h ounts Receivable wance for Doubtful Accounts missions Receivable chandise Inventory ACCOUNT NAMES e Supplies paid Insurance Expense ipment umulated Depreciation Equipment niture umulated Depreciation - Furniture ounts Payable es Payable Good Hope Corporation Worksheet for the month ended November 30, 2022 UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360,000 920,000 720,000 6,000 55,200 80,000 188,000 600,000 ADJUSTMENTS DR 32,000 CR 3,000 80,000 48,000 60,000 13,800 15,000 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75,000 186,000 600,000 STATEMENT OF PROFIT OR LOSS DR CR STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75.000 188,000 600,000
h ounts Receivable wance for Doubtful Accounts missions Receivable chandise Inventory ACCOUNT NAMES e Supplies paid Insurance Expense ipment umulated Depreciation Equipment niture umulated Depreciation - Furniture ounts Payable es Payable Good Hope Corporation Worksheet for the month ended November 30, 2022 UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360,000 920,000 720,000 6,000 55,200 80,000 188,000 600,000 ADJUSTMENTS DR 32,000 CR 3,000 80,000 48,000 60,000 13,800 15,000 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75,000 186,000 600,000 STATEMENT OF PROFIT OR LOSS DR CR STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75.000 188,000 600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare Statement of Financial Position with supporting notes.

Transcribed Image Text:Cash
Accounts Receivable
Allowance for Doubtful Accounts
Commissions Receivable
Merchandise Inventory
Store Supplies
Prepaid Insurance Expense
Equipment
Accumulated Depreciation - Equipment
Furniture
Accumulated Depreciation - Furniture
Accounts Payable
Notes Payable
Interest Payable
Utilities Payable
Unearned Sales Revenue
10% Preference Share Capital, #100 par, 100,000 shares authorized
Ordinary Share Capital, #10 par, 500,000 shares authorized
Preference Share Premium
Ordinary Share Premium
Accumulated Profits
Income Summary
Sales
ACCOUNT NAMES
Sales Returns and Allowances
Sales Discounts
Commissions Income
Purchases
Freight-In
Purchase Returns and Allowances
Purchase Discounts
Cleaning Services Expense
Freight-Out
Insurance Expense
Interest Expense
Rent Expense
Salaries Expense
Store Supplies Expense
Utilities Expense
Depreciation Expense - Equipment
Depreciation Expense - Furniture
Doubtful Accounts Expense
Total
Income
UNADJUSTED
TRIAL BALANCE
DR
CR
1,821,052
300,000
600,000
68,000
360.000
920,000
720,000
24,000
8,488
588,000
8,000
60,000
7,200
120,000
172,000
Good Hope Corporation
Worksheet
for the month ended November 30, 2022
5,776,740
8,000
55,200
60,000
188,000
600,000
214,400
800,000
1,200,000
160,000
600,000
524,800
1,328,400
30,000
11.940
5,776,740
ADJUSTMENTS
DR
32,000
94,400
80,000
60,000
900
48,000
92,000
13,800
15,000
3,000
439,100
CR
3,000
80,000
48,000
60,000
13,800
15,000
900
92,000
94,400
32,000
439,100
ADJUSTED
TRIAL BALANCE
DR
CR
1,821,052
300,000
32,000
520,000
20,000
300,000
920,000
720,000
80,000
24,000
8.488
588,000
8,000
60,000
7,200
60,000
900
120,000
172,000
48,000
92,000
13,800
15,000
3.000
5,933,440
9,000
69,000
75.000
188,000
600.000
900
92.000
120,000
800,000
1,200,000
160.000
600,000
524,800
1,422,800
32,000
30,000
11,940
5,933,440
STATEMENT OF
PROFIT OR LOSS
DR
CR
24,000
8,488
588,000
8,000
60,000
7,200
60,000
900
120,000
172,000
48,000
92,000
13.800
15,000
3,000
1,422,800
32,000
30,000
11,940
STATEMENT OF
FINANCIAL POSITION
DR
CR
1,821,052
300,000
1,496,740
32,000
520,000
20,000
300,000
920,000
720,000
80,000
1,220,388 1,496,740 4,713,052
276,352
1,496,740
9,000
69,000
75,000
186,000
600,000
900
92,000
120,000
800,000
1,200,000
160,000
600,000
524,800
4,436,700
278,352
4,713,052 4,713,052
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education