SwiftStock Retail Services Adjusted Trial Balance, as of December 31, 2023 Account Title Debit Balance Accounting Expenses Accounts Payable 7,000 11,000 Accounts Receivable 22,500 Cash 11,500 Depreciation of Office Buildings 21,500 Freight-In 3,000 Gain on Sale of Investments 2,350 Gain on sale of operations in a foreign country 15,500 In-store Visual Merchandising Expense 16,000 Insurance expense (Office) 2,400 Interest Expense 3,000 Inventory (1.1.2023) 17,500 Legal and Compliance Expenses 2,750 Loans Payable 28,500 Office Rent Expense 5,500 Prepaid Insurance 5,000 Promotional Merchandise Expenses 12,500 Property, Plant and Equipment 176,000 Purchase Discounts 2,200 Purchase Returns and Allowances 17,000 Purchases 91,000 Rent Revenue 22,500 Retained Earnings (1.1.2023) 50,680 Royalty Revenues 4,250 Sales 360,000 Sales Discounts 1,400 Sales Representatives' Commissions 7,500 Sales Returns and Allowances 11,500 Sales Training Workshops Expenses 8,500 Share capital ordinary 150,000 Short term investments 34,000 Trade Show Participation Expenses 1,750 Unearned sales revenue 3,000 Utilities Expense (Offices) 1,750 Website Maintenance and Hosting Expenses 4,250 Additional Information Income Tax Rate 10% Non-controlling interest 9,630 Inventory (31.12.2023) 9,000 Depreciation Expense Overstatement in 2022 3,000 Average number of Ordinary Shares Outstanding 100,000 Dividends on ordinary shares 15,408 Dividends on preference shares 11,556
SwiftStock Retail Services Adjusted Trial Balance, as of December 31, 2023 Account Title Debit Balance Accounting Expenses Accounts Payable 7,000 11,000 Accounts Receivable 22,500 Cash 11,500 Depreciation of Office Buildings 21,500 Freight-In 3,000 Gain on Sale of Investments 2,350 Gain on sale of operations in a foreign country 15,500 In-store Visual Merchandising Expense 16,000 Insurance expense (Office) 2,400 Interest Expense 3,000 Inventory (1.1.2023) 17,500 Legal and Compliance Expenses 2,750 Loans Payable 28,500 Office Rent Expense 5,500 Prepaid Insurance 5,000 Promotional Merchandise Expenses 12,500 Property, Plant and Equipment 176,000 Purchase Discounts 2,200 Purchase Returns and Allowances 17,000 Purchases 91,000 Rent Revenue 22,500 Retained Earnings (1.1.2023) 50,680 Royalty Revenues 4,250 Sales 360,000 Sales Discounts 1,400 Sales Representatives' Commissions 7,500 Sales Returns and Allowances 11,500 Sales Training Workshops Expenses 8,500 Share capital ordinary 150,000 Short term investments 34,000 Trade Show Participation Expenses 1,750 Unearned sales revenue 3,000 Utilities Expense (Offices) 1,750 Website Maintenance and Hosting Expenses 4,250 Additional Information Income Tax Rate 10% Non-controlling interest 9,630 Inventory (31.12.2023) 9,000 Depreciation Expense Overstatement in 2022 3,000 Average number of Ordinary Shares Outstanding 100,000 Dividends on ordinary shares 15,408 Dividends on preference shares 11,556
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter5: Income Statement: Reporting The Results Of Operating Activities
Section: Chapter Questions
Problem 22E
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Question
Question:
Prepare Income Statement and Retained Earnings Statement for SwiftStock Retail Services using the Account Balances provided.
The statements must be complete with the company name and period covered.
Transcribed Image Text:SwiftStock Retail Services
Adjusted Trial Balance, as of December 31, 2023
Account Title
Debit Balance
Accounting Expenses
Accounts Payable
7,000
11,000
Accounts Receivable
22,500
Cash
11,500
Depreciation of Office Buildings
21,500
Freight-In
3,000
Gain on Sale of Investments
2,350
Gain on sale of operations in a foreign country
15,500
In-store Visual Merchandising Expense
16,000
Insurance expense (Office)
2,400
Interest Expense
3,000
Inventory (1.1.2023)
17,500
Legal and Compliance Expenses
2,750
Loans Payable
28,500
Office Rent Expense
5,500
Prepaid Insurance
5,000
Promotional Merchandise Expenses
12,500
Property, Plant and Equipment
176,000
Purchase Discounts
2,200
Purchase Returns and Allowances
17,000
Purchases
91,000
Rent Revenue
22,500
Retained Earnings (1.1.2023)
50,680
Royalty Revenues
4,250
Sales
360,000
Sales Discounts
1,400
Sales Representatives' Commissions
7,500
Sales Returns and Allowances
11,500
Sales Training Workshops Expenses
8,500
Share capital ordinary
150,000
Short term investments
34,000
Trade Show Participation Expenses
1,750
Unearned sales revenue
3,000
Utilities Expense (Offices)
1,750
Website Maintenance and Hosting Expenses
4,250
Additional Information
Income Tax Rate
10%
Non-controlling interest
9,630
Inventory (31.12.2023)
9,000
Depreciation Expense Overstatement in 2022
3,000
Average number of Ordinary Shares Outstanding
100,000
Dividends on ordinary shares
15,408
Dividends on preference shares
11,556
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