Q2: You have been provided with the following alphabetical list of accounts for Toronto Ltd. for 2017. Use the information to prepare an income statement, statement of changes in equity, and statement of comprehensive income for the year ended December 31, 2017, and balance sheet as of December 31 2017. You should be able to figure out how to treat accounts that have names unfamiliar to you by applying your understanding of the financial statements learned in this chapter $31,000 $33,000 Accounts payable Dividends 21,000 Accounts receivable 38,000 Income tax expense 15,000 4,500 Accounts receivable-due in 2021 Income taxes payable Accrued liabilities 8,000 11,200 Interest expense 1,500 Accumulated depreciation 51,000 Interest revenue Accumulated other comprehensive income (December 31, 2017) 52,000 Inventory Investment in shares of other 45,000 130,000 corporations (current asset) Advertising and promotion expense 43,000 Long-term debt (non-current portion) 100,000 27,500 Bank loan Other comprehensive income 25,000 Cash 35,000 22,000 Other expenses 85,000 Cash sales Other non-current assets 18,800 Charitable donations 10,000 Prepaid expenses 3,500 111,000 Common shares Property, plant, and equipment 260,000 Cost of goods sold 120,000 18,800 Research expense Credit sales 343,800 89,000 Retained earnings (January 1, 2017) Current portion of long-term debt 25,000 Salaries and wages expense 84,000 Deposits from customers 9,200 Salaries and wages payable 5,500 Depreciation expense 21,700 Q2: You have been provided with the following alphabetical list of accounts for Toronto Ltd. for 2017. Use the information to prepare an income statement, statement of changes in equity, and statement of comprehensive income for the year ended December 31, 2017, and balance sheet as of December 31 2017. You should be able to figure out how to treat accounts that have names unfamiliar to you by applying your understanding of the financial statements learned in this chapter $31,000 $33,000 Accounts payable Dividends 21,000 Accounts receivable 38,000 Income tax expense 15,000 4,500 Accounts receivable-due in 2021 Income taxes payable Accrued liabilities 8,000 11,200 Interest expense 1,500 Accumulated depreciation 51,000 Interest revenue Accumulated other comprehensive income (December 31, 2017) 52,000 Inventory Investment in shares of other 45,000 130,000 corporations (current asset) Advertising and promotion expense 43,000 Long-term debt (non-current portion) 100,000 27,500 Bank loan Other comprehensive income 25,000 Cash 35,000 22,000 Other expenses 85,000 Cash sales Other non-current assets 18,800 Charitable donations 10,000 Prepaid expenses 3,500 111,000 Common shares Property, plant, and equipment 260,000 Cost of goods sold 120,000 18,800 Research expense Credit sales 343,800 89,000 Retained earnings (January 1, 2017) Current portion of long-term debt 25,000 Salaries and wages expense 84,000 Deposits from customers 9,200 Salaries and wages payable 5,500 Depreciation expense 21,700
