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

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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