Use the adjusted trial balance of Lash Corporation below to prepare a classified balance sheet, multistepincome statement, a statement of comprehensive income, and two columns of the statement of stockholders'equity (RE column & AOCI column). Ignore income taxes. Ignore EPS.Important other information:Debt Investments have been adjusted to fair value. The unrealized holding gain listed on the trial balancerelates to this adjus tment.- The Note Payable is due in 3 equal annual installments. The first stallment is due on 12/31/26.Common Stock has a par value of $1. Number of shares authorized equals 500,000. Compute the numberof shares issued. The number of shares issued = number of shares outstanding.- Balances below are either as of 12/31/25 or for the year ended 12/31/25.Lash CorporationAdjusted Trial Balance12/31/2025Cash102,000Debt Investments (trading)90,000Accounts Receivable47,000Allowance for doubtful accounts1,000Cash surrender value of life insurance25,000EquipmentAccumulated Depreciation135,00010,000Trademark15,000Accounts PayableUnearned Service RevenueNote Payable12,0005,00060,00035,00013,000Common StockRetained EarningsAccumulated Other Comprehensive income5,000Dividends6,000Sales Revenue540,000Sales Returns9,000Cost of Goods SoldDepreciation ExpenseRent ExpenseInterest ExpenseGain on Sale of Equipment235,0005,00012,0006,0001,000Income on Discontinued Operations3,000Unrealized Holding Gain2,000687,000687,000

Financial statements for 12/31/25 Balance sheet Income statement Statement of comprehensive…

Use the adjusted trial balance of Lash Corporation below to prepare a classified balance sheet, multistep income statement, a statement of comprehensive income, and two columns of the statement of stockholders equity (RE column & AOCI column). Ignore income taxes. Ignore EPS.

Use the adjusted trial balance of Lash Corporation below to prepare a classified balance sheet, multistep income statement, a statement of comprehensive income, and two columns of the statement of stockholders equity (RE column & AOCI column). Ignore income taxes. Ignore EPS.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Use the adjusted trial balance of Lash Corporation below to prepare a classified balance sheet, multistep
income statement, a statement of comprehensive income, and two columns of the statement of stockholders'
equity (RE column & AOCI column). Ignore income taxes. Ignore EPS.
Important other information:
Debt Investments have been adjusted to fair value. The unrealized holding gain listed on the trial balance
relates to this adjus tment.
- The Note Payable is due in 3 equal annual installments. The first stallment is due on 12/31/26.
Common Stock has a par value of $1. Number of shares authorized equals 500,000. Compute the number
of shares issued. The number of shares issued = number of shares outstanding.
- Balances below are either as of 12/31/25 or for the year ended 12/31/25.
Lash Corporation
Adjusted Trial Balance
12/31/2025
Cash
102,000
Debt Investments (trading)
90,000
Accounts Receivable
47,000
Allowance for doubtful accounts
1,000
Cash surrender value of life insurance
25,000
Equipment
Accumulated Depreciation
135,000
10,000
Trademark
15,000
Accounts Payable
Unearned Service Revenue
Note Payable
12,000
5,000
60,000
35,000
13,000
Common Stock
Retained Earnings
Accumulated Other Comprehensive income
5,000
Dividends
6,000
Sales Revenue
540,000
Sales Returns
9,000
Cost of Goods Sold
Depreciation Expense
Rent Expense
Interest Expense
Gain on Sale of Equipment
235,000
5,000
12,000
6,000
1,000
Income on Discontinued Operations
3,000
Unrealized Holding Gain
2,000
687,000
687,000

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