Prepare a balance sheet, income statement, and statement of shareholders equity. Smith CompanyAdjusted Trial BalanceFor Year Ended December 31, 2021DrCrCash33,000Accounts Receivable48,000Interest Receivable3,000Merchandise Inventory55,000Long-Term Investments15,000Land70,000Buildings and Equipment225,000Allowance for Doubtful Accounts4,00025,000Accumulated DepreciationAccounts PayableSalaries Payable13,0002,0004,000Interest PayableIncome Tax Payable7,000Notes Payable30,000Bonds Payable95,000Discount on Bonds Payable2,000200,000Common Stock-$1.00 par valuePaid in Capital In Excess of Par20,000Retained Earnings47,000Treasury Stock8,000Sales Revenue200,000Interest Revenue3,000Cost of Goods Sold120,000Salaries Expense25,000Depreciation Expense5,000Bad Debt Expense1,000Interest Expense8,000Loss on Sale of Building3,000Income Tax Expense16,000Dividends13,000650,000 $650,000Additional InformationPrior Year BalancesAccounts Receivable50,000Inventories50,000Total Assets369,000Shareholder Equity267,000Assume a 366 day year.

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Description: Prepare a balance sheet, income statement, and statement of shareholders equity. Smith CompanyAdjusted Trial BalanceFor Year Ended December 31, 2021DrCrCash33,000Accounts Receivable48,000Interest Receivable3,000Merchandise Inventory55,000Long-Term In

The balance sheet is a statement prepared to determine the true position of assets and liabilities…

Answered: repare a balance sheet, income…

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 a balance sheet, income statement, and statement of shareholders equity.

Smith Company
Adjusted Trial Balance
For Year Ended December 31, 2021
Dr
Cr
Cash
33,000
Accounts Receivable
48,000
Interest Receivable
3,000
Merchandise Inventory
55,000
Long-Term Investments
15,000
Land
70,000
Buildings and Equipment
225,000
Allowance for Doubtful Accounts
4,000
25,000
Accumulated Depreciation
Accounts Payable
Salaries Payable
13,000
2,000
4,000
Interest Payable
Income Tax Payable
7,000
Notes Payable
30,000
Bonds Payable
95,000
Discount on Bonds Payable
2,000
200,000
Common Stock-$1.00 par value
Paid in Capital In Excess of Par
20,000
Retained Earnings
47,000
Treasury Stock
8,000
Sales Revenue
200,000
Interest Revenue
3,000
Cost of Goods Sold
120,000
Salaries Expense
25,000
Depreciation Expense
5,000
Bad Debt Expense
1,000
Interest Expense
8,000
Loss on Sale of Building
3,000
Income Tax Expense
16,000
Dividends
13,000
650,000 $
650,000
Additional Information
Prior Year Balances
Accounts Receivable
50,000
Inventories
50,000
Total Assets
369,000
Shareholder Equity
267,000
Assume a 366 day year.

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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