Windsor CorporationBalance SheetDecember 31, 2021Cash$57.000Accounts payable$26,125Inventory58,425Interest payable4,750Prepaid insurance10,640Bonds payable95,000Equipment72,200Common stock47,500Retained earnings$24,890$198,265$198.265During 2022, the following transactions occurred. Windsor uses a perpetual inventory system1.Windsor paid S4,750 interest on the bonds on January 1.2022.2.Windsor purchased $458.090 of inventory on account.3.Windsor sold for $912,000 cash inventory which cost $501.600. Windsor also collected $54.720 sales taxes.4.Windsor paid $437,000 on accounts payable5.Windsor paid $4,750 interest on the bonds on July 1, 20226.The prepaid insurance ($10,640) expired on July 31.7.On August 1. Windsor paid $19,3BO for insurance coverage from August 1. 2022, through July 31, 20238.Windsor paid $32,300 sales taxes to the state.9.Paid other operating expenses. $172.900.10.Redeemed the bonds on December 31.2022. by paying $91.200 plus $4,750 interest.Issued $171000 of 8% bonds on December 31. 2022, at 10a The bands pay interest every June 30andDecember 31.11Adjustment data: 1.Recorded the insurance expired from item 7The equipment was acquired on December 31. 2021. and will be depreciated on a straight-line basis over 5years with a $5,770 salvage value.2.The income tax rate is 30%, (Hint: Prepare the income statement up to Income before tawes and multiply by30% to compute the amount)Prepare an income statement for the year ending December 31, 2022. (Round answers to 0 decimal places,e.g. 5,275.)Windsor CORPORATIONIncome Statement

An income statement refers to the financial statement of a company that reflects the income…

Answered: December 31, 2021 $57.000 Accounts…

December 31, 2021 $57.000 Accounts payable $26,125 58,425 Interest payable 4,750 10,640 Bonds payable 95,000 72,200 Common stock 47,500 Retained earnings $24,890

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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