Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash $ 16,000 Accounts receivable 60,000 Inventory

image text in transcribedimage text in transcribedimage text in transcribedThe following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash $ 16,000 Accounts receivable 60,000 Inventory 40,000 Store equipment 200,000 Accumulated depreciation $ 76,800 Accounts payable 72,000 Line of credit loan 100,000 Common stock 50,000 Retained earnings 17,200 Totals $ 316,000 $ 316,000 b. Supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of year 2. The statements are prepared as of December 31, year 2.

Required information [The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Havel Company as of October 1 , year 2. b. Supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of year 2 . The statements are prepared as of December 31, year 2 . Complete this question by entering your answers in the tabs below. Supply the missing information in the following pro forma income statement for the fourth quarter of year 2 . The statement is prepared as of December 31 , year 2 . Supply the missing information in the following pro forma balance sheet for the fourth quarter of year 2 . The statement is prepared as of December 31 , year 2. (Amounts to be deducted should be indicated by a minus sign.)

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

Auditing Principles And Practice

Authors: Kumar And Sharma

3rd Edition

8120350987, 9788120350984

More Books

Students also viewed these Accounting questions