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
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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 ExpensesIncome statement: Retained Earnings statement: Balance sheet:

Answered: Campin Inc. Adjusted Trial Balance…

Business

Accounting

Campin Inc. Adjusted Trial Balance 12/31/21 Debit Credit Cash 24 3,389,000 Accounts Receivable $4 3,100,000 Allowance for Doubtful Accounts 491,250 Prepaid Insurance Inver ton 1. 26? 500 %24

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

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 Remaining net income of the company after the required dividends are paid to shareholders. This surplus money is usually invested back into the business to expand its business operations or launch a new product.

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