Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450

Directions: Using a given trial balance, prepare a balance sheet and income statement. ABC Company Adjusted Trial Balance December 31, 2021 Cash 55,000 Accounts Receivable 45,000 Inventory 17,500 Equipment 13,100 Accumulated Depreciation 3,000 Accounts Payable 6,000 Wages Payable 23,000 Long-Term Notes Payable 50,000 Common Stock 33,000 Retained Earnings Revenue 15,600 104,850 Materials 55,000 Labor 33,500 Selling Expenses 7,400 Administrative Expenses 3,200 Income Tax Expense 5,750 Total 235,450 235,450

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 7P: Complex Income Statement The following items were derived from Woodbine Circle Corporations adjusted...

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The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Anderson Cooper Co.Adjusted Trial BalanceDecember 31, 2020 Dr. Cr. Cash $19,472 Accounts Receivable 6,920 Prepaid Rent 2,280 Equipment 18,050 Accumulated Depreciation—Equipment $ 4,895 Notes Payable 5,700 Accounts Payable 5,472 Common Stock 20,000 Retained Earnings 11,310 Dividends 3,000 Service Revenue 11,590 Salaries and Wages Expense 6,840 Rent Expense 2,260 Depreciation Expense 145 Interest Expense 83 Interest Payable 00,000 83 $59,050 $59,050 Instructions a. Prepare an income statement. b. Prepare a retained earnings statement. c. Prepare a classified balance sheet.
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tests.mettl.com/test-window/f55ac827#/testWindow/0/16/1 EY Accounting Assessment O Total 00:54.47 Finish Test Section 1 of 1 Section #1 v 10 11 12 13 14 15 16 17 18 19 20 17 of 45 All 2 43 Question # 17 G Revisit Choose the best option Which of the following formula best describes the acid test or quick ratio? Current assets: Current liabilities. Debtors: Creditors O (Current assets stock) Current liabilities. O Current assets: (Current liabilities - bank overdraft). Frev Cueston Next Question +91-82878-03040 Zaineh | Support +1-650-924-9221 metil 413 PM 1/16/2021 Type here to search
The following account baiances are taken from the December 31, 2020, financial statements of ABZAdvertsng Compeny The company uees co ee accuntng Advertising Revenue s4482 Cash 41,516 Accounts Recelvable 7,200 Interest Expense 2.290 Accounts Payable Operating Expenses 37,460 Deferred Revenue 5,000 1,178 18.048 Equipment Income Tax Expense 2,326 The following activities occurred in 2021: 1. Performed advertising services on account, $55,000. 2. Received cash payments on account. $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 20217 O a. $55,000. O b.$51,89 D. $54,396, Od. $44,600. e. None of the above.
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