Accounts payable Accounts receivable Accumulated depreciation equipment Allowance for uncollectible accounts Amortization expense Cash and cash equivalents Common stock Cost of goods sold Deferred revenue Depreciation expense Dividends Equipment General and administrative expenses Income from discontinued operations, net of taxes Income tax expense Income taxes payable. Interest expense Interest payable Inventory Land investment to be sold in 2024 Notes payable (due 12/31/2023) Patents Prepaid rent Restricted cash to pay notes payable in 2023 Retained earnings Sales revenue Selling expenses Short-term investments Adjusted Trial Balance December 31, 2021 Debits Credits 2,400 3,500 175 8,300 7,200 1,600 600 14,500 1,500 1,600 150 4,000 800 3,325 200 150 2,400 1,200 51,200 5,100 150 13,000 800 1,900 550 100 5,000 4,225 17,975 Post-Closing Trial Balance December 31, 2020 Debits Credits 3,000 2,200 2,290 12,000 2,325 800 3,500 360 0 4,500 150 10,000 900 1,500 0 4,225 800 51,200 24,275 24,275
Accounts payable Accounts receivable Accumulated depreciation equipment Allowance for uncollectible accounts Amortization expense Cash and cash equivalents Common stock Cost of goods sold Deferred revenue Depreciation expense Dividends Equipment General and administrative expenses Income from discontinued operations, net of taxes Income tax expense Income taxes payable. Interest expense Interest payable Inventory Land investment to be sold in 2024 Notes payable (due 12/31/2023) Patents Prepaid rent Restricted cash to pay notes payable in 2023 Retained earnings Sales revenue Selling expenses Short-term investments Adjusted Trial Balance December 31, 2021 Debits Credits 2,400 3,500 175 8,300 7,200 1,600 600 14,500 1,500 1,600 150 4,000 800 3,325 200 150 2,400 1,200 51,200 5,100 150 13,000 800 1,900 550 100 5,000 4,225 17,975 Post-Closing Trial Balance December 31, 2020 Debits Credits 3,000 2,200 2,290 12,000 2,325 800 3,500 360 0 4,500 150 10,000 900 1,500 0 4,225 800 51,200 24,275 24,275
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PREPARE A STATEMENT OF

Transcribed Image Text:Accounts payable
Accounts receivable
Accumulated depreciation - equipment
Allowance for uncollectible accounts
Amortization expense
Cash and cash equivalents
Common stock
Cost of goods sold
Deferred revenue
Depreciation expense
Dividends
Equipment
General and administrative expenses
Income from discontinued operations, net of taxes
Income tax expense
Income taxes payable
Interest expense
Interest payable
Inventory
Land investment to be sold in 2024
Notes payable (due 12/31/2023)
Patents
Prepaid rent
Restricted cash to pay notes payable in 2023
Retained earnings
Sales revenue
Selling expenses
Short-term investments
Adjusted
Trial Balance
December 31,
2021
Debits Credits
2,400
3,500
175
8,300
7,200
1,600
600
14,500
1,500
1,600
150
4,000
800
3,325
200
150
5,100
150
13,000
800
1,900
550
100
5,000
4,225
17,975
Post-Closing
Trial Balance
December 31,
2020
Debits Credits
3,000
2,200
2,290
12,000
2,325
800
3,500
360
0
2,400
1,200
800
51,200 51,200 24,275
4,500
150
10,000
900
1,500
0
0
4,225
24,275

Transcribed Image Text:Additional information"
1. Equipment costing $4,000 was purchased with cash during 2021.
2. Equipment with a book value of $500 (cost of $1,500 less accumulated depreciation of $1,000) was
sold for $500.
3. There was $3,000 of common stock issued during 2021.
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