Prepare the income statement, statement of changes inequity and statement of financial position for the accounts of Brad Trades at December 31, 2020: Trial BalanceAccount TitlesDRCRCash304,500Accounts ReceivableMerchandise InventoryStore Suppliesoffice SuppliesPrepaid Insurance484,200528,00010,6006,3604,600Land145,000BuildingAccum. Depreciation-Building|office EquipmentAccum. Depreciation -Office Eq.Accounts PayableSalaries PayableInterest PayableLong-term Notes PayableDetoya, CapitalDetoya, WithdrawalsSalesSales Returns & AllowancesSales DiscountsPurchasesPurchases Returns & Allow.Purchases DiscountsTransportation InSales Salaries ExpenseOffice Salaries ExpenseStore Supplies ExpenseOffice Supplies ExpenseInsurance Expense- SellingInsurance Expense- GeneralTransportation OutUtilities ExpenseDepreciation Expense-BuildingDepreciation Expense- Office Eq.Interest Expense202,60082,50086,00050,000206,83020,00038,400480,000593,920200,0002,463,50027,50042,7501,264,00056,40021,36082,360225,000171,00015,40012,0405,6003,60057,40048,00026,00022,00038,4004,012,910 4,012,910Total

Financial statements are statements that are prepared at the end of the period in order to analyse…

Answered: Prepare the income statement, statement…

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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Prepare the income statement, statement of changes inequity and statement of financial position for the accounts of Brad Trades at December 31, 2020:

Trial Balance
Account Titles
DR
CR
Cash
304,500
Accounts Receivable
Merchandise Inventory
Store Supplies
office Supplies
Prepaid Insurance
484,200
528,000
10,600
6,360
4,600
Land
145,000
Building
Accum. Depreciation-Building
|office Equipment
Accum. Depreciation -Office Eq.
Accounts Payable
Salaries Payable
Interest Payable
Long-term Notes Payable
Detoya, Capital
Detoya, Withdrawals
Sales
Sales Returns & Allowances
Sales Discounts
Purchases
Purchases Returns & Allow.
Purchases Discounts
Transportation In
Sales Salaries Expense
Office Salaries Expense
Store Supplies Expense
Office Supplies Expense
Insurance Expense- Selling
Insurance Expense- General
Transportation Out
Utilities Expense
Depreciation Expense-Building
Depreciation Expense- Office Eq.
Interest Expense
202,600
82,500
86,000
50,000
206,830
20,000
38,400
480,000
593,920
200,000
2,463,500
27,500
42,750
1,264,000
56,400
21,360
82,360
225,000
171,000
15,400
12,040
5,600
3,600
57,400
48,000
26,000
22,000
38,400
4,012,910 4,012,910
Total

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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