Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with the requirements below Question 4 The following trial balance has been prepared for you for the year ended December 31, 2019,

please help me with the requirements below
image text in transcribed
Question 4 The following trial balance has been prepared for you for the year ended December 31, 2019, including any necessary journal entries. Purity Products Ltd. Trial Balance December 31, 2019 CR DR 59,940 48,120 19,350 63,000 Cash Accounts Receivable - Net of AFDA Inventory Equipment Equipment - Accumulated Amortization Accounts Payable Share Capital Retained Earnings Dividends paid Sales revenue Cost of goods sold Amortization Expense Utility Expenses Rent Expense Wage Expense 12,600 1,790 500 27,320 12,500 242,790 36,650 6,300 12,390 1,800 24,950 285,000 285,000 Requirements: 1 Prepare the multi-step income statement, statement of retained earnings and balance sheet (using the classified method) for the year-ending December 31, 2019. Marks Available: 9 2 Calculate the gross profit percentage to one decimal point. Marks Available: 1 3 If opening inventory was $16,394, calculate the inventory turnover for 2019. Round to the nearest single decimal point Marks Available: 1

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

Accounting For Inventory

Authors: Steven M. Bragg

2nd Edition

1938910648, 9781938910647

More Books

Students also viewed these Accounting questions

Question

When is the application deadline?

Answered: 1 week ago