Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for Sophia's Party Planning
Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for Sophia's Party Planning Ltd. (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) Credit Sophia's Party Planning Ltd. Adjusted Trial Balance September 30, 2020 Debit Cash 45,000 Accounts receivable 60,000 Equipment 295,000 Accumulated depreciation, Equipment Accounts payable Mortgage payable Common shares Retained earnings Dividends declared 15,000 Service revenue Depreciation expense 7,375 Income tax expense 85,000 General and administrative expense 88,000 Total $595,375 $73,750 55,000 95,000 95,000 31,625 245,000 $595,375 Additional Information $15,000 Dividends were declared and paid during the year. 5,000 Common shares were issued for $50,000. $15,000 of the mortgage is due in January, 2021 Paragraph B I U A HI GO + v . Net income $64,625 ? b. Statement of Chan Sophia's Party Planning Ltd. Statement of Changes in Equity Particulars Common shares ($95000+$50000) Beginning retained earnings Amount($) $145000 $31625 c. Classified Statement of Financial Position (13 marks) Sophia's Party Planning Ltd. Statement of Financial Position
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started