Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Using the adjusted trial balance, prepare the income statement, retained earnings statement, and balance sheet. Campin Inc. Adjusted Trial Balance 12/31/21 Credit $ $ Debit
Using the adjusted trial balance, prepare the income statement, retained earnings statement, and balance sheet.
Campin Inc. Adjusted Trial Balance 12/31/21 Credit $ $ Debit 3,389,000 3,100,000 $ 491,250 $ va 1,262,500 4,500,000 $ 1,575,000 850,000 Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Inventory Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building Land Accounts Payable Salaries Payable Mortgage Payable Long-Term Debt Common Stock - Par $0.01 APIC Retained Earnings - $ $ $ 292,500 $ 1,100,000 $ V V V V V V VS 775,000 50,000 1,370,000 2,175,000 6,000 2,994,000 265,000 $ $ $ $ 9,825,000 Sales Revenue COGS Salary Expense S $ 3,937,500 616,000 Bad Debt Expense Insurance Expense Depreciation Expense - Equipment Depreciation Expense - Building Interest Expense - Mortgage Interest Expense - Long-Term Debt $ $ $ $ | 481,250 100,000 225,000 42,500 40,000 175,000 19,818,750 - S $ 19,818,750Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started