Question
The following information was taken from the adjusted trial balance of Eliot Limited for the year ended September 30, 2023. All accounts have their normal
The following information was taken from the adjusted trial balance of Eliot Limited for the year ended September 30, 2023. All accounts have their normal balances.
Accounts Receivable $ 320,000
Accounts Payable 143,000
Retained earnings (September 30, 2022) 104,000
Cash 98,000
Accumulated Depreciation-Equipment 40,000
Common shares 100,000
Salary expense 235,000
Dividends 60,000
Office Supplies 17,000
Equipment 300,000
Unearned Revenue 42,000
Allowance for Uncollectible Accounts 34,000
Interest expense 27,000
Income tax expense 57,000
Bank Loan 250,000
Rent expense 24,000
Service Revenue 425,000
Prepare Eliot's financial statements for the year ended September 30, 2023
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
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