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Description: The following account balances were determined for sporting pens company as of December 31, 2021. Prepare an income statement, a statement of owners equity and a balance sheet for supporting pens company as of December 31, 2021. помеPasteA2InsertVX9

Financial statements are the output of complete accounting cycle. These are prepared in order to…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following account balances were determined for sporting pens company as of December 31, 2021. Prepare an income statement, a statement of owners equity and a balance sheet for supporting pens company as of December 31, 2021.

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9 Wages Expense
10 Supplies Expense
11 Delivery Expense
22 Equipment
23 Buiulding
24 Liabilities
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7 Sales Revenue
8 Cost of Goods Sold
4 ▶
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B I U v
12 Entertainment Expense
13 Telephone And Internet Expense
14 Property Tax Expense
15 Repairs Expense
16 Depreciation Expense
17 Assets:
18 Cash
19 Accounts Receivable
20 Prepaid Insurance
21 Land
25 Accounts Payable
26 Income Tax Payable
27 Note Payable
Info
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1 ACC 101 Fin Stat HW-Sporting Pins Co.
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3 The following account balances were determined for Sporting Pins Company
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as of December 31, 2021
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Sporting Pins Company
Income Statement
Year Ended December, 2021
$1,578,500
$896,770
$56,260
$24,500
$21,400
$14,820
$19,030
$17,320
$18,000
$14,500
$280,000
$155,000
$48,000
$70,000
$140,000
$98,000
Review
$175,000
$89,000
$88,500
SO
$57,000
19
View
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28 Equity
29 Owner's Capital
30 Owner's Withdrawals
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Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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