Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is the Income Statement, Balance Sheet, and statement of owners equity for this problem? ACTG 201 Comprehensive Project Spring 2020 Knopfler Company's balance sheet
What is the Income Statement, Balance Sheet, and statement of owners equity for this problem?
ACTG 201 Comprehensive Project Spring 2020 Knopfler Company's balance sheet at December 31, 2019 (the previous year), included the following information: 25,600 Knopfler Company Balance Sheet At December 31, 2019 24,600 Accounts Payable 45,500 (1,500) Knopfler, Capital 4,400 40,000 142,000 (22,000) 233,000 Total Liabilities & Equity Cash Accounts Receivable Allow. for Doubtful Accounts Supplies Land Building Accumulated Depreciation Total Assets 207,400 233,000 The following transactions occurred during 2020: 111. Knopfler performed services for $288,000 on account: 2. On August 1, 2020. Knopfler collected fees of $48,000 in advance for services to be performed evenly between September 1, 2020 and September 1, 2021. 3. Knopfler collected cash of $275,000 from customers on account. 4. Knopfler purchased $30.100 of supplies on account. 5. Knopfler paid $34,500 to suppliers on account 6. Knopfler paid $192,200 for operating expenses. 17 On December 15, 2020, Knopfler withdrew $25,000 for personal use. 8. An accounts receivable of $1,600 was written off as uncollectible. December 31, 2020 - Adjustment data: 1. A count of supplies indicated that $6,900 of supplies remain unused at year end. 12. Calculated and recorded the revenue earned from transaction #2 above. 13. The allowance for doubtful accounts was estimated to be 5 percent of accounts receivable (round to the nearest doilar. 14. Depreciation on the building was calculated on the straight-line basis based on an estimated 20-year life and an estimated $10.000 salvage value T ER Knopfler Company Income Statement For the year ending December 31, 2020 Knopfler Company Statement of Owner's Equity For the year ending December 31, 2020 Knopfler Company Balance Sheet At December 31, 2020 Step 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