Shown below is an adjusted trial balance for Bridgeport Ltd. at the end of its fiscal year end, October 31, 2024. BRIDGEPORT LTD. Adjusted Trial Balance October 31, 2024 Cash Accounts receivable Inventory Prepaid expenses Building Accumulated depreciation-building Accounts payable Common shares Retained earnings, Nov 1, 2023 Dividends declared Sales revenue Cost of goods sold Wages expense Supplies expense Depreciation expense Insurance expense Totals Debit $4,800 6,900 12,400 4,900 152,200 4,600 186,000 51,400 2,500 5,800 1,300 $432,800 Credit $20,600 21,200 5.500 82,400 303,100 $432,800
Shown below is an adjusted trial balance for Bridgeport Ltd. at the end of its fiscal year end, October 31, 2024. BRIDGEPORT LTD. Adjusted Trial Balance October 31, 2024 Cash Accounts receivable Inventory Prepaid expenses Building Accumulated depreciation-building Accounts payable Common shares Retained earnings, Nov 1, 2023 Dividends declared Sales revenue Cost of goods sold Wages expense Supplies expense Depreciation expense Insurance expense Totals Debit $4,800 6,900 12,400 4,900 152,200 4,600 186,000 51,400 2,500 5,800 1,300 $432,800 Credit $20,600 21,200 5.500 82,400 303,100 $432,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
Topic Video
Question
**PLEASE SHOW INCOME STATEMENT. STATEMENT OF CHANGES IN EQUITY, STATEMENT OF FINANCIAL POSITION, PLEASE **Please answer completely and correctly with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation answer in text form
Transcribed Image Text:Shown below is an adjusted trial balance for Bridgeport Ltd. at the end of its fiscal year end, October 31, 2024.
BRIDGEPORT LTD.
Adjusted Trial Balance
October 31, 2024
Cash
Accounts receivable
Inventory
Prepaid expenses
Building
Accumulated depreciation-building
Accounts payable
Common shares
Retained earnings, Nov 1, 2023
Dividends declared
Sales revenue
Cost of goods sold
Wages expense
Supplies expense
Depreciation expense
Insurance expense
Totals
Debit
$4,800
6,900
12,400
4,900
152,200
4,600
186,000
51,400
2,500
5,800
1,300
Credit
$20,600
21,200
5.500
82,400
303,100
$432,800 $432,800
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education