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Below is a trial balance as of 12-31-2019 for Richmond Field Inc. sh counts receivable ventory operty, plant, and equipment cumulated depreciation counts payable and accrued liabilities come taxes payable nds payable eferred income tax liability -mmon stock ditional paid-in capital tained earnings, 1/1/18 Dr. Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 1,000,000 1,211,000 500,000 85,000 2,350,000 3,680,000 3,950,000

Below is a trial balance as of 12-31-2019 for Richmond Field Inc. sh counts receivable ventory operty, plant, and equipment cumulated depreciation counts payable and accrued liabilities come taxes payable nds payable eferred income tax liability -mmon stock ditional paid-in capital tained earnings, 1/1/18 Dr. Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 1,000,000 1,211,000 500,000 85,000 2,350,000 3,680,000 3,950,000

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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Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Accounts payable and accrued liabilities Income taxes payable Bonds payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/18 Sales Sales returns and allowances Rental income Dividend income Cost of goods sold Salary expenses All other employee expenses Advertising expense Insurance expense Last name begins with Travel expenses All other expenses Loss on discontinued division Income tax rate is 20% and tax has not been included in trial balance. Dr. Problem 2 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc A-F Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 Problem 1 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% 40,000 8,500,000 2,600,000 500,000 50,000 50,000 150,000 125,000 300,000 27,436,000 1,000,000 1,211,000 500,000 85,000 2,350,000 3,680,000 3,950,000 14,560,000 40,000 60,000 27,436,000
Transcribed Image Text:Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Accounts payable and accrued liabilities Income taxes payable Bonds payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/18 Sales Sales returns and allowances Rental income Dividend income Cost of goods sold Salary expenses All other employee expenses Advertising expense Insurance expense Last name begins with Travel expenses All other expenses Loss on discontinued division Income tax rate is 20% and tax has not been included in trial balance. Dr. Problem 2 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc A-F Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 Problem 1 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% 40,000 8,500,000 2,600,000 500,000 50,000 50,000 150,000 125,000 300,000 27,436,000 1,000,000 1,211,000 500,000 85,000 2,350,000 3,680,000 3,950,000 14,560,000 40,000 60,000 27,436,000
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