Please help with questions 1,2 and 3. The following are accounts from the adjusted...
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Please help with questions 1,2 and 3.
The following are accounts from the adjusted trial balance for Peaches Canning Inc. sorted alphabetically at their year-end December 31, 205. Additional information: - An inventory count at December 31, 205 revealed an inventory value of $57,000 on that date. - In 20X6, Peaches Canning will make principal repayments of $20,000 of the bank debt (in other words, they will pay back $20,000 of the $80,000 outstanding bank debt). - Unearned revenue is deposits on special orders which are expected to be delivered to customers in January 206. Required: 1. Prepare, in good form, a multiple-step statement of earnings for Peaches Canning Inc. for the year ended December 31, 205. 2. Calculate the balance in retained earnings at December 31, 205. 3. Prepare, in good form, a Statement of Financial Position for Peaches Canning Inc. at December 31,205
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