Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020Account DebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue 123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3,000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700

Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020Account DebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue 123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3,000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700

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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please question A and B is required. A company has the following results for the year to 31 March 2020: £ Adjusted trading profit, after deduction of capital allowances 360,284 Bank deposit interest (a/c opened 1 July 2019): Received 31 December 2019 9,957 Accrued to 31 March 2020 3,000 Dividend received in January 2020…
26 The following balances were extracted from the books of AL Masa Cleaning Services at 31st December, 2020: Cash BD13900 Accounts Receivable - - BD2000 - Equipment BD6000 Prepaid Rent BD4000 Accounts Payable BD14000 - Beginning Capital BD16000 Investment during the year BD3200 Withdrawals BD800 Service Revenues BD8300 - Wages Expense BD600 - Utilities Expense BD2500 Supplies Expense BD1100 - Rent Expense BD3300 - Fees Income BD2700- Furniture BD10000 Required: Compute the net income or net loss and show solution steps.
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