Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 21: Pastina company sells various types of pasta to grocery store chains as private label brands. The company had the following account balances at

QUESTION 21: Pastina company sells various types of pasta to grocery store chains as private label brands. The company had the following account balances at the end of its reporting year, December 31, 2020. Prepare in proper form an Income Statement, Statement of Retained Earnings, and Balance Sheet for Pastina. Create an excel sheet that will show the (a).Income Statement (b) Statement of Retained Earnings, and (c) Balance Sheet for Pastina

Please assist to create an excel sheet that will show the three accounts required - Income Statement, Statement of Retained Earnings and balance sheet this as that is the requirement

Rent Expense 20,000 Retained Earnings (1/1) 28,500 Equipment 80,000 Advertising Expense 3,000 Accounts Receivable 40,000 Cost of Goods Sold 90,000 Supplies Expense 1,800 Inventory 52,600 Accounts Payable 31,000 Income Tax Expense 11,400 Common Stock 60,000 Accumulated Depreciation 40,000 Salaries Expense 20,400 Allowance for Doubtful Accounts 3,500 Income Tax Payable 11,400 Depreciation Expense 10,000 Cash 23,200 Dividends 8,000 Sales Revenue 196,000 Insurance Expense 4,500 Salaries Payable 1,500 Patents 15,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions