Question
Using the adjusted trial balance for Urban Furniture Ltd for the year ending February 28, 2020 prepare the Classified Statement of Financial Position. (10) Account
Using the adjusted trial balance for Urban Furniture Ltd for the year ending February 28, 2020 prepare the Classified Statement of Financial Position. (10)
Account | Debit | Credit |
Cash | $5,000 |
|
Accounts receivable | 14,000 |
|
Supplies | 10,000 |
|
Inventory | 15,000 |
|
Land | 110,000 |
|
Accounts payable |
| $3,000 |
Salary payable |
| 5,000 |
Notes payable Long term |
| 30,000 |
Common Shares |
| 70,000 |
Retained earnings |
| 20,000 |
Dividends | 1,000 |
|
Sales revenues |
| 180,000 |
Cost of goods sold | 100,000 |
|
Selling expense | 3,000 |
|
Advertising expense | 2,000 |
|
Salary expense | 5,000 |
|
Utility expense | 23,000 |
|
Rent expense | 18,000 |
|
Interest expense | 2,000 |
|
Totals | $298,000 | $298,000 |
(Hint: Calculate the net income/loss & retained earnings first)
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