Campbell Containers reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements. Accounts Payable Accounts Receivable. Accumulated Depreciation Cash Common Stock Depreciation Expense Dividends Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable. Interest Revenue Campbell Containers Adjusted Trial Balance At May 31, 2019 (millions of dollars) Notes Payable (long-term) Notes Payable (short-term) office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies. Transportation Expense E4-2 (Algo) Part 3 Debit $ 5,300 5,200 2,700 200 38,700 4,100 1,050 130 40 7,570 1,000 2,800 2,200 16,900 480 12,200 $ 100,570 Credit $3,200 Required: 3-a. Prepare an income statement for the year ended May 31, 2019. 3-b. Prepare a statement of retained earnings for the year ended May 31, 2019. 3-c. Prepare a classified balance sheet at May 31, 2019. 19,900 3,000 1,050 50 8,000 450 16,920 2,000 46,000 $100,570
Campbell Containers reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial statements. Accounts Payable Accounts Receivable. Accumulated Depreciation Cash Common Stock Depreciation Expense Dividends Equipment Goodwill Income Tax Expense Income Tax Payable Interest Expense Interest Receivable. Interest Revenue Campbell Containers Adjusted Trial Balance At May 31, 2019 (millions of dollars) Notes Payable (long-term) Notes Payable (short-term) office Expenses Prepaid Rent Rent Expense Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Service Revenue Supplies. Transportation Expense E4-2 (Algo) Part 3 Debit $ 5,300 5,200 2,700 200 38,700 4,100 1,050 130 40 7,570 1,000 2,800 2,200 16,900 480 12,200 $ 100,570 Credit $3,200 Required: 3-a. Prepare an income statement for the year ended May 31, 2019. 3-b. Prepare a statement of retained earnings for the year ended May 31, 2019. 3-c. Prepare a classified balance sheet at May 31, 2019. 19,900 3,000 1,050 50 8,000 450 16,920 2,000 46,000 $100,570
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![E4-2 (Algo) Identifying Adjustments and Preparing Financial Statements from a Trial Balance [LO 4-1, LO
4-4]
[The following information applies to the questions displayed below.]
Campbell Containers reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were
included in its trial balance immediately prior to preparing the financial statements.
Accounts Payable
Accounts Receivable.
Accumulated Depreciation
Cash
Common Stock
Depreciation Expense
Dividends
Equipment
Goodwill
Income Tax Expense
Income Tax Payable
Interest Expense
Interest Receivable
Interest Revenue
Campbell Containers
Adjusted Trial Balance
At May 31, 2019
(millions of dollars).
Notes Payable (long-term)
Notes Payable (short-term)
Office Expenses
Prepaid Rent
Rent Expense
Repairs and Maintenance Expense
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Supplies
Transportation Expense
E4-2 (Algo) Part 3
Debit
$5,300
5,200
2,700
200
38,700
4,100
1,050
130
40
7,570
1,000
2,800
2,200
16,900
480
12,200
$ 100,570
Credit
Complete this question by entering your answers in the tabs below.
Required:
3-a. Prepare an income statement for the year ended May 31, 2019.
3-b. Prepare a statement of retained earnings for the year ended May 31, 2019.
3-c. Prepare a classified balance sheet at May 31, 2019.
$3,200
19,900
3,000
1,050
50
8,000
450
16,920
2,000
46,000
$ 100,570](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F604eb118-a611-4aa8-9445-0da98d94c9d6%2F3a4db1a5-eb2a-48de-9ce7-ecd9acd56f0f%2Fzy19duf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E4-2 (Algo) Identifying Adjustments and Preparing Financial Statements from a Trial Balance [LO 4-1, LO
4-4]
[The following information applies to the questions displayed below.]
Campbell Containers reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were
included in its trial balance immediately prior to preparing the financial statements.
Accounts Payable
Accounts Receivable.
Accumulated Depreciation
Cash
Common Stock
Depreciation Expense
Dividends
Equipment
Goodwill
Income Tax Expense
Income Tax Payable
Interest Expense
Interest Receivable
Interest Revenue
Campbell Containers
Adjusted Trial Balance
At May 31, 2019
(millions of dollars).
Notes Payable (long-term)
Notes Payable (short-term)
Office Expenses
Prepaid Rent
Rent Expense
Repairs and Maintenance Expense
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Service Revenue
Supplies
Transportation Expense
E4-2 (Algo) Part 3
Debit
$5,300
5,200
2,700
200
38,700
4,100
1,050
130
40
7,570
1,000
2,800
2,200
16,900
480
12,200
$ 100,570
Credit
Complete this question by entering your answers in the tabs below.
Required:
3-a. Prepare an income statement for the year ended May 31, 2019.
3-b. Prepare a statement of retained earnings for the year ended May 31, 2019.
3-c. Prepare a classified balance sheet at May 31, 2019.
$3,200
19,900
3,000
1,050
50
8,000
450
16,920
2,000
46,000
$ 100,570
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