1. Sub-Title Incorporated, a limited liability company, has an accounting year end of 31 December. The accountant is preparing the financial statements as at 31 December 2020 and requires your assistance. The following unadjusted trial balance has been extracted from its general ledger Account Dr Cr Buildings at cost Buildings accumulated depreciation, 1 Jan 2020 Plant at cost Plant accumulated depreciation, 1 Jan 2020 Prepaid Rent Bank balance 185,000 15,000 55,000 27,500 15,000 17,500 457,500 Sales Revenue 7,500 277,500 40,000 5,000 Supplies Purchases Inventory at 1 Jan 2020 Cash balance Accounts payables Accounts receivables Salaries expenses Electricity expenses Telephone expenses Insurance expenses 62,500 85,000 31,250 12,625 22,500 14,875 Loan due (December 2023) Retained earnings at 1 Jan 2020 Common stock, $1 Unearned Sales Revenues 7,500 32,500 117,500 20,000 Dividend Paid 6.250

1. Sub-Title Incorporated, a limited liability company, has an accounting year end of 31 December. The accountant is preparing the financial statements as at 31 December 2020 and requires your assistance. The following unadjusted trial balance has been extracted from its general ledger Account Dr Cr Buildings at cost Buildings accumulated depreciation, 1 Jan 2020 Plant at cost Plant accumulated depreciation, 1 Jan 2020 Prepaid Rent Bank balance 185,000 15,000 55,000 27,500 15,000 17,500 457,500 Sales Revenue 7,500 277,500 40,000 5,000 Supplies Purchases Inventory at 1 Jan 2020 Cash balance Accounts payables Accounts receivables Salaries expenses Electricity expenses Telephone expenses Insurance expenses 62,500 85,000 31,250 12,625 22,500 14,875 Loan due (December 2023) Retained earnings at 1 Jan 2020 Common stock, $1 Unearned Sales Revenues 7,500 32,500 117,500 20,000 Dividend Paid 6.250

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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