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Business
Accounting
Statement of Earnings

Statement of 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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How do I complete the statement of earnings, specifically the expenses, from the tral balance provided

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: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
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
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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