Prepare the followings: (a) Multistep income statement; (b) Stockholder_s Equity Statement (c) Classified Balance Sheet as at December 31, 2021

Q: prepare an Income Statement and a Retained Earnings Statement for the year ended December 31, 2019.

A:

Q: Required a. Prepare a deferred tax worksheet to identify the temporary differences arising in…

A: A deferred tax asset is like a prepaid tax, the benefit of which will be received in the future…

Q: The following is the pre-adjustment trial balance of Alibaba Ltd for the year ending 31 August 2020.…

A: Since you have asked multiple questions, we will solve the first question for you as per company…

Q: ABC Company reported net income and retained earnings for a two-year period as follows: 2020 2021…

A: The adjusted net income for any accounting year is equal to the net income adjusted for al the…

Q: 5. The following account balances were taken from the 2021 adjusted trial balance of the Bowler…

A: Income Statement is the statement which shows the net income earned or net loss incurred by the…

Q: Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of…

A: The income statement is prepared by the business organization so as to know how much amount of gross…

Q: the years ended December 2019, 2020, and 2021 indicate the following net Case 3-Effects of Error on…

A: Error include clerical error,ommisions . For rectification of errors ,adjustment entries are…

Q: following account balances are for the Agee Company as of January 1. 2020, and Decem ominated in…

A: The answer is stated below:

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: Balance sheet The purpose preparing the balance sheet to know the actual position which are incurred…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: Statement of owner’s equity: The statement of owner’s equity shows the change (increase or decrease)…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred to manufactured…

Q: had been made. (-) Puuchass fuom COGS 3,70,00-3000, (4) adveelixuy m 0E You are required to prepare…

A: Profit and loss statement: Profit and loss statement is one of the financial statements of the…

Q: The adjusted trial balance of Rotan Company at the end of its fiscal year is: Rotan Company Adjusted…

A: Closing entries are used to close the temporary account and transfer the balance to the permanent…

Q: Pope's Garage had the following accounts and amounts in its financial statements on December 31,…

A: Note: Since there are multiple subparts, we will answer only the first three subparts. Income…

Q: rrent Attempt in Progress The following balances were taken from the books of Metlock Corp. on…

A: The income statement is prepared to find the net income or loss incurred during the period.

Q: 358,500 Cash and cash equivalents 817,300 Notes payable (due April 1,…

A: Balance sheet The purpose preparing the balance sheet to know the actual position which are…

Q: Question below: Prepare the post adjustment trial balance of Musketeer Traders on 30 September 2019.

A: Step 1 A Post adjusted trial balance is created after all adjusting entries have been posted into…

Q: e the tolowing triat haiance was evtracted from the books of Peter Mackie on 30 April 2020. tvon t…

A: Income statement shows the performance of the entity during the financial year by using the…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: The income statement of the business shows all incomes and expenses of the business at the end it…

Q: The following is the ending balances of accounts at June 30, 2018 for Excell Company.Account Title…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: The following accounts and account balances are available for Badger Auto Parts at December31,…

A: A trial balance is a statement that shows either the balance or the total amount of debit items and…

Q: In March 31, 2021, the end of the fiscal year, the preliminary Trial Balance of MSL Manufacturing…

A: cost of goods manufactured that refers to schedule or statement that shows total production costs…

Q: Nash Corporation's adjusted trial balance contained the following asset accounts at December 31,…

A: Current Assets are those assets from which the organisation expects to derive economic benefits…

Q: Bramble Company purchased equipment for $31200 on December 1. It is estimated that annual…

A: If the financial statements are to be prepared on December 31, the company should make the following…

Q: The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as…

A: Statement of Cash Flow is one of the main financial statement which reports Cash inflow and Cash…

Q: XYZ Corporation's trial balance contained the following account balances at December 31, 2021…

A: Current assets are those which are owned by an entity for a short period and can be converted into…

Q: ABC Company reported net income and retained earnings for a two – year period as follows:…

A: Retained Earnings: It refers to the amount of earnings that are not paid to the shareholders, rather…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: The income statement of the business shows all incomes and expenses of the business at the end it…

Q: Zebra Company has determined the 2021 net income to be P 5,000,000. Revenue received in advance in…

A: The unearned revenue is the revenue received in advance from customers but the services are not…

Q: ABC Company reported net income and retained earnings for a two-year period as follows: 2020 2021…

A:

Q: IVANHOE COMPANY Worksheet (partial) For the Month Ended April 30, 2020 Adjusted Trial Balance Income…

A: In the Double Entry System one important thing is that the Total of the Debit should be equal to the…

Q: Prepare the statement of comprehensive income of royal tradersfor the year ended 28 Feb 2021.…

A: A statement of income is a statement that shows income, expenses, and profit and loss in the…

Q: Tibra Inc.'s trial balance TBAcontained the following accounts at December 31, 2021, the end of…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…

Q: During an audt of Madison Company's December 31, 2020 records it was discovered that the company đid…

A: Introduction: A retained earnings statement is a financial statement that displays how a company's…

Q: Presented below is the trial balance of H.T Herbert Company for the year ended Dec. 31, 2020. H.T…

A: Balance sheet: It is a statement which reports both assets and liabilities as on a particular date…

Q: The following account balances were taken from the 2021 adjusted trial balance of the Bowler…

A: Bowler CorporationIncome statement for 2021 Particulars Amount Sales revenue $325,000 Less:…

Q: Required: Prepare Journal Entries to record the impact of each of these events on the assets,…

A: 1. Journalizing Numerous transactions take place within a business. If these transactions are not…

Q: Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing…

A:

Q: Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of…

A: Depreciation on Machinery bought=Machine value×10%=20000×10%=RM 2,000

Q: The following is the pre-adjustment trial balance of Alibaba Ltd for the year ending 31 August 2020.…

A: Financial statements consists of the following:- Statement of Financial position; Statement of…

Q: ABC Company reported net income and retained earnings for a two – year period as follows:…

A: First of all, we have to calculate the adjusted Retained Earning balance on December 31, 2020.

Q: Safety-First Company completed all of its October 31, 2020, adjustments in preparation for preparing…

A: Calculation of impairment loss   Book Value ($) Recoverable value ($)  Impairment loss ($) Land…

Q: Sombop Corporation’s adjusted trial balance contained the following asset accounts at December 31,…

A: Current asset are the assets which are realizable in cash in a short period of time usually less…

Q: At the end of its fiscal year, the adjusted trial balance of Wildhorse Company is as follows:…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: Johnstone & Gonari Ltd. (J&G) continued operating through 2021 and is now preparing for its…

A: The Adjusted Trial Balance as on 31st December 2021 is given. In the second question Journal Entries…

Q: The following balances were extracted from the books of AL Masa Cleaning Services at 31st December,…

A: Formula: Ending Capital = Beginning capital + Investment during the year + Profit during the year -…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: Comprehensive Income - Comprehensive Income is income which is not earned, in other words unrealized…

Q: MBA Company had the following income statement in 2019: depreciation OMR20000, net income…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: BTS Corporation provided the following balances in its trial balance for the year ended December 31,…

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time. 

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally. 

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.