User Account

All Pages

Preparing financial statements

Assignment Help Financial Accounting
Reference no: EM132418905

Preparing Financial Statements  

From the adjusted trial balance provided below please prepare: 

a. Income Statement,  

b. Statement of Retained Earnings and  

c. the company's Balance Sheet for the year ended December 31st, current year

Cash 218,640

Accounts receivable 10,800

Supplies 720

Equipment 28,800

Accumulated depreciation equipment 12,000

Accounts Payable 3,600

Income taxes payable 8,400

Capital Stock 60,000

Retained earnings 108,000

Dividends 4,800

Lawn care revenue earned 230,400

Salary Expense 124,800

Supply Expense 2,880

Advertising Expense 720

Depreciation expense equipment 2,400

Income taxes expense 27,840

Total $ 422,400 $422,400

Reference no: EM132418905

Questions Cloud

Problem solving strategies to solve problem in real world : Explain a specific example in which you used critical thinking/problem solving strategies to solve a problem in the real world.
What is the net realizable value of accounts receivable : It estimated that 10% of its accounts receivable would prove uncollectible. What is the net realizable value of accounts receivable?
Who the target customer is for the new product : who the target customer is for the new product and What do you think? Would you do me a favor? explanations about the advantages and disadvantages.
Established chain of supermarkets : You are in charge of corporate lending for a bank. You have a choice to make a loan either to an established chain of supermarkets
Preparing financial statements : From the adjusted trial balance provided below please prepare:
Prepare sets of financial statements : ABC Inc. had two accountants named Ms. Lee and Mr. Wong who created two different sets of income statements, cash flow statements
Record transactions in journal entries-prepare ledger : Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable:
Analyze key rules that the PCAOB issued on internal controls : Analyze the key rules that the PCAOB issued on internal controls and review the internal control requirements - change that the PCAOB could make
Determining the bond transaction of hkust inc : HKUST Inc. issued a bond on January 1st, 2019 with a market interest rate ("yield") of 11%. However, HKUST Inc. decided to pay a coupon rate of 9%.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Major factor contributinng to the liquidation of the company

Accounting Financial ACC701 - Was liabilities a major factor contributinng to the liquidation of the company - Discuss the ethics and governance

  Prepare a cash flow forecast for audiofile

Prepare a Cash Flow Forecast for AudioFile for the month of January 2013. Include appropriate supporting schedules.

  Use macrs depreciation schedule for income tax calculations

The PARC Co. Inc. asked you to determine some of the after-tax cash flows for equipment used for research and development that is being considered. PARC expects the equipment to operate for five years and to require the purchase of $250,000 worth of ..

  Question on 1st january 2008 the sas company entered into a

question on 1st january 2008 the sas company entered into a lease for a high-tech printing press where sas agreed to

  Statement of cash flows

What elements would be included or not included in the statement of cash flows? 1. long-term bonds payable issued

  Evaluate bad debt expense and purpose the adjusting entry

What are the required features of the allowance method of accounting for bad debts Evaluate bad debt expense, and purpose the adjusting entry

  Prepare vertical analysisfollowing is the income statement

prepare vertical analysis.following is the income statement for commerce corporation for the year ended december 31

  What are the consequences of actions

At the end of the current month, Gil Frank prepared a trial balance for College App Services. The credit side of the trial balance exceeds the debit side by a significant amount. Gil has decided to add the difference to the balance of the miscellaneo..

  What is the indicated overall rate

1. Data for five comparable income properties that sold recently are shown below:

  Equipment depreciation-supervisors wages

Cashion Company produces chemical mixtures for veterinary pharmaceutical companies. Its factory has four mixing lines that mix various powdered chemicals together according to specified formulas. Prepare a graph for each of these three costs: equipme..

  Accounting-segment margin and management compensation

Gantry Manufacturing is a medium-sized organization with manufacturing facilities in seven different locations around the southwestern United States. What are the implications of having the corporate office issue memos requiring the facilities to rec..

  Determine the amount of retained earnings as of november 1

Determine the amount of retained earnings as of November 1.---  Prepare a statement of cash flows for November.

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