Question
Question 5 (22 marks) The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd. Adjusted Trial Balance December
Question 5 (22 marks)
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:
Palm Realtors Ltd.
Adjusted Trial Balance
December 31, 2019
| Cash |
| $ 8,950 |
|
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| Accounts receivable |
| 53,530 |
|
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| Prepaid rent |
| 2,200 |
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| Equipment |
| 45,690 |
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| Accumulated amortization |
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| $ 18,930 |
| Accounts payable |
|
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| 15,900 |
| Interest payable |
|
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| 900 |
| Salary payable |
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| 3,500 |
| Income tax payable |
|
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| 4,700 |
| Note payable (due 2025) |
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| 19,500 |
| Common shares |
|
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| 8,000 |
| Retained earnings |
|
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| 29,325 |
| Dividends |
| 30,000 |
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| Commissions |
|
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| 227,480 |
| Depreciation expense |
| 6,260 |
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| Salary expense |
| 140,500 |
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| Rent expense |
| 26,400 |
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| Interest expense |
| 1,500 |
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| Income tax expense |
| 13,205 |
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| Total |
| $328,235 |
| $328,235 |
- Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019, by completing the table below. (10 Marks)
| Palm Realtors Ltd. Statement of Financial Position As at December 31, 2019 | |||
| ASSETS | LIABILITIES | ||
| Current assets: |
| Current Liabilities: |
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| Total liabilities |
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| SHAREHOLDERS EQUITY | |
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| Total assets |
| Total liabilities and shareholders equity |
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Basic System Analysis
Authors: S. Palani
2nd Edition
9783031282799
