Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part ii - financial statements (11 marks) the alph

Part II - Financial Statements (11 marks) The alphabetized, adjusted...

90.2K

Verified Solution

Question

Accounting

image
image
Part II - Financial Statements (11 marks) The alphabetized, adjusted trial balance for Zood Services' at the Dec 31, 2020 year-end is as follows. Account Title Accounts Payable Accounts Receivable Accumulated Depreciation, equipment Cash Depreciation Expense Equipment Interest Expense Note Payable (Note 1) Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Steve, Capital (Note 2) Steve, Withdrawals Unearned Revenue Total Debit Credit $26,800 18,400 144,000 209,200 24,000 440,000 30,400 120,000 3,200 4,000 60,000 200,000 546,400 200,000 80,000 32,000 $1,069,200 $1,069,200 Note 1: The note payable is payable in 5 annual payments beginning Jan 1, 2021. Note 2: The owner invested $40,000 of his own money in 2020 REQUIRED: Using the following answer sheets, create a(n): 1. Income Statement (2.5 marks) 2. Statement of Changes in Equity (2 marks) 3. Classified Balance Sheet (6.5 marks) Ensure to use proper formatting. Explain why there are few absolutes in organizational behaviour. Despite this, how are we able to make valid predictions

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Health care issues are receiving much attention in both academic and political arenas A sociologist...

Statistics
Q

A random sample of 124 women over the age of 15 found that 3.68% of them...

Statistics
Q

3-lane freeway reduces to 2 lanes total flow in section = 5000 veh/hr lane saturation flow rate=...

Civil Engineering
Q

Biology Spring Semester FinalChoose the correct statement about Meiosis.Gametes have 46 chromosomes and are formed...

Biology
Q

Two concentric and coplanar circular coils have radii a and b a as shown in...

Physics
Q

Orlando bought a new couch for 1 968 using the furniture store s finance plan...

Basic Math
Q

Self-employed individuals (including a partner in a partnership) and employees with other income sources are...

Accounting
Q

Insurance companies that use usual, customary, and reasonable (UCR) guidelines end up paying more on...

Accounting
Q

Next years sales forecast shows that 20,000 units of Product A and 22,000 units of...

Accounting
Q

Inland Co., has a total of 84,000 shares of common stock outstanding and no preferred...

Accounting
Q

1. 2. 1 Power Drive Corporation designs and produces a line of...

Accounting
Q

smiley industry goods has bonds on the market making semi-annual payments of $37.4372, with 13...

Finance