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The financial information for assets and liabilities, revenues and expenses are listed for All State Corp. as of December 31, 2019. Using the information, prepare
The financial information for assets and liabilities, revenues and expenses are listed for All State Corp. as of December 31, 2019. Using the information, prepare an income statement, statement of retained earnings and balance sheet (32 marks): $3,500 15,900 10,000 18,300 30,000 Accounts payable Accounts receivable Long-term debt Cash Cost of goods sold Inventory Office expense Rent expense Wages expense Payroll payable Sales revenue Dividends Declared Office supplies Utilities expense Common Shares Retained Earnings, January 1, 2019 Retained Earnings, December 31. 2019 12,000 1,500 13,200 31,400 900 101,000 7,000 4,400 7,500 15,000 10,800 ? Question 2 Review the following accounts, classify each accounttype (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on (Balance Sheet, Income Statement or Statement of Retained Earnings): (10 marks) Financial Statement 1. Income statement 2. Salary expense Cash Accounts Payable Sales Revenue 3. Balance sheet Balance sheet Income statement Account Type Expense Asset Liability Asset Equity Revenue Liability Expense Asset 5. Common Shares Balance sheet 6. 7. 8. Service Revenue Long-term Loan Supplies Expense Equipment Dividend Declared Income statement Balance sheet Income statement Balance sheet Statement of retained earning 9. 10. Revenue
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