Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

.. The Country Critters trial balance for 2019 and 2020 is provided below. Provide Caitlyn a set of comparative financial statements (so 2019 and 2020)

image text in transcribed
image text in transcribed
.. The Country Critters trial balance for 2019 and 2020 is provided below. Provide Caitlyn a set of comparative financial statements (so 2019 and 2020) that captures the journal entries from tasks 1-7 on 2020 financial statements. You are expected to produce Statement of Income, Statement of Retained Earnings and Statement of Financial Position. Each financial statement should appear on its own tab in Excel and be in proper form. HINT: Do the financials in the order listed. Consider drafting a "BEFORE version of the Statement of Income, Statement of Retained Earnings, Statement of Financial Position and to er re you balance before the adjustments. Trial Balance CR CR 2020 DR 191,561 37.775 164,857 192,649 2019 DR 152,301 9,823 159,379 138,645 Cash Accounts receivable Inventory Property. Plant and Equipment Accumulated depreciation Accounts payable Current income taxes payable Mortgage payable Deferred tax liability Common shares Retained earnings Sales Cost of goods sold Operating expenses Interest Expense Current taxes Deferred income tax expense BALANCE 62,392 17,254 15,000 198,000 6.900 25,000 142,018 501,753 56,447 15,383 12,000 202,000 7,300 25,000 74,645 396,089 248,095 109,846 4,900 16,034 2,600 205,330 101,283 5,200 14,203 2,700 968,317 968,317 788,864 788,864

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

CIA Review Part 2 Internal Audit Practice For The New 3 Part Exam

Authors: Irvin N.Gleim

17th Edition

158194375X, 978-1581943757

More Books

Students also viewed these Accounting questions

Question

Is conflict always unhealthy? Why or why not? (Objective 4)

Answered: 1 week ago