Problem 3: Preparing Financial Statements and Closing Entries (29 marks) The adjusted trial balance of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Problem 3: Preparing Financial Statements and Closing Entries (29 marks) The adjusted trial balance of Beanstalk Company is as follows: 20,800 16,200 4,400 2,300 44,000 $ Beanstalk Company Adjusted Trial Balance December 31, 2019 Cash Accounts receivable Prepaid insurance Office supplies Office Equipment Accumulated depreciation - Office Equipment Accounts payable Salaries payable Unearned Revenue Long-term Note Payable Common stock Retained earnings Dividends Revenue earned Depreciation expense - Office Equipment Advertising expense Insurance expense Office supplies expense Interest expense Salaries expense Totals 18,000 8,000 2,600 1,000 20,000 20,000 16,000 12,000 79,800 6,000 12,000 4,000 3,700 1,000 39,000 $165.400 $165.400 Required: For the year ended December 31, 2019, a. prepare an income statement (8 marks) b. prepare a statement of changes in stockholders' equity (no changes to common stock have taken place during the year (5 marks) c. prepare a balance sheet (8.5 marks) d. prepare all necessary closing entries. Use an income summary" (7.5 marks)
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!
