Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The adjusted trial balance for China Tea Company at December 31, 2021. is presented below. Credit Debit 519,000 169,00 6, eee 27,000 380,000 Accounts Cash

image text in transcribed
The adjusted trial balance for China Tea Company at December 31, 2021. is presented below. Credit Debit 519,000 169,00 6, eee 27,000 380,000 Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals $133,290 15,000 3,280 1,800 20,000 188,eee 161,000 27,000 450,000 180,Bee 72,eee 14,000 30.000 2,800 38,00 $ 964,000 $964,000 Prepare a classified balance sheet for China Tea Company as of December 31, 2021. (Amounts to be deducted should be ndicated with a minus sign.) CHINA TEA COMPANY Balance Sheet As of December 31, 2021 Assets Liabilities and Stockholders' Equity Current assets: Current liabilities Total current liabilities Total liabilities Total current assets Long-term assets Stockholders' Equity: Total long-term assets Total assets Total stockholders' equity Total liabilities and stockholders' equity

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

Recommended Textbook for

Equity Asset Valuation

Authors: Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe, Abby Cohen

2nd Edition

978-0470571439

Students also viewed these Accounting questions

Question

Describe the completely randomized design.

Answered: 1 week ago