Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the Trial Balance above, create a multi-step income statement, a statement of Retained Earnings, and a CLASSIFIED Balance Sheet. All in good format. Use

image text in transcribedUsing the Trial Balance above, create a multi-step income statement, a statement of Retained Earnings, and a CLASSIFIED Balance Sheet. All in good format. Use the spaces provided below.

308 26. Financial Statement Production 309 Our Company has the following Adjusted Trial Balance as of December 31, 2018. 310 Debit Credit 311 CASH $ 100,000 312 ACCOUNTS RECEIVABLE 20,000 313 PREPAID INSURANCE 1,200 314 MERCHANDISE INVENTORY 56,000 315 EQUIPMENT 120,000 316 ACCUMULATED DEPRECIATION 30,000 317 INTANGIBLE ASSET - PATENT 650,000 318 ACCOUNTS PAYABLE 12,000 319 UNEARNED REVENUE 10,000 320 NOTES PAYABLE - LONG TERM 400,000 321 RETAINED EARNINGS January 1, 2017 495,200 322 DIVIDENDS PAID 15,000 323 SALES REVENUE 1,200,000 324 SALES DISCOUNTS 200,000 325 COST OF GOODS SOLD 600,000 326 SALARY EXPENSE 200,000 327 SUPPLY EXPENSE 10,000 328 RENT EXPENSE 120,000 329 UTILITY EXPENSE 20,000 330 DEPRECIATION EXPENSE 30,000 331 INTEREST EXPENSE - NON-OPERATING 5,000 332 TOTALS $ 2,147,200 2,147,200 333 334 Using the Trial Balance above, create a multi-step income statement, a statement o 335 Balance Sheet. All in good format. Use the spaces provided below

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

Accounting Principles Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

9th Canadian Edition

978-1119786634, 1119786630

More Books

Students also viewed these Accounting questions