TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you, You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Account Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory 115 Prepaid Expenses Equipment 20 375 Accumulated Depreciation 110 225 Accounts Payable Unearned Revenue Bond Payable 31 200 Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment Accumulated Depreciation 375 110 Accounts Payable 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Common Stock, par value 1 APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4,000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment 8 Interest expense 2 Totals $4,841 $4,841
TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you, You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Account Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory 115 Prepaid Expenses Equipment 20 375 Accumulated Depreciation 110 225 Accounts Payable Unearned Revenue Bond Payable 31 200 Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment Accumulated Depreciation 375 110 Accounts Payable 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Common Stock, par value 1 APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4,000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment 8 Interest expense 2 Totals $4,841 $4,841
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ask include LifOf the party’s net income, retained earnings at December 31, 2021, and total equity
Transcribed Image Text:TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc
you will need to upload your PDF solution of this problem
Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year
2021:
(The 000's have been dropped to make adding easier for you. You do not need to included
000's on your financial statements, leave the amounts as presented).
The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable
will be fulfilled with in 6 months of the balance sheet date.
1) A Multi Step Income Statement
2) Statement of Retained Earnings
3) Classified Balance Sheet
ADJUSTED TRIAL BALANCE:
Аccount
Debit
Credit
Cash
125
Accounts Receivable
325
Allowance for doubtful accounts
25
Inventory
Prepaid Expenses
Equipment
Accumulated Depreciation
Accounts Payable
115
20
375
110
225
Unearned Revenue
31
200
Bond Payable
Bond Discount
10
Inventory
115
20
Prepaid Expenses
Equipment
375
110
Accumulated Depreciation
Accounts Payable
225
Unearned Revenue
31
Bond Payable
200
Bond Discount
10
Common Stock, par value
APIC, Common Stock
149
Treasury Stock
6
Retained Earnings
100
Dividends
15
Sales
4.000
Sales Discounts
150
Cost of Goods Sold
2100
Advertising expense
300
Depreciation expense
90
Rent expense
400
Wages expense
800
Loss on sale of equipment
Interest expense
Totals
$4,841 $4,841
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education