Below are the unadjusted account balances for Gotham Corp as of December 31, 2021 Unadjusted Account Balances Асcount Accounts payable Accounts receivable Accumulated depreciation Cash Amount 3,390 77,850 20,100 73,000 Common Shares 135,000 Cost of goods sold Equipment Interest expense Inventory Long term investments Long term loan Prepaid insurance Retained Earnings Sales Salaries expense Unearned revenue 194,000 155,000 7,333 29,000 80,000 200,000 33,087 25,000 309,000 49,220 6,000 The accountant recorded the following adjusting entries at the end of the year: Depreciation on the equipment Salaries payable for 6 days of work Interest expense Insurance expense for the year Income tax expense, not yet paid All unearned revenue obligations were fulfilled 15,500 3,000 4,667 19,087 2,423 Required: Prepare a Statement of Financial Position for the vear 2021.
Below are the unadjusted account balances for Gotham Corp as of December 31, 2021 Unadjusted Account Balances Асcount Accounts payable Accounts receivable Accumulated depreciation Cash Amount 3,390 77,850 20,100 73,000 Common Shares 135,000 Cost of goods sold Equipment Interest expense Inventory Long term investments Long term loan Prepaid insurance Retained Earnings Sales Salaries expense Unearned revenue 194,000 155,000 7,333 29,000 80,000 200,000 33,087 25,000 309,000 49,220 6,000 The accountant recorded the following adjusting entries at the end of the year: Depreciation on the equipment Salaries payable for 6 days of work Interest expense Insurance expense for the year Income tax expense, not yet paid All unearned revenue obligations were fulfilled 15,500 3,000 4,667 19,087 2,423 Required: Prepare a Statement of Financial Position for the vear 2021.
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 4PB
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning