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the year end for Acme Plastics Ltd. was just completed. Prior to sending the information to the external accountant Need Money, LLP. Rondo the owner

the year end for Acme Plastics Ltd. was just completed. Prior to sending the information to the external accountant Need Money, LLP. Rondo the owner wants the internal accounting team led by Laura to complete the financial statements starting with the unadjusted trial balance as of March 31, 2023.

The following is the unadjusted trial balance as of March 31, 2023: Acme Plastics Ltd. Unadjusted Trial Balance March 31, 2023

date account D C
cash $ 51,000
accounts Receivable $259,000
inventory $172,000
Prepaids $19,500
equipment $1,250,000
Accumulated Depreciation - Equipment $304,000
other assest $91,000
accounts payable $145,000
unearned revenue $75,000
notes payable (due 2026) $200,000
common shares $415,000
revenue $1,594,900
salaries expense $337,000
rent expense $429,000
interest expense $125,400

The following was reviewed with Rondo and Laura and agree to the following adjustments for the year ended March 31: a) Physical Inventory counts shows $155,000 of supplies on hand. b) Prepaid rent at March 31 should be $13,000. c) Depreciation for 2023 is $75,000. d) Unearned Revenue should be $41,000. e) Wages in the amount of $40,000 are owed but unpaid and not recorded at year- end. f) 3 months interest at 8% on the note was paid on May 31. Interest for the period from January 1 to March 31is not paid and not recorded. g) Income tax of $125,000 is owed but not recorded and unpaid please provide journal entry, statement of earnings, statement of retained earnings and the statement of financial position from the information given above.

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