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Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance

Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance

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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Prepaid Interest Prepaid Insurance Land Land Improvements Cash on hand Cash in bank Trade Receivables Allowance for Bad Debts Advances to Suppliers Interest Receivable Prepaid Supplies Receivable from insurance Merchandise Inventory - January 1, 2019; 2020 ACCOUNT Accumulated Depreciation - Land Improvements Building Accumulated Depreciation - Building Building Improvements Accumulated Depreciation - Building Improvements Furnitures and Fixtures Accumulated Depreciation - Fumitures and Fixtures Machinery and Equipment Accumulated Depreciation - Machinery and Equipment Trade Payables Advances from officers and employees Utilities Payable Salaries Payable Unearned Rent Notes Payable - Short Term Portion Notes Payable- Long Term Portion Loans Payable - Short Term Portion Loans Payable - Long Term Portion Luca Pacioli, Capital Luca Padoli, Withdrawals Sales Sales discount Sales retum Rent Income Interest Income Purchase Purchases discount Purchase return Freight-In Freight-out Salaries expense Utilities expense Advertising expense Rent expense Bad debts Easy Accounting Merchandise Adjusted Trial Balance Deprecation - building Deprecation- land improvements Depreciation - building improvements Depredation - fumiture Depredation - machinery and equipment Supplies Expense Insurance Expense Interest Expense Miscellaneous Expense Merchandise Inventory - December 31, 2019; 2020 Income and expense summary TOTAL December 31, 2019 CREDIT DEBIT 120,586 560,125 400,125 125,677 1,248 4,450 70,990 255,544 987 6,690 780,125 5,040 480,650 65,234 88,190 110,897 250,000 10,250 1,577 510,000 56,875 6,780 434,588 10,770 5,680 60,000 1,654 45,670 6,557 5,078 6,087 10,157 10,124 18,000 12,000 1,056 301,256 60,128 2,050 100,788 5,019 10,160 45,678 198,700 5,076 6,807 10,150 5,600 250,000 180,000 130,000 450,000 482,145 2,490,000 10,000 1,500 88,000 7,650 301,256 4,840,707 4,840,707 December 31, 2020 DEBIT 144,703.20 660,947.50 360,112.50 144,528.55 1,248.00 4,450.00 301,256.00 987.00 6,680.00 780,125.00 5,040.00 490,650.00 65,234.00 88,190.00 110,897.00 1,494,833.25 30, 750.00 6,308.00 1,785,000.00 56,875.00 7,119.00 478,046.80 12,385.50 6,816.00 60,000.00 1,571.30 45,670.00 1,025.00 5,078.00 6,087.00 10,157.00 9,111.60 14,400.00 10,200.00 739.20 376,570.00 7,573,791.40 CREDIT 54,115.20 3,075.00 146,458.00 10,097.00 16,247.00 55,835.00 278,180.00 6,85 2.60 8,84 9.10 12,687.50 6,496.00 310,000.00 201,600.00 139,100.00 486,000.00 1,662,104.00 3,610,500.00 10,000.00 1,500.00 158,400.00 19,125.00 376,570.00 7,573,791.40
Transcribed Image Text:Prepaid Interest Prepaid Insurance Land Land Improvements Cash on hand Cash in bank Trade Receivables Allowance for Bad Debts Advances to Suppliers Interest Receivable Prepaid Supplies Receivable from insurance Merchandise Inventory - January 1, 2019; 2020 ACCOUNT Accumulated Depreciation - Land Improvements Building Accumulated Depreciation - Building Building Improvements Accumulated Depreciation - Building Improvements Furnitures and Fixtures Accumulated Depreciation - Fumitures and Fixtures Machinery and Equipment Accumulated Depreciation - Machinery and Equipment Trade Payables Advances from officers and employees Utilities Payable Salaries Payable Unearned Rent Notes Payable - Short Term Portion Notes Payable- Long Term Portion Loans Payable - Short Term Portion Loans Payable - Long Term Portion Luca Pacioli, Capital Luca Padoli, Withdrawals Sales Sales discount Sales retum Rent Income Interest Income Purchase Purchases discount Purchase return Freight-In Freight-out Salaries expense Utilities expense Advertising expense Rent expense Bad debts Easy Accounting Merchandise Adjusted Trial Balance Deprecation - building Deprecation- land improvements Depreciation - building improvements Depredation - fumiture Depredation - machinery and equipment Supplies Expense Insurance Expense Interest Expense Miscellaneous Expense Merchandise Inventory - December 31, 2019; 2020 Income and expense summary TOTAL December 31, 2019 CREDIT DEBIT 120,586 560,125 400,125 125,677 1,248 4,450 70,990 255,544 987 6,690 780,125 5,040 480,650 65,234 88,190 110,897 250,000 10,250 1,577 510,000 56,875 6,780 434,588 10,770 5,680 60,000 1,654 45,670 6,557 5,078 6,087 10,157 10,124 18,000 12,000 1,056 301,256 60,128 2,050 100,788 5,019 10,160 45,678 198,700 5,076 6,807 10,150 5,600 250,000 180,000 130,000 450,000 482,145 2,490,000 10,000 1,500 88,000 7,650 301,256 4,840,707 4,840,707 December 31, 2020 DEBIT 144,703.20 660,947.50 360,112.50 144,528.55 1,248.00 4,450.00 301,256.00 987.00 6,680.00 780,125.00 5,040.00 490,650.00 65,234.00 88,190.00 110,897.00 1,494,833.25 30, 750.00 6,308.00 1,785,000.00 56,875.00 7,119.00 478,046.80 12,385.50 6,816.00 60,000.00 1,571.30 45,670.00 1,025.00 5,078.00 6,087.00 10,157.00 9,111.60 14,400.00 10,200.00 739.20 376,570.00 7,573,791.40 CREDIT 54,115.20 3,075.00 146,458.00 10,097.00 16,247.00 55,835.00 278,180.00 6,85 2.60 8,84 9.10 12,687.50 6,496.00 310,000.00 201,600.00 139,100.00 486,000.00 1,662,104.00 3,610,500.00 10,000.00 1,500.00 158,400.00 19,125.00 376,570.00 7,573,791.40
Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance
Transcribed Image Text:Guidelines: Construct a statement of comprehensive income for the years 2019 and 2020. Given is the 2-period Adjusted Trial Balance
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