Question
The adjusted trial balance of Snow White Mining Limited as of December 31, 2020 is shown below: Snow White Mining Limited Adjusted Trial Balance December
The adjusted trial balance of Snow White Mining Limited as of December 31, 2020 is shown below:
Snow White Mining Limited
Adjusted Trial Balance
December 31, 2020
Account Name | Debit | Credit |
Cash | $11,640 |
|
Accounts Receivable | $41,490 |
|
Prepaid Rent | $1,350 |
|
Equipment | $53,450 |
|
Accounts Payable |
| $13,600 |
Interest Payable |
| $2,130 |
Salary Payable |
| $930 |
Income Tax Payable |
| $8,800 |
Note Payable |
| $40,720 |
Capital Stock |
| $12,000 |
Retained Earnings (January 1, 2020) |
| $20,380 |
Dividends | $48,000 |
|
Sales Revenue |
| $187,670 |
Cost of Goods Sold | $62,240 |
|
Salary Expense | $43,060 |
|
Rent Expense | $12,000 |
|
Interest Expense | $4,200 |
|
Income Tax Expense | $8,800 |
|
| $286,230 | $286,230 |
Required:
You have already correctly calculated that Net Income For The Year Ended December 31st, 2020 is $57,370 and Ending Retained Earnings is $29,750.
Prepare Snow White Mining Limiteds Balance Sheet as at December 31, 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started