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The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019, $1,625 $10,000 Wilfred Trading Company Adjusted Trial Balance 31
The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019, $1,625 $10,000 Wilfred Trading Company Adjusted Trial Balance 31 December 2019 Cash $14,910 Accounts Receivable $7,000 Supplies $500 Inventory $3,500 Prepaid Insurance $2,200 Equipment $15,000 Accumulated Depreciation Equipment Notes Payable Accounts Payable Interest Payable Income Tax Payable Salaries Payable Dividend Payable Share Capital Ordinary Retained Earnings Dividends Sales Sales Returns and Allowances $2,000 Cost of goods sold $6,000 Salaries Expense $3,460 Travel Expense $1,300 Rent Expense $1,200 Miscellaneous Expense $230 Supplies Expense $750 Depreciation Expense $1,500 Interest Expense $1,200 Income Tax Expense $2,000 Insurance Expense $200 Totals $64,075 $100 $2.000 $1,220 $600 $14,000 $5,500 $19,780 $64,075 Required a) Prepare the income statement and statement of retained earnings for the year ended 31 December 2019. (Missing figures (?) above should be found and included in the statements.) (8 marks) b) Prepare the statement of financial position as at 31 December 2019. (7 marks)
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