Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The follc owing is the trial balance of Zolegowski Ltd. at November 30, 2013: DR CR Accounts Payable 25,000 Accounts Receivable 87,000 Accumulated Amortization -

The follc owing is the trial balance of Zolegowski Ltd. at November 30, 2013: DR CR Accounts Payable 25,000 Accounts Receivable 87,000 Accumulated Amortization - Video Equipment 40,000 Amortization Expense - Video Equipment 20,000 Cash 65,000 Common shares (10,000 shares) 90,000 Dividends Goodwill 20,000 45,000 Income Tax Expense 17,000 Insurance Expense 5,000 Note Payable 70,000 Prepaid Insurance 19,000 Retained Earnings (beginning) 12,000 Salaries Expense 55,000 Salaries Payable 3,000 Services Revenue 243,000 Supplies 17,000 Supplies Expense 5,000 Utilities Expense 28,000 Video Equipment 100,000 TOTAL 483,000 483,000 Required: a. Prepare a Statement of Earnings for the business in good form. (10 marks) Revenue Sales Cogs GP Operating expense 243,000 243,000 Insurance 5000 Amortization 20,000 Income tax 17,000 Salary 55,000 Supplies exp. 5000 Utility exp. 28,000 130,000 NP 113,000

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