Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part I. Income Statement Completion 1. The followings are balances of accounts to prepare Income Statement. Two-year data has been provided. Based on this information

image text in transcribed
image text in transcribed
image text in transcribed
Part I. Income Statement Completion 1. The followings are balances of accounts to prepare Income Statement. Two-year data has been provided. Based on this information prepare multiple-step Income Statement Complete the shaded areas. Part II. Balance Sheet The following is a parr of Company AAA Adjusted Triat Balance on Janary 31,2017 \begin{tabular}{|l|r|} \hline Accounts & Balance: \\ \hline Accounts Receivable & 11,618 \\ \hline Accounts Payable & 12,945 \\ \hline Accrued Expenses & 1,039 \\ \hline Marketable Securities & 10,496 \\ \hline Inventories & 18,554 \\ \hline Prepaid Expenses & 3,874 \\ \hline Land & 116,435 \\ \hline Building & 1,007,090 \\ \hline Equipment & 284,934 \\ \hline Accumulated Depreciation & 537,849 \\ \hline Common stock & 211,200 \\ \hline Cash & 20,768 \\ \hline Deferred income taxes (noncurrent) & 7,927 \\ \hline Current portion of long-term debt & 20,060 \\ \hline Long-term debt & 533,369 \\ \hline Retained earnings & 149,380 \\ \hline \end{tabular} 1. Complete the Balance Sheet based on the odjusted trial balance provided above. Assets Current Assets Cash Total Current Assets Noncurrent Assets Total Noncurrent Assets: Total Assets Liabilities and Equity Ciment Liabilities Accounts Payable. Toral Cument Liabilinier Noncurrent Liabilities. Long-term debt Deferred income taxes (noncurrent) Total Noncurrent Liabilities Total Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equaity Total Assets Total Liabilities \& Fquitica Based on the above information, how much is current year's Retained Earnings? Calendar To Do Notifcatiom

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

Frank Woods Business Accounting

Authors: Frank Wood, Alan Sangster

9th Edition

0273655523, 9780273655527

More Books

Students also viewed these Accounting questions