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Spring 2023 Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Prepaid Insurance Intellectual Property (IP) Accum amortization Amortization of IP Total Make the following Journal entries a) Depreciation - straight line 10 years on ending balance b) Corp tax payable 20% on Income before tax c) Interest on the bank loan 6% accrued but not paid till Jan 15, 2022 d) Insurance paid on 9/1/2021 $1200 for one whole year e) Amortization of IP is 10 years straight line on ending balance Beg Dr (CR) $ $ $ $ $ $ $ $ $ $ 1/1/2021 12/31/2021 $ Ending Dr (Cr) $ 71,000 $ $ $ $ 50,000 $ (10,000) $ 15,000 $ (35,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ $ 10,000 $ (1,000) $ $ (130,200) 85,000 50,000 5,000 10,000 60,000 (10,000) 20,000 (10,000) (20,000) 5,000 (40,000) 5,000 (50,000) 1,200 20,000 (1,000)

Spring 2023 Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Prepaid Insurance Intellectual Property (IP) Accum amortization Amortization of IP Total Make the following Journal entries a) Depreciation - straight line 10 years on ending balance b) Corp tax payable 20% on Income before tax c) Interest on the bank loan 6% accrued but not paid till Jan 15, 2022 d) Insurance paid on 9/1/2021 $1200 for one whole year e) Amortization of IP is 10 years straight line on ending balance Beg Dr (CR) $ $ $ $ $ $ $ $ $ $ 1/1/2021 12/31/2021 $ Ending Dr (Cr) $ 71,000 $ $ $ $ 50,000 $ (10,000) $ 15,000 $ (35,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ $ 10,000 $ (1,000) $ $ (130,200) 85,000 50,000 5,000 10,000 60,000 (10,000) 20,000 (10,000) (20,000) 5,000 (40,000) 5,000 (50,000) 1,200 20,000 (1,000)

FINANCIAL ACCOUNTING
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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Using the screenshot below create the income statement. show everything, and a final cleaned up version of the income statement

 

 

Spring 2023 Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Prepaid Insurance Intellectual Property (IP) Accum amortization Amortization of IP Total Make the following Journal entries a) Depreciation - straight line 10 years on ending balance b) Corp tax payable 20% on Income before tax c) Interest on the bank loan 6% accrued but not paid till Jan 15, 2022 d) Insurance paid on 9/1/2021 $1200 for one whole year e) Amortization of IP is 10 years straight line on ending balance Beg Dr (CR) $ $ $ $ $ $ $ $ $ $ 1/1/2021 12/31/2021 $ Ending Dr (Cr) $ 71,000 $ $ $ $ 50,000 $ (10,000) $ 15,000 $ (35,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ $ 10,000 $ (1,000) $ $ (130,200) 85,000 50,000 5,000 10,000 60,000 (10,000) 20,000 (10,000) (20,000) 5,000 (40,000) 5,000 (50,000) 1,200 20,000 (1,000)
Transcribed Image Text:Spring 2023 Trial Balance Assignment Data - Prepare financials Revenue Cash COGS SG & A Depreciation Goodwill Building Accum Depreciation A/R A/P Capital stock Dividend paid Retained Earnings Salaries Bank loan corp taxes expense corp taxes payable Interest expense Accrued Interest Insurance Prepaid Insurance Intellectual Property (IP) Accum amortization Amortization of IP Total Make the following Journal entries a) Depreciation - straight line 10 years on ending balance b) Corp tax payable 20% on Income before tax c) Interest on the bank loan 6% accrued but not paid till Jan 15, 2022 d) Insurance paid on 9/1/2021 $1200 for one whole year e) Amortization of IP is 10 years straight line on ending balance Beg Dr (CR) $ $ $ $ $ $ $ $ $ $ 1/1/2021 12/31/2021 $ Ending Dr (Cr) $ 71,000 $ $ $ $ 50,000 $ (10,000) $ 15,000 $ (35,000) $ (10,000) $ $ (40,000) $ $ (50,000) $ $ 10,000 $ (1,000) $ $ (130,200) 85,000 50,000 5,000 10,000 60,000 (10,000) 20,000 (10,000) (20,000) 5,000 (40,000) 5,000 (50,000) 1,200 20,000 (1,000)
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