay interest every December 31. 10:14 PM 5/25/2020 10. Retired the bonds on December 31, 2019, by paying $52,000 plus $2,750 interest. 11. Issued $94,000 of 8% bonds on December 31, 2019, at 104. The bonds pay interest every December 31. Adjustment data: 1. Recorded the insurance expired from item 7. The equipment was acquired on December 31, 2018, and will be depreciated on a straight-line basis over 5 years with a $2,760 salvage 2. value. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the 3. amount.) Prepare journal entries for the transactions listed above. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation ax 10:14 PM 5/25/2020 gi insen Prepare an adjusted trial balance at December 31, 2019. Marigold Corp. Trial Balance Dehit Credit e Testbook and Media List of Accounts Prepare an income statement for the year anding December 31, 2019 pe here to search Prepare an income statement for the year ending December 31, 2019. Marigold Corp Income Statement s e Textbook and Media List of Accounts Preostained earnings statement for the year anding December 31, 2019 (List items that increase retained ammines first.) Marigold Corp. Retained Earnings Statement e to search Prepare a retained earnings statement for the year ending December 31, 2019. Marigold Corp. Retained Earnings Statement $ $ eTextbook and Media Prepare added balans sheet as of Dreamber 31, 2019. (List a ascals in order of liquet Marigold Corp. Balance Sheet Assets Balance sheet Amnes $ Liabilities and Stockholders' Equity $ Textbook and Media Elst Accounts re to search

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_2

Step: 3

blur-text-image_3

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

IT Audit Control And Security

Authors: Robert R. Moeller

1st Edition

0471406767, 9780471406761

More Books

Students also viewed these Accounting questions

Question

3. Is it a topic that your audience will find worthwhile?

Answered: 1 week ago

Question

2. Does the topic meet the criteria specified in the assignment?

Answered: 1 week ago