User Account

All Pages

Make an income statement and a retained earnings

Assignment Help Financial Accounting
Reference no: EM132508910

Mei-ling had a very busy December. At the end of the month, after journalizing and posting theDecember transactions and adjusting entries, Mei-ling prepared the following adjusted trial balance.

Matcha Creations

Adjusted Trial Balance

December 31, 2021

                                                    Debit                          Credit

Cash                                     NT$1,180

Accounts Receivable                     875

Supplies                                     350

Prepaid Insurance                            1,210

Equipment                                        1,200

Accumulated Depreciation-Equipment                       NT$ 40

Accounts Payable                                                   75

Salaries and Wages Payable                                      56

Unearned Service Revenue                                    300

Interest Payable                                                     15

Notes Payable                                                       2,000

Share Capital-Ordinary                                                  800

Dividends                                    500

Service Revenue                                                          4,515

Salaries and Wages Expense        1,006

Utilities Expense                             125

Advertising Expense                          165

Supplies Expense                               1,025

Depreciation Expense                          40

Insurance Expense                                  110

Interest Expense                                       15

                                                               NT$7,801                 NT$7,801

Instructions

Using the information in the adjusted trial balance, do the following.

Question (a) Prepare an income statement and a retained earnings statement for the two months endedDecember 31, 2021, and a classified statement of financial position at December 31, 2021. Thenote payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2023.

Question (b) Mei-ling has decided that her year-end will be December 31. Prepare closing entries as of December 31, 2021.

Question (c) Prepare a post-closing trial balance.

Reference no: EM132508910

Questions Cloud

Resistance to change is normal everyday aspect : Resistance to change is a normal everyday aspect in the workplace. Note what happens to the organizational climate when this resistance occurs
What mass of nano3 should be dissolved : What mass of NaNO3 should be dissolved in 25.0 mL of water so that the resulting solution freezes at -6.0oC?
Need all the entries related to this bond from issuance : The bonds sold for $370,000. For bonds of similar risk and maturity the market yield was 12%. Need all the entries related to this bond from issuance
Compute the return on investment and the residual income : Compute the Return on Investment and the Residual Income, with and without the additional investment, and advise the company
Make an income statement and a retained earnings : Prepare an income statement and a retained earnings statement for the two months endedDecember 31, 2021, and a classified statement.
Determining the milliequivalents of hcl : A solution of HCl has a specific gravity of 1.120 and contains 23.81% HCl by weight. How many grams and how many milliequivalents
Business intelligence : Survey the literature from the past six months to find one application each for DSS, BI, and analytics.
What is the longest wavelength of light : What is the longest wavelength of light (nm) that can be used to eject electrons from the surface of this metal via the photoelectric effect?
What is the ph of buffer : A buffer solution is prepared that is 0.18 M NH3 and 0.27 M NH4Cl.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the types of leasing arrangements

What is the impact of depreciation expense on the cash flow analysis of a capital project. What is the types of leasing arrangements and what is their pros

  What would appear in the year-end balance sheet related to

A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million.

  Calculate basic and diluted earnings per share

Use the information to calculate basic and diluted earnings per share (EPS) numbers from continuing operations.

  Determine how easily two companies meet long term obligation

Determine How easily can the two companies meet their long term obligations? As for times interest earned ratio, company A is 20.96, company B is 26.13.

  Loan is secured by the residence and the charging of points

On July 1 of the current year, Marcia purchases a new home and borrows $320,000. Marcia is required to pay two points on the loan. The loan is secured by the residence and the charging of points is an established business practice in the area. The te..

  Norma smith is the controller of baylor corporation and is

norma smith is the controller of baylor corporation and is responsible for the preparation of the year-end financial

  What is the firms cost of common equity

The market price of the stock is $36.80 and the growth rate is 6.0 percent. What is the firm's cost of common equity

  Contractors for fencing-paving-lighting and landscaping

Conan Corporation purchased land and contracted with a developer to construct an office building. Conan Corporation also engaged other contractors for fencing, paving, lighting, and landscaping.

  How many units of each product-marshmallow bunnies

Compute the break-even sales (units) for the overall product, E. ? How many units of each product, marshmallow bunnies and jellybeans, would be sold at the break-even point?

  Financial indicators of two different businesses

Consider the following financial indicators of two different businesses:

  Holding period determined for stock and other property

How are a transferor’s holding period determined for stock and other property (boot) received in a Sec. 351 exchange? The transferor’s (shareholder’s) holding period for the stock received in exchange for non-capital assets (e.g., inventory), capital..

  Overhead application and job-order costing

Heurion Company is a job-order costing firm that uses a plant wide overhead rate based on direct labor hours

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd