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The adjusted 2 Company at Decer resented below: Debit Credit Cash 10.500 Accounts receivable 150,000 Prepaid rent 5,000 nventory 25,000 Equipment 300.000 Accumulated depreciation-equipment 125,000 Accounts payable 30,000 Notes payable-due in three months 30,000 Salaries payable 4,000 nterest payable 9,000 Comman stock 200,000 Retained earnings Dividends Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense Depreciation expense 15,000 30,000 interest expense 2,000 Hdvertising expense Totals 2.500 848,000 Required: (you can upload 3 files for this question) Windows buii A) Prepare an incomestatement for XYZ Company for the year ended December 31, 2021. B) Prepare a classified balance sheet for XYZ Company as of December 31, 2021

The adjusted 2 Company at Decer resented below: Debit Credit Cash 10.500 Accounts receivable 150,000 Prepaid rent 5,000 nventory 25,000 Equipment 300.000 Accumulated depreciation-equipment 125,000 Accounts payable 30,000 Notes payable-due in three months 30,000 Salaries payable 4,000 nterest payable 9,000 Comman stock 200,000 Retained earnings Dividends Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense Depreciation expense 15,000 30,000 interest expense 2,000 Hdvertising expense Totals 2.500 848,000 Required: (you can upload 3 files for this question) Windows buii A) Prepare an incomestatement for XYZ Company for the year ended December 31, 2021. B) Prepare a classified balance sheet for XYZ Company as of December 31, 2021

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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The adjusted trial balance for XYZ Company at December 31, 2021, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation-equipment 125,000 Accounts payable 30,000 Notes payable-due in three months 30,000 Salaries payable 4,000 Interest payable 9,000 Common stock 200,000 Retained earnings ? Dividends Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2.500 Totals 848,000 Required: (you can upload 3 files for this question) Windows buiü Hos Prepare an income statement for XYZ Company for the year ended December 31, 2021. B) Prepare a classified balance sheet for XYZ Company as of December 31, 2021
Transcribed Image Text:The adjusted trial balance for XYZ Company at December 31, 2021, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation-equipment 125,000 Accounts payable 30,000 Notes payable-due in three months 30,000 Salaries payable 4,000 Interest payable 9,000 Common stock 200,000 Retained earnings ? Dividends Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2.500 Totals 848,000 Required: (you can upload 3 files for this question) Windows buiü Hos Prepare an income statement for XYZ Company for the year ended December 31, 2021. B) Prepare a classified balance sheet for XYZ Company as of December 31, 2021
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