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Prepare a retained earnings statement for the year ending December 31, 2019. 2. Prepare a Statement of Financial Position as at December 31, 2019. A. Report Form B. Account Form 3. Calculate Earnings Per Share for the year ending December 31, 2019.

Prepare a retained earnings statement for the year ending December 31, 2019. 2. Prepare a Statement of Financial Position as at December 31, 2019. A. Report Form B. Account Form 3. Calculate Earnings Per Share for the year ending December 31, 2019.

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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The company uses the periodic inventory system.  A physical count of inventory on December 31 resulted in an inventory amount of $50,000.

Instructions


1. Prepare a retained earnings statement for the year ending December 31, 2019.

2. Prepare a Statement of Financial Position as at December 31, 2019.
A. Report Form

B. Account Form

3. Calculate Earnings Per Share for the year ending December 31, 2019.      

Smart Corporation ADJUSTED TRIAL BALANCE December 31, 2019 Debits Credits Sales 1,437,750 Notes Receivable 120,000 Investments (short Term) Accounts Payable Accumulated DepreciationEquipment 132,750 76,500 46,500 Sales Discounts 15,750 Sales Returns 26,250 Purchase Discounts 12,000 Cash 285,000 Accounts Receivable 193,500 Rent Revenue 21,000 Retained Earnings Salaries Payable Notes Payable Common Stock, $15 par 360,000 33,000 112,500 450,000 Income Tax Expense 102,000 Cash Dividends Declared 105,000 Allowance for Doubtful Accounts 9,750 Supplies on Hand Freight-In 16,500 24,000 75,000 Short term Investment Freight-out 22,500 Sales commission 318,000 Correction for understatement of prior period net income (inventory error) Other Operating Expenses (30% Selling, 70% Administrative) 75,000 171,000 Land 97,500 Provision for Bad and Doubtful Account 51,000 Equipment Merchandise Inventory 195,000 118,500 Building 156,000 Purchases 750,000 Dividend Income 37,500 Loss on Sale of Investment 19,500 Interest Revenue 13,500 Interest Expense 18,750 Bonds Payable 150,000 Gain on Sale of Land 36,750 Accumulated Depreciation-Building Accumulated Depreciation-Land 30,000 9,750 Totals 2,962,500 2,962,500
Transcribed Image Text:Smart Corporation ADJUSTED TRIAL BALANCE December 31, 2019 Debits Credits Sales 1,437,750 Notes Receivable 120,000 Investments (short Term) Accounts Payable Accumulated DepreciationEquipment 132,750 76,500 46,500 Sales Discounts 15,750 Sales Returns 26,250 Purchase Discounts 12,000 Cash 285,000 Accounts Receivable 193,500 Rent Revenue 21,000 Retained Earnings Salaries Payable Notes Payable Common Stock, $15 par 360,000 33,000 112,500 450,000 Income Tax Expense 102,000 Cash Dividends Declared 105,000 Allowance for Doubtful Accounts 9,750 Supplies on Hand Freight-In 16,500 24,000 75,000 Short term Investment Freight-out 22,500 Sales commission 318,000 Correction for understatement of prior period net income (inventory error) Other Operating Expenses (30% Selling, 70% Administrative) 75,000 171,000 Land 97,500 Provision for Bad and Doubtful Account 51,000 Equipment Merchandise Inventory 195,000 118,500 Building 156,000 Purchases 750,000 Dividend Income 37,500 Loss on Sale of Investment 19,500 Interest Revenue 13,500 Interest Expense 18,750 Bonds Payable 150,000 Gain on Sale of Land 36,750 Accumulated Depreciation-Building Accumulated Depreciation-Land 30,000 9,750 Totals 2,962,500 2,962,500
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