Bonfiglio Company imports art and artifacts from Italy and Spain and sells them in its Bonfiglio Gallery

Question:

Bonfiglio Company imports art and artifacts from Italy and Spain and sells them in its Bonfiglio Gallery in London. At the end of 20X2 Bonfiglio had the following trial balance:

1. Prepare closing journal entries for Bonfiglio Company.
2. Prepare an income statement for 20X2 and a balance sheet for December 31, 20X2.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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1 Revenue 345000 Income summary 345000 Income summary 300000 Cost of sales 165000 Opera...View the full answer

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Related Book For book-img-for-question

Introduction to Financial Accounting

ISBN: 978-0133251036

11th edition

Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick

Question Posted: Feb 20, 2015 08:35 AM

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Bonfiglio Company imports art and artifacts from Italy and Spain and sells them in its Bonfiglio Gallery

Question:

Cash Accounts receivable Inventories Fixed assets, net Accounts payable Paid-in capital Retained earnings, Jan. 1, 20X2 Revenue Cost of sales Operating expenses Totals E 44,000 23,000 75,000 121,000 E 36,000 90,000 92,000 345,000 165,000 135,000 £563,000 E563,000

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1 Revenue 345000 Income summary 345000 Income summary 300000 Cost of sales 165000 Opera...View the full answer

Introduction to Financial Accounting

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