The adjusted trial balance of California Bulbs, Inc., follows. Requirement Prepare California Bulbs, Inc.s single step income
Question:
The adjusted trial balance of California Bulbs, Inc., follows.
Requirement
Prepare California Bulbs, Inc.’s single step income statement and statement of retained earnings for the year ended December 31, 2014, and its balance sheet on thatdate.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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A1 California Bulbs, Inc. Adjusted Trial Balance December 31, 2014 (Amounts in thousands) Account Debit Credit Cash Accounts recelvable Inventories Prepaid expenses Property plant, and equipment Accumulated depreciation, property, plant, and equipment Other assets Accounts payable 4,200 1,700 2,900 1,600 16,800 $2,800 9,500 .300 500 2,400 14,600 5,500 12 Income tax payable 13 Other liabilities Common stock Retained earnings (beginning, December 31, 2013) Sales revenue Cost of goods sold Selling, administrative, and general expenses 1 Dividends 1500 42,500 25,000 10,300 100 20 Income tax expense 22 Total $75,600$75,600
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Related Book For
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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