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Réquired: Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings.

Réquired: Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings.

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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Required: Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings. Part 2- Prepare the Statement of Cash Flows for Xiong Corporation (see page 2 of this document) Useh Tele Solutions, Inc. Trial Balance December 31, 2019 Cash Debit 652,000 850,210 Credit Accounts Receivable %$4 Allowance for Doubtful Accounts uperty, lant Inventory Trading Securities Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building Land Franchises %24 ssests 25,000 1,586,000 153,000 622,790 (cost $ 145,000 ) 60,000 1,040,000 152,000 260,000 250,000 405,000 650,000 350,000 Q Patents Debt Investments (long-term) Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable (long-term) Bonds Payable Common Stock, Par ASses intkingable ASSets 725,000 18,000 177,000 250,000 125,000 Surret 1,325,000 1,500,000 1,000,000 80,000 $4 5.00 APIC Treasury Stock Retained Earnings 225,000 Dividends Declared 715,000 500,000 Sales Revenue Sales Discounts 11,555,00O 55,000 40,000 6,180,000 2,250,000 1,100,000 238,000 Sales Returns and Allowances COGS Selling Expenses Administrative Expenses Loss due to storm damage Rent Revenue 110,000 Gain on sale of equipment Income Tax Expense 15,000 425,000 17,832,000 $ 17,832,000 Useh Tele Solutions, Inc. Statement of Retained Earnings For the Year Ended December 31, 2019 Retained earnings January 1, 2019 715,000 Add: Net income 1,392,000 2,107,000 Less: Dividends 500,000 Retained earnings December 31, 2019 1,607,000 Currentr lasbti
Transcribed Image Text:Required: Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solutions, Inc. Fall 2021) Note: The correct statement of retained earnings is provided below so that students will not need to complete the income statement to calculate ending retained earnings. Part 2- Prepare the Statement of Cash Flows for Xiong Corporation (see page 2 of this document) Useh Tele Solutions, Inc. Trial Balance December 31, 2019 Cash Debit 652,000 850,210 Credit Accounts Receivable %$4 Allowance for Doubtful Accounts uperty, lant Inventory Trading Securities Equipment Accumulated Depreciation - Equipment Building Accumulated Depreciation - Building Land Franchises %24 ssests 25,000 1,586,000 153,000 622,790 (cost $ 145,000 ) 60,000 1,040,000 152,000 260,000 250,000 405,000 650,000 350,000 Q Patents Debt Investments (long-term) Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable (long-term) Bonds Payable Common Stock, Par ASses intkingable ASSets 725,000 18,000 177,000 250,000 125,000 Surret 1,325,000 1,500,000 1,000,000 80,000 $4 5.00 APIC Treasury Stock Retained Earnings 225,000 Dividends Declared 715,000 500,000 Sales Revenue Sales Discounts 11,555,00O 55,000 40,000 6,180,000 2,250,000 1,100,000 238,000 Sales Returns and Allowances COGS Selling Expenses Administrative Expenses Loss due to storm damage Rent Revenue 110,000 Gain on sale of equipment Income Tax Expense 15,000 425,000 17,832,000 $ 17,832,000 Useh Tele Solutions, Inc. Statement of Retained Earnings For the Year Ended December 31, 2019 Retained earnings January 1, 2019 715,000 Add: Net income 1,392,000 2,107,000 Less: Dividends 500,000 Retained earnings December 31, 2019 1,607,000 Currentr lasbti
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