Question 2 The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019. Wilfred Trading Company Adjusted Trial Balance 31 December 2019 $14,910 $7,000 $500 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Income Tax Payable Salaries Payable Dividend Payable Share Capital Ordinary Retained Earnings $3,500. $2,200 $15,000 $1,625 $100 $1,220 009$ $14,000 $5,500 Dividends Sales $19,780 000 000$ Sales Returns and Allowances Cost of goods sold Salaries Expense Travel Expense Rent Expense Miscellaneous Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Insurance Expense $3,460 $1,300 $1,200 $230 $750 $1,500 $1,200 $2,000 $200 $64,075 Totals $64,075 Required a) Prepare the income statement and statement of retained earnings for the year ended 31 December 2019. (Missing figures (?) above should be found and included in the statements.) b) Prepare the statement of financial position as at 31 December 2019.
Question 2 The accountant for Wilfred Trading Company prepared the following Adjusted Trial Balance at 31 December 2019. Wilfred Trading Company Adjusted Trial Balance 31 December 2019 $14,910 $7,000 $500 Cash Accounts Receivable Supplies Inventory Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Accounts Payable Interest Payable Income Tax Payable Salaries Payable Dividend Payable Share Capital Ordinary Retained Earnings $3,500. $2,200 $15,000 $1,625 $100 $1,220 009$ $14,000 $5,500 Dividends Sales $19,780 000 000$ Sales Returns and Allowances Cost of goods sold Salaries Expense Travel Expense Rent Expense Miscellaneous Expense Supplies Expense Depreciation Expense Interest Expense Income Tax Expense Insurance Expense $3,460 $1,300 $1,200 $230 $750 $1,500 $1,200 $2,000 $200 $64,075 Totals $64,075 Required a) Prepare the income statement and statement of retained earnings for the year ended 31 December 2019. (Missing figures (?) above should be found and included in the statements.) b) Prepare the statement of financial position as at 31 December 2019.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 58APSA
Related questions
Question
Question 2 part c, d, e only
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
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
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT