1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data, prepare the following statements: Income Statement (multiple step format); be sure to include the required earnings per share presentation. b. Statement of Retained Earnings c. Balance Sheet (classified format) a. LLL Corporation Adjusted Trial Balance 31-Dec-20 Debit Credit Cash 104,000 Accounts Receivable 294,000 Allowance for Doubtful Accounts 22,000 Notes Receivable (due 2/25/21) 2,500 259,500 325,000 Inventory, 12/31/17 Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building 115,000 531,000 166,000 Land 125,000 Accounts Payable 136,000 Salaries & Wages Payable 6,000 Notes Payable - Due 5/31/21 125,000 395,000 Mortgage Payable - Due 12/31/2035 Common Stock, Par $.01 10,000 Additional Paid in Capital in Excess of Par 400,000 Retained Earnings, 12/31/20 179,000 Dividends Declared 15,000 885,000 Sales, Net Cost of Goods Sold (COGS) 475,000 165,000 Selling Expenses Administrative Expenses 125,000 16,000 10,000 Dividend & Interest Revenue Gain on Sale of Land Income Tax Expense 44,000 2,465,000 2,465,000

1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data, prepare the following statements: Income Statement (multiple step format); be sure to include the required earnings per share presentation. b. Statement of Retained Earnings c. Balance Sheet (classified format) a. LLL Corporation Adjusted Trial Balance 31-Dec-20 Debit Credit Cash 104,000 Accounts Receivable 294,000 Allowance for Doubtful Accounts 22,000 Notes Receivable (due 2/25/21) 2,500 259,500 325,000 Inventory, 12/31/17 Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building 115,000 531,000 166,000 Land 125,000 Accounts Payable 136,000 Salaries & Wages Payable 6,000 Notes Payable - Due 5/31/21 125,000 395,000 Mortgage Payable - Due 12/31/2035 Common Stock, Par $.01 10,000 Additional Paid in Capital in Excess of Par 400,000 Retained Earnings, 12/31/20 179,000 Dividends Declared 15,000 885,000 Sales, Net Cost of Goods Sold (COGS) 475,000 165,000 Selling Expenses Administrative Expenses 125,000 16,000 10,000 Dividend & Interest Revenue Gain on Sale of Land Income Tax Expense 44,000 2,465,000 2,465,000

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Description: 1. Presented below is the adjusted trial balance of the LLL Corporation. Using this data,prepare the following statements:a. Income Statement (multiple step format); be sure to include the required earnings pershare presentation.b. Statement of Reta

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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