Solution-Prepare classified statement of financial position

Prepare classified statement of financial position

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Reference no: EM133067740

Question - The following is the completed trial balance for Storm Co. (Company) as of December 31, 2021:

Account	Debit	Credit
Accounts payable		$75,600
Accounts receivable	$54,000
Advertising expense	$18,000
Bank Loan (due in 2024)		$73,000
Building (net of depreciation)	$24,600
Cash	$48,000
Common shares		$11,000
Depreciation expense	$8,500
Income tax expense	$5,500
Interest expense	$12,680
Inventory	$20,000
Insurance expense	$500
Land	$60,000
Rent expense	$6,000
Repairs and Maintenance	$9,500
Retained earnings (January 1, 2021)		$48,280
Revenue		$100,000
Utilities expense	$9,000
Wages expense	$37,000
Wages payable		$5,400
Totals	$313,280	$313,280

Required - Using the above information - Prepare, in good format the following

1. Statement of income for the year ended December 31, 2021.

2. Classified statement of financial position as of July 31, 2021.

Reference no: EM133067740

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Prepare classified statement of financial position

Reference no: EM133067740

Reference no: EM133067740

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