1. The adjusted trial balance of Rudolph's Delivery Services Ltd. appears below for the company's first month of business. Rudolph's Delivery SERVICES Ltd. Adjusted Trial Balance December 31, 2019 Debit Credit Cash $2,200 Accounts receivable 3,000 1,500 Supplies Equipment (sleigh) Accumulated depreciation equipment Accounts payable 18,100 $1,200 3,400 Unearned revenue 8,000 Common shares 12,100 Dividends 100 Service revenue 4,000 Depreciation expense Supplies expense Salaries expense 1,200 800 1,800 $28,700 $28,700 Using the information from the adjusted trial balance from the month-ended December 31, 20 above: (a) calculate Net Income (you do NOT need to prepare a full income statement, just calculate net income) (b) prepare a Statement of Changes in Equity; and (c) prepare a Classified Statement of Financial Position.
1. The adjusted trial balance of Rudolph's Delivery Services Ltd. appears below for the company's first month of business. Rudolph's Delivery SERVICES Ltd. Adjusted Trial Balance December 31, 2019 Debit Credit Cash $2,200 Accounts receivable 3,000 1,500 Supplies Equipment (sleigh) Accumulated depreciation equipment Accounts payable 18,100 $1,200 3,400 Unearned revenue 8,000 Common shares 12,100 Dividends 100 Service revenue 4,000 Depreciation expense Supplies expense Salaries expense 1,200 800 1,800 $28,700 $28,700 Using the information from the adjusted trial balance from the month-ended December 31, 20 above: (a) calculate Net Income (you do NOT need to prepare a full income statement, just calculate net income) (b) prepare a Statement of Changes in Equity; and (c) prepare a Classified Statement of Financial Position.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter3: Basic Accounting Systems: Accrual Basis
Section: Chapter Questions
Problem 3.6.3P: Adjustment process and financial statements Adjustment data for Ms. Ellen’s Laundry Inc. for the...
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