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cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Cash dividends-common Cash dividends-preferred Common shares Consulting revenue Depreciation expense Dividends payable Equipment $20,800 36,000 24,800 57,000 38,000 4,500 75,000 412,000 13,000 15,000 223,000 Income tax expense Insurance expense Interest expense Notes payable Preferred shares Prepaid expenses Rent expense Retained earnings Salaries expense Salaries payable Supplies expense There are 1.500 preferred and 75,000 common shares issued. $16,000 6,700 2,700 49,000 54,750 6,200 35,100 50,450 241,000 2,500 25,100

cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Cash dividends-common Cash dividends-preferred Common shares Consulting revenue Depreciation expense Dividends payable Equipment $20,800 36,000 24,800 57,000 38,000 4,500 75,000 412,000 13,000 15,000 223,000 Income tax expense Insurance expense Interest expense Notes payable Preferred shares Prepaid expenses Rent expense Retained earnings Salaries expense Salaries payable Supplies expense There are 1.500 preferred and 75,000 common shares issued. $16,000 6,700 2,700 49,000 54,750 6,200 35,100 50,450 241,000 2,500 25,100

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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Flint Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Cash dividends-common Cash dividends-preferred Common shares Consulting revenue Depreciation expense Dividends payable Equipment eTextbook and Media List of Accounts. $20,800 36,000 eTextbook and Media 24,800 57,000 38,000 List of Accounts 4,500 75,000 412,000 13,000 15,000 223,000 There are 1.500 preferred and 75,000 common shares issued. Income tax expense Insurance expense Interest expense Notes payable Preferred shares Prepaid expenses Rent expense Retained earnings Salaries expense Salaries payable Supplies expense # Prepare the shareholders' equity section of the balance sheet. $16,000 6,700 FLINT ARCHITECTS LTD. Balance Sheet (Partial) Prepare the statement of retained earnings. (List items that increase retained earnings first.) $ 2,700 FLINT ARCHITECTS LTD. Statement Retained Earnings 49,000 54,750 6,200 35,100 50,450 241,000 2,500 25,100
Transcribed Image Text:Flint Architects Ltd. is a private company reporting under ASPE. It is authorized to issue an unlimited number of common and $3 cumulative preferred shares. The following is an alphabetical list of its adjusted accounts at March 31, 2021, its fiscal year end. All accounts have normal balances. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Cash dividends-common Cash dividends-preferred Common shares Consulting revenue Depreciation expense Dividends payable Equipment eTextbook and Media List of Accounts. $20,800 36,000 eTextbook and Media 24,800 57,000 38,000 List of Accounts 4,500 75,000 412,000 13,000 15,000 223,000 There are 1.500 preferred and 75,000 common shares issued. Income tax expense Insurance expense Interest expense Notes payable Preferred shares Prepaid expenses Rent expense Retained earnings Salaries expense Salaries payable Supplies expense # Prepare the shareholders' equity section of the balance sheet. $16,000 6,700 FLINT ARCHITECTS LTD. Balance Sheet (Partial) Prepare the statement of retained earnings. (List items that increase retained earnings first.) $ 2,700 FLINT ARCHITECTS LTD. Statement Retained Earnings 49,000 54,750 6,200 35,100 50,450 241,000 2,500 25,100
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