The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31 December 2021. Smart Tutorial School Adjusted Trial Balance 31 December 2021 $22,380 $71,940 $1,000 $1,250 $96,000 Cash Student fees receivable Supplies Prepaid rent Equipment Accumulated depreciation: equipment Accounts payable Salaries payable Notes payable Interest payable Unearned student fees Income taxes payable Share capital Retained earnings Dividend Student fees carned Supply expense Salary expense Interest expense Rent expense Utilities expense Depreciation expense: equipment Income taxes expense Totals $52,800 $6,420 $750 $24,000 $720 $5,000 $7,000 $50,000 $20,000 $5,000 $86,000 $4,000 $18,000 $720 $12,500 $3,300 $9,600 $7.000 $252,690 $252,690 Required a) Prepare the income statement and the statement of retained earmings for the year ended 31 December 2021. b) Prepare the statement of financial position as at 31 December 2021.

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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The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31
December 2021.
Smart Tutorial School
Adjusted Trial Balance
31 December 2021
$22,380
$71,940
$1,000
$1,250
$96,000
Cash
Student fees receivable
Supplies
Prepaid rent
Equipment
Accumulated depreciation: equipment
Accounts payable
Salaries payable
Notes payable
Interest payable
Unearned student fees
$52,800
$6,420
$750
$24,000
$720
$5,000
$7,000
$50,000
$20,000
Income taxes payable
Share capital
Retained earnings
Dividend
$5,000
Student fees earned
$86,000
Supply expense
Salary expense
$4,000
$18,000
$720
Interest expense
Rent expense
Utilities expense
Depreciation expense: equipment
Income taxes expense
$12,500
$3,300
$9,600
$7,000
$252,690
Totals
$252,690
Required
a) Prepare the income statement and the statement of retained earnings for the year ended 31
December 2021.
b) Prepare the statement of financial position as at 31 December 2021.
Transcribed Image Text:The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31 December 2021. Smart Tutorial School Adjusted Trial Balance 31 December 2021 $22,380 $71,940 $1,000 $1,250 $96,000 Cash Student fees receivable Supplies Prepaid rent Equipment Accumulated depreciation: equipment Accounts payable Salaries payable Notes payable Interest payable Unearned student fees $52,800 $6,420 $750 $24,000 $720 $5,000 $7,000 $50,000 $20,000 Income taxes payable Share capital Retained earnings Dividend $5,000 Student fees earned $86,000 Supply expense Salary expense $4,000 $18,000 $720 Interest expense Rent expense Utilities expense Depreciation expense: equipment Income taxes expense $12,500 $3,300 $9,600 $7,000 $252,690 Totals $252,690 Required a) Prepare the income statement and the statement of retained earnings for the year ended 31 December 2021. b) Prepare the statement of financial position as at 31 December 2021.
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