Question 2 The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019. Wilfred Trading Company Adjusted Trial Balance 31 December 2019 $14,910 $7,000 $500 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Income Tax Payable Salaries Payable Dividend Payable Share Capital Ordinary Retained Earnings $3,500. $2,200 $15,000 $1,625 $100 $1,220 009$ $14,000 $5,500 Dividends Sales $19,780 000 000$ Sales Returns and Allowances Cost of goods sold Salaries Expense Travel Expense Rent Expense Miscellaneous Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Insurance Expense $3,460 $1,300 $1,200 $230 $750 $1,500 $1,200 $2,000 $200 $64,075 Totals $64,075 Required a) Prepare the income statement and statement of retained earnings for the year ended 31 December 2019. (Missing figures (?) above should be found and included in the statements.) b) Prepare the statement of financial position as at 31 December 2019.

Question 2 The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019. Wilfred Trading Company Adjusted Trial Balance 31 December 2019 $14,910 $7,000 $500 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Income Tax Payable Salaries Payable Dividend Payable Share Capital Ordinary Retained Earnings $3,500. $2,200 $15,000 $1,625 $100 $1,220 009$ $14,000 $5,500 Dividends Sales $19,780 000 000$ Sales Returns and Allowances Cost of goods sold Salaries Expense Travel Expense Rent Expense Miscellaneous Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Insurance Expense $3,460 $1,300 $1,200 $230 $750 $1,500 $1,200 $2,000 $200 $64,075 Totals $64,075 Required a) Prepare the income statement and statement of retained earnings for the year ended 31 December 2019. (Missing figures (?) above should be found and included in the statements.) b) Prepare the statement of financial position as at 31 December 2019.

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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