2) Please Prepare a properly formated Profit and Loss Statement, Retained Earnings Statement and Balance Sheet from (In order for your Balance Sheet to Balance you will have to calculate ending Retained Eamings) the following items: Cash $ 163,000.00 Accumulated Depreciation $ 145,000.00 $ 230,000.00 Accounts Payable Retained Earnings, Beginning Salary Expense Sales Revenue $3,400,000.00 $ 1,210,000.00 Cost of Goods Sold $ 326,000.00 Selling Expense Inventory Advertising Expense Depreciation Expense Accounts Receivable $ 725,000.00 $ 25,000.00 $ 365,000.00 $ 25,000.00 $ 250,000.00 $ 255,000.00 $ 450,000.00 $ 50,000.00 $ 75,000.00 $ 343,000.00 Land Bank Loan Payable - Current Prepaid Assets Common Stock $ 85,000.00 $ 375,000.00 $ 240,000.00 $ 15,000.00 $ 775,000.00 General and Administrative expense Marketing Expense Equipment Wages Payable Dividends $ 65,000.00 Building

2) Please Prepare a properly formated Profit and Loss Statement, Retained Earnings Statement and Balance Sheet from (In order for your Balance Sheet to Balance you will have to calculate ending Retained Eamings) the following items: Cash $ 163,000.00 Accumulated Depreciation $ 145,000.00 $ 230,000.00 Accounts Payable Retained Earnings, Beginning Salary Expense Sales Revenue $3,400,000.00 $ 1,210,000.00 Cost of Goods Sold $ 326,000.00 Selling Expense Inventory Advertising Expense Depreciation Expense Accounts Receivable $ 725,000.00 $ 25,000.00 $ 365,000.00 $ 25,000.00 $ 250,000.00 $ 255,000.00 $ 450,000.00 $ 50,000.00 $ 75,000.00 $ 343,000.00 Land Bank Loan Payable - Current Prepaid Assets Common Stock $ 85,000.00 $ 375,000.00 $ 240,000.00 $ 15,000.00 $ 775,000.00 General and Administrative expense Marketing Expense Equipment Wages Payable Dividends $ 65,000.00 Building

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter4: Income Measurement And Accrual Accounting

Section: Chapter Questions

Problem 4.33E

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Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2 Assets 3 Cash $183.00 $14.00 4 Accounts receivable (net) 55.00 49.00 5 Inventories 117.00 99.00 6 Land 250.00 330.00 7 Equipment 205.00 175.00 8 Accumulated depreciation-equipment (68.00) (42.00) 9 Total assets $742.00 $625.00 10 Liabilities and Stockholders’ Equity 11 Accounts payable (merchandise creditors) $51.00 $37.00 12 Dividends payable 5.00 13 Common stock, $1 par 125.00 80.00 14 Paid-in capital: Excess of issue price over par—common stock 85.00 70.00 15 Retained earnings 476.00 438.00 16 Total liabilities and stockholders’ equity $742.00 $625.00 The following additional information is taken from the records: 1. Land was sold for $120. 2.…
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Hi pls, make income statement, statement of retained earnings, and ending trial balance. Trial balances (amount in Php) Particulars Debit amount Credit amount Accounts payable Accounts receivable Share capital, common stock Cash Notes payable Property, plant and equipment Accumulated depreciation Allowances for doubtful debts Inventories Prepaid expense Goodwill Estimated tax liability Marketable securities Accrued expense Patents and trademarks Bonds payable Investments Deferred revenue Other liabilities(long term) Retained earnings - 4325 - 11660 - 6200 - - 1750 1250 100 - 1750 - 500 - 1500 - - - 1965 - 9990 - 800 - 3100 540 - - - 750 - 1000 - 2000 - 1650 1000 6240 29035 29035
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