Using the attached adjusted trial balance, prepare the income statement, retained earnings statement and balance sheet. Campin Inc.Adjusted Trial Balance12/31/21DebitCreditCash$3,389,000Accounts Receivable$3,100,000Allowance for Doubtful Accounts24491,250Prepaid Insurance$4Inventory$41,262,500Equipment4,500,000Accumulated Depreciation - EquipmentBuildingAccumulated Depreciation - BuildingLand%241,575,000850,000%24292,5001,100,000Accounts PayableSalaries PayableMortgage PayableLong-Term Debt24775,00050,000%241,370,0002,175,000Common Stock - Par$0.01246,000APIC2,994,000Retained Earnings265,000Sales Revenue%249,825,000COGS3,937,500Salary Expense616,000Bad Debt ExpenseInsurance ExpenseDepreciation Expense - EquipmentDepreciation Expense - BuildingInterest Expense - MortgageInterest Expense - Long-Term Debt481,250100,000225,000$442,50040,000175,00019,818,7502419,818,750%24

Name: Using the attached adjusted trial balance, prepare the income statemen
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Using the attached adjusted trial balance, prepare the income statement, retained earnings statement and balance sheet. Campin Inc.Adjusted Trial Balance12/31/21DebitCreditCash$3,389,000Accounts Receivable$3,100,000Allowance for Doubtful Accounts2449

Formula: Net income = Total Revenues - Total Expenses

Answered: Campin Inc. Adjusted Trial Balance…

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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Using the attached adjusted trial balance, prepare the income statement, retained earnings statement and balance sheet.

Campin Inc.
Adjusted Trial Balance
12/31/21
Debit
Credit
Cash
$
3,389,000
Accounts Receivable
$
3,100,000
Allowance for Doubtful Accounts
24
491,250
Prepaid Insurance
$4
Inventory
$4
1,262,500
Equipment
4,500,000
Accumulated Depreciation - Equipment
Building
Accumulated Depreciation - Building
Land
%24
1,575,000
850,000
%24
292,500
1,100,000
Accounts Payable
Salaries Payable
Mortgage Payable
Long-Term Debt
24
775,000
50,000
%24
1,370,000
2,175,000
Common Stock - Par
$0.01
24
6,000
APIC
2,994,000
Retained Earnings
265,000
Sales Revenue
%24
9,825,000
COGS
3,937,500
Salary Expense
616,000
Bad Debt Expense
Insurance Expense
Depreciation Expense - Equipment
Depreciation Expense - Building
Interest Expense - Mortgage
Interest Expense - Long-Term Debt
481,250
100,000
225,000
$4
42,500
40,000
175,000
19,818,750
24
19,818,750
%24

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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