The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31December 2021.Smart Tutorial SchoolAdjusted Trial Balance31 December 2021$22,380$71,940$1,000$1,250$96,000CashStudent fees receivableSuppliesPrepaid rentEquipmentAccumulated depreciation: equipmentAccounts payableSalaries payableNotes payableInterest payableUnearned student fees$52,800$6,420$750$24,000$720$5,000$7,000$50,000$20,000Income taxes payableShare capitalRetained earningsDividend$5,000Student fees earned$86,000Supply expenseSalary expense$4,000$18,000$720Interest expenseRent expenseUtilities expenseDepreciation expense: equipmentIncome taxes expense$12,500$3,300$9,600$7,000$252,690Totals$252,690Requireda) Prepare the income statement and the statement of retained earnings for the year ended 31December 2021.b) Prepare the statement of financial position as at 31 December 2021.

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

The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31 December 2021. Smart Tutorial School Adjusted Trial Balance 31 December 2021 $22,380 $71,940 $1,000 $1,250 $96,000 Cash Student fees receivable Supplies Prepaid rent Equipment Accumulated depreciation: equipment Accounts payable Salaries payable Notes payable Interest payable Unearned student fees Income taxes payable Share capital Retained earnings Dividend Student fees carned Supply expense Salary expense Interest expense Rent expense Utilities expense Depreciation expense: equipment Income taxes expense Totals $52,800 $6,420 $750 $24,000 $720 $5,000 $7,000 $50,000 $20,000 $5,000 $86,000 $4,000 $18,000 $720 $12,500 $3,300 $9,600 $7.000 $252,690 $252,690 Required a) Prepare the income statement and the statement of retained earmings for the year ended 31 December 2021. b) Prepare the statement of financial position as at 31 December 2021.

The accountant for Smart Tutorial School prepared the following Adjusted Trial Balance at 31 December 2021. Smart Tutorial School Adjusted Trial Balance 31 December 2021 $22,380 $71,940 $1,000 $1,250 $96,000 Cash Student fees receivable Supplies Prepaid rent Equipment Accumulated depreciation: equipment Accounts payable Salaries payable Notes payable Interest payable Unearned student fees Income taxes payable Share capital Retained earnings Dividend Student fees carned Supply expense Salary expense Interest expense Rent expense Utilities expense Depreciation expense: equipment Income taxes expense Totals $52,800 $6,420 $750 $24,000 $720 $5,000 $7,000 $50,000 $20,000 $5,000 $86,000 $4,000 $18,000 $720 $12,500 $3,300 $9,600 $7.000 $252,690 $252,690 Required a) Prepare the income statement and the statement of retained earmings for the year ended 31 December 2021. b) Prepare the statement of financial position as at 31 December 2021.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...

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