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TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you, You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Account Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory 115 Prepaid Expenses Equipment 20 375 Accumulated Depreciation 110 225 Accounts Payable Unearned Revenue Bond Payable 31 200 Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment Accumulated Depreciation 375 110 Accounts Payable 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Common Stock, par value 1 APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4,000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment 8 Interest expense 2 Totals $4,841 $4,841

TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you, You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Account Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory 115 Prepaid Expenses Equipment 20 375 Accumulated Depreciation 110 225 Accounts Payable Unearned Revenue Bond Payable 31 200 Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment Accumulated Depreciation 375 110 Accounts Payable 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Common Stock, par value 1 APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4,000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment 8 Interest expense 2 Totals $4,841 $4,841

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 92PSB
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Ask include LifOf the party’s net income, retained earnings at December 31, 2021, and total equity
TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you. You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Аccount Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable 115 20 375 110 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment 375 110 Accumulated Depreciation Accounts Payable 225 Unearned Revenue 31 Bond Payable 200 Bond Discount 10 Common Stock, par value APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4.000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment Interest expense Totals $4,841 $4,841
Transcribed Image Text:TRIAL BALANCE TO FINANCIAL STATEMENTS : LIFOF The Party, Inc you will need to upload your PDF solution of this problem Use the Adjusted Trial Balance for LIFOF the Party, Inc below to prepare for the year 2021: (The 000's have been dropped to make adding easier for you. You do not need to included 000's on your financial statements, leave the amounts as presented). The Bond Payable has a 10 year term. Obligations related to Unearned Revenue and Accounts Payable will be fulfilled with in 6 months of the balance sheet date. 1) A Multi Step Income Statement 2) Statement of Retained Earnings 3) Classified Balance Sheet ADJUSTED TRIAL BALANCE: Аccount Debit Credit Cash 125 Accounts Receivable 325 Allowance for doubtful accounts 25 Inventory Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable 115 20 375 110 225 Unearned Revenue 31 200 Bond Payable Bond Discount 10 Inventory 115 20 Prepaid Expenses Equipment 375 110 Accumulated Depreciation Accounts Payable 225 Unearned Revenue 31 Bond Payable 200 Bond Discount 10 Common Stock, par value APIC, Common Stock 149 Treasury Stock 6 Retained Earnings 100 Dividends 15 Sales 4.000 Sales Discounts 150 Cost of Goods Sold 2100 Advertising expense 300 Depreciation expense 90 Rent expense 400 Wages expense 800 Loss on sale of equipment Interest expense Totals $4,841 $4,841
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