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Question
You need to make Statement of Comprehensive Income and a Balance Sheet. But You have no idea which step before preparing it. Also, don't understand how the numbers adding up.
Assume that the ATB also shows normal balances for interest expense and interest payable of $300 each, that the balance for Cash was €12,400, and that there was a balance for Loan Payable of €2,000. The loan is non-current.
Make sure your financial statements are in the format and form required in this course. (Hints: 1) do not forget about EBIT, and 2) in the equity section of the Balance Sheet, show the ending balance of Retained Earnings, i.e., after the $3,000 balance has been updated as at 31 August 2020.)
Matusiak OAO Thal Balance August 31, 2020Before Adjustment After Adjustment
Matusiak OAO
Trial Balance
August 31, 2020
Before Adjustment
After Adjustment
Dr.
Cr.
Cash
€10,400
Accounts Receivable
8,800
11,200
Supplies
2,300
700
Prepaid Insurance
4,000
2,500
Equipment
14,000
Accumulated Depreciation-Equipment
€3,600
€4,500
Accounts Payable
5,800
Salaries and Wages P2yable
-0-
1,100
Unearned Rent Revenue
1,500
400
Share Capital-Ordinary
12,600
Retained Earnings
3,000
Service Revenue
34,000
36,400
Rent Revenue
11,000
12,100
Salaries and Wages Expense
17,000
18,100
Supplies Expense
1,600
Rent Expense
15,000
Insurance Expense
Depreciation Expense
000
€71,500
€75,900
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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