Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The company Computadoras Caribe, after making the adjustments in the month of March, has the following balances on the books, which are found in the

The company Computadoras Caribe, after making the adjustments in the month of March, has the following balances on the books, which are found in the following adjusted trial balance:

1.Prepare your multi-step income statement.

2.Prepare the capital statement (statement of owner's equity).

3.Prepare the balance sheet.

Computadoras Caribe Adjusted Trial Balance Period ending March 31, 2020

Account title Ref. Debit Credit
Cash $17,560
Account Receivable 18,065
Supplies 60,500
Building 180,000
Acc. Depreciation-Building $22,000
Equipment 45,600
Acc. Depreciation-Equipment 5,800
Account Payable 29,200
Salary Payable 3,500
Interest Payable 1,000
Unearned Sales Revenue 7,000
Note Payable, Long Term 85,000
J. Ayala, Capital 180,000
J. Ayala, Withdrawals 5,000
Sales Revenue 150,000
Sales Discounts 6,200
Sales Return and Allowances 7,600
Cost of Goods Sold 102,000
Selling Expense 18,400
General Expense 20,075
Interest Expense 2,500
Total 483,500 483,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Lease Audits The Essential Guide

Authors: Theodore H Hellmuth

1st Edition

0934055041, 978-0934055048

More Books

Students also viewed these Accounting questions