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Business
Accounting
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 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 0 4,225 800 51,200 24,275 24,275

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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Prepare a Comparative Balance Sheet for December 31, 2020 and December 31, 2021

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: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
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