Question
The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows: LARGE COMPANY, INC. Trial Balance December 31,
The trial balance of Large Company, Inc. at the end of its annual accounting period is as follows:
LARGE COMPANY, INC. Trial Balance December 31, 2022 | ||
|
|
|
Cash............................................................................... | $19,000 |
|
Prepaid Insurance............................................................................... | 2,600 |
|
Supplies ............................................................................... | 5,100 |
|
Equipment ............................................................................... | 22,500 |
|
Accumulated DepreciationEquipment............................................................................... |
| $ 5,000 |
Retained Earnings ............................................................................... |
| 19,000 |
Interest Income.. |
| 1,000 |
Revenue............................................................................... |
| 37,000 |
Salaries Expense............................................................................... | 28,300 |
|
Rent Expense ............................................................................... | 21,000 | ______ |
Additional information: Expired insurance, $600. Inventory, $800. Depreciation, $1,000. Unpaid salaries, $700 Amortization, $3,500 Trademark Cost 1/1/ $2,000 sold 7/1 for $5,000 5 year life Payroll $1,700 Payroll Tax due $326.00 Accrued Vacation $300.00 Got at 1000,000 Loan paid 1,000 in interest Sale that was not recorded for $3,000 on credit
Required Prepare adjusting entries. Prepare adjusted Trial Balance and Balance Sheet Prepare an Income Statement Prepare a Retained Earnings Statement Prepare closing entries. Prepare a post-closing trial balance. What is the Debt to Asset ratio What is the Current Ratio What is the Acid Test Ratio What is the Gross Profit Percentage |
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