Statement of Earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
How do I complete the statement of earnings, specifically the expenses, from the tral balance provided

Transcribed Image Text:CAYUGA LTD.
Statement of Earnings
For the Year Ended December 31
(In thousands of dollars, except for Earnings per Share)
Revenues
$
Expenses
Earnings before income tax
Income tax expense
Net earnings
Earnings per share
129
27

Transcribed Image Text:Account Titles
Cash
Accounts receivable
Prepaid insurance
Machinery
Accumulated depreciation
Accounts payable
Wages payable
Income taxes payable
Contributed capital
Retained earnings (deficit)
Revenues (not detailed)
Expenses (not detailed)
Totals
Trial Balance
As at December 31
(in thousands of dollars)
Unadjusted
Debit Credit Debit
$
56
27
9
140
7
GA
14
27
119
129
Adjustments
50
$ 289 $ 289
51
51
Credit
7
7
10
27
Adjusted
Debit Credit
$
56
27
2
140
7
$
101
51 $ 333 $
21
27
10
27
119
129
333
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