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These items are taken from financial statements of Beaulieu Limited for the year ended December 31, 2021: Cash Buildings Accumulated depreciation equipment Accounts payable Salaries payable Common shares Accumulated depreciation buildings Accounts receivable Prepaid insurance Equipment Income tax expense Long-term investments Retained earnings, January 1 Dividends declared Service revenue Depreciation expense Insurance expense Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable $ 11,170 105, 000 19,200 9,550 6,170 45,000 12,000 7,500 250 32,000 5,000 20,000 34,000 3,500 193,100 5,400 2,400 145,600 3,700 8,000 500 145,800 175,800

These items are taken from financial statements of Beaulieu Limited for the year ended December 31, 2021: Cash Buildings Accumulated depreciation equipment Accounts payable Salaries payable Common shares Accumulated depreciation buildings Accounts receivable Prepaid insurance Equipment Income tax expense Long-term investments Retained earnings, January 1 Dividends declared Service revenue Depreciation expense Insurance expense Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable $ 11,170 105, 000 19,200 9,550 6,170 45,000 12,000 7,500 250 32,000 5,000 20,000 34,000 3,500 193,100 5,400 2,400 145,600 3,700 8,000 500 145,800 175,800

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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These items are taken from financial statements of Beaulieu Limited for the year ended December 31, 2021: Cash Buildings Accumulated depreciation equipment Accounts payable Salaries payable Common shares Accumulated depreciation buildings Accounts receivable Prepaid insurance Equipment Income tax expense Long-term investments Retained earnings, January 1 Dividends declared Service revenue Depreciation expense Insurance expense Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable $ 11,170 105, 000 19,200 9,550 6,170 45,000 12,000 7,500 250 32,000 5,000 20,000 34,000 3,500 193,100 5,400 2,400 145,600 3,700 8,000 500 145,800 175,800
Transcribed Image Text:These items are taken from financial statements of Beaulieu Limited for the year ended December 31, 2021: Cash Buildings Accumulated depreciation equipment Accounts payable Salaries payable Common shares Accumulated depreciation buildings Accounts receivable Prepaid insurance Equipment Income tax expense Long-term investments Retained earnings, January 1 Dividends declared Service revenue Depreciation expense Insurance expense Salaries expense Utilities expense Interest expense Interest income Land Mortgage payable $ 11,170 105, 000 19,200 9,550 6,170 45,000 12,000 7,500 250 32,000 5,000 20,000 34,000 3,500 193,100 5,400 2,400 145,600 3,700 8,000 500 145,800 175,800
Additional information: 1. Beaulieu started the year with $25,000 of common shares and issued $20,000 more during the year. 2. Beaulieu must pay $35,100 of the mortgage payable next year in 2022. Answer the following: a. Prepare a statement of income, statement of changes in equity, and statement of financial position for the year. b. Explain how each financial statement relates to the others.
Transcribed Image Text:Additional information: 1. Beaulieu started the year with $25,000 of common shares and issued $20,000 more during the year. 2. Beaulieu must pay $35,100 of the mortgage payable next year in 2022. Answer the following: a. Prepare a statement of income, statement of changes in equity, and statement of financial position for the year. b. Explain how each financial statement relates to the others.
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