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repare a balance sheet, income statement, a

repare a balance sheet, income statement, a

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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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.
Transcribed Image Text: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.
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