Below are the unadjusted account balances for Gotham Corp as of December 31, 2021Unadjusted Account BalancesАсcountAmountAccounts payable3,390Accounts receivable77,850Accumulated depreciation20,100Cash73,000Common Shares135,000Cost of goods soldEquipmentInterest expense194,000155,0007,33329,00080,000InventoryLong term investmentsLong term loanPrepaid insuranceRetained Earnings200,00033,08725,000Sales309,000Salaries expense49,220Unearned revenue6,000The accountant recorded the following adjusting entries at the end of the year:15,500Depreciation on the equipmentSalaries payable for 6 days of workInterest expense3,0004,66719,087Insurance expense for theIncome tax expense, not yet paidAll unearned revenue obligations were fulfilledyear2,423Required: Prepare a Statement of Financial Position for the year 2021.

In this question, we are required to prepare the statement of financial position as of December 31,…

Below are the unadjusted account balances for Gotham Corp as of December 31, 2021 Unadjusted Account Balances Асcount Accounts payable Accounts receivable Accumulated depreciation Cash Amount 3,390 77,850 20,100 73,000 Common Shares 135,000 Cost of goods sold Equipment Interest expense Inventory Long term investments Long term loan Prepaid insurance Retained Earnings Sales Salaries expense Unearned revenue 194,000 155,000 7,333 29,000 80,000 200,000 33,087 25,000 309,000 49,220 6,000 The accountant recorded the following adjusting entries at the end of the year: Depreciation on the equipment Salaries payable for 6 days of work Interest expense Insurance expense for the year Income tax expense, not yet paid All unearned revenue obligations were fulfilled 15,500 3,000 4,667 19,087 2,423 Required: Prepare a Statement of Financial Position for the vear 2021.

Below are the unadjusted account balances for Gotham Corp as of December 31, 2021 Unadjusted Account Balances Асcount Accounts payable Accounts receivable Accumulated depreciation Cash Amount 3,390 77,850 20,100 73,000 Common Shares 135,000 Cost of goods sold Equipment Interest expense Inventory Long term investments Long term loan Prepaid insurance Retained Earnings Sales Salaries expense Unearned revenue 194,000 155,000 7,333 29,000 80,000 200,000 33,087 25,000 309,000 49,220 6,000 The accountant recorded the following adjusting entries at the end of the year: Depreciation on the equipment Salaries payable for 6 days of work Interest expense Insurance expense for the year Income tax expense, not yet paid All unearned revenue obligations were fulfilled 15,500 3,000 4,667 19,087 2,423 Required: Prepare a Statement of Financial Position for the vear 2021.

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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