FINANCIAL ACCOUNTING LOOSELEAF
2nd Edition
ISBN: 9781119493631
Author: Kimmel
Publisher: WILEY
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a) Prepare an income statement for the year ended 31st December 2022 for Wales plc and a statement of financialposition as at that date.
b) Why does the statement of financial position balance?
The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020:
Requirements:
1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020?
2. Identify the accounts listed above that are Current liabilities.
3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended
accounting equation)
4. Prepare a balance sheet for XYZ as of December 31, 2020.
Required:1. Prepare the following statements of the company from the data given above:
Income Statement for the year ending at December 31, 2020
Retained Earnings Statement for the year ending at December 31, 2020
Balance Sheet as at December 31, 2020
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- Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?arrow_forwardThe following financial statement information is from five separate companies.Answer the following questions about Company A. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is the amount of liabilities on December 31, 2019? Answer the following questions about Company B. a. What is the amount of equity on December 31, 2018? b. What is the amount of equity on December 31, 2019? c. What is net income for year 2019?arrow_forward1. Prepare an income statement for 2021 and 2022 for the company.arrow_forward
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