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 Regency Delivery Inc.
Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for Regency Delivery Inc. (a) Statement of Income (7 marks) (b) Statement of changes Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) Credit Regency Delivery Inc. Adjusted Trial Balance April 30, 2020 Debit Cash 23,000 Prepaid Insurance 38,000 Vehicles 273,000 Accumulated depreciation, Vehicles Salaries payable Mortgage payable Common shares Retained earnings Dividends declared 15,000 Service revenue Depreciation expense 6,825 Income tax expense 63,000 General and administrative expense 66,000 Total $484,825 $68,250 33,000 73,000 73,000 14,575 223,000 $484,825 Additional Information $15,000 Dividends were declared and paid during the year. 5,000 Common shares were issued for $35,000. $15,000 of the mortgage is due in October, 2021 Paragraph B I UA AO Q + V a. Statement of Income (7 marks) REGENCY LTD. Statement of Income b. Statement of Changes in Equity (8 marks) REGENCY LTD. Statement of Changes in Equity c. Classified Statement of Financial Position (13 marks) REGENCY 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