The adjusted trial balance of Sabrina, Inc., follows: Requirement 1. Prepare Sabrinas single-step income statement and statement
Question:
The adjusted trial balance of Sabrina, Inc., follows:
Requirement
1. Prepare Sabrina’s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date.
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...
Transcribed Image Text:
A1 Sabrina, Inc. Adjusted Trial Balance December 31, 2018 2 (Amounts in thousands) 3 Account 4 Cash 5 Accounts receivable 6 Inventories 7 Prepaid expenses 8 Property, plant, and equipment 9 Accumulated depreciation-property, plant, and equipment 10 Other assets 11 Accounts payable 12 Income tax payable 13 Other liabilities 14 Common stock 15 Retained earnings (beginning December 31, 2017) 16 Dividend 17 Sales revenue 18 Cost of goods sold 19 Selling, administrative, and general expenses 20 Income tax expense 21 Total 22 Debit $ 4,300 1,300 2,400 1,800 16,700 Credit $ 2,300 9,400 7,700 600 2,200 14,600 5,900 1,200 42,500 25,600 10,600 2,500 $ 75,800 $ 75,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Req 1 Revenues Expenses Other assets Total assets Sales revenue Cost of goods sold Selling admin...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The adjusted trial balance of Murphy's Taxi Service, Inc., follows. Determine the net income or loss for the month of May and the balance in the Retained Earnings account that would appear on the...
-
The adjusted trial balance of Lighthouse Realty, Inc. at December 31, 2013, follows: Requirements 1. Prepare Lighthouse Realtys 2013 income statement, statement of retained earnings, and year-end...
-
The adjusted trial balance of Jobs4U Employment Service, Inc., follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the missing Adjustments columns. 2....
-
A chemical factory discharges waste products into a river. The waste products affect a fishery downstream. Suppose MD = 6E and MAC = 600 - 4E. Consider a liability law requiring the polluter to...
-
Airline ticket prices may differ with respect to when the ticket is bought, how long a passenger remains on the trip (e.g., over a weekend) and other variables. Are these differences a case of price...
-
A game involves four balls and two urns. A ball in either urn has probability 50:50 chance of being transferred to the other urn. Represent the game as a Markov chain, and show that its states are...
-
On April 20, 1992, Daniel Hubbard (plaintiff), a potato farmer, and UTZ Quality Foods, Inc. (UTZ) (defendant), a potato chip manufacturer, entered an installment contract under which Hubbard agreed...
-
Plantwide department and ABC indirect cost rates. Automotive Products (AP) designs and produces automotive parts. In 2009, actual variable manufacturing overhead is $308,600. APs simple costing...
-
Maya purchased a boat for $18,340. Its value depreciated by 15% in the first year she owned it. What was her boat worth at the end of this first year?
-
During live national coverage of a Super Bowl half-time show, Justin Timberlake tore off part of Janet Jacksons shirt, exposing her breast for nine-sixteenths of a second. Television network CBS...
-
Fairmount Co. prepaid three years rent ($31,500) on January 1, 2018. At December 31, 2018, Fairmount prepared a trial balance and then made the necessary adjusting entry at the end of the year....
-
The adjusted trial balances of Verne Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions): Verne completed these transactions (in millions) during the year ended...
-
In your opinion, which barrier to communication is the most frustrating? What can you do to deal with it in an effective manner?
-
1-Provide2 examples of how you can use Pareto in the supply chain. 2-Walmart has insisted its suppliers implement RFID tags on their products and has been given a deadline. Today around 60% of the...
-
1. Suppose a worker's utility function is u(c, l) = ln c + (1 a) In where: a. c is consumption b. is leisure hours c. (1) is labor hours (so total hours available are normalized to 1) d. a is an...
-
Using the following information for Tesla, Porsche, and BMW, answer the questions below. Tesla Motors 2,3 2013 2014 2015 2016 2017 Cars Produced 22477 31655 51095 76230 101312 Employees 6000 10161...
-
Watch the video below and write three to four paragraphs summarizing the contents of the video. https://www.youtube.com/watch?v=M7LNeC-VmPM
-
Subway (sandwich) has just announced the installation of slicers on the premises. They are marketing the concept to franchisees as innovative since it will cut the cost of sliced meats, however they...
-
Chinook Corporation started the year ended November 30, 2012, with 60,000 common shares and no preferred shares issued. The following changes in share capital occurred during the year: Feb. 28 Issued...
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
The condensed balance sheet and income statement data for Finch Corporation are presented below. Additional information:1. The market price of Finch common stock was $5.00, $3.50, and $2.80 for 2010,...
-
Financial information for Chimera Company is presented here. Additional information:1. Inventory at the beginning of 2011 was $330,000.2. Receivables at the beginning of 2011 were $80,000.3. Total...
-
Selected financial data for Stanley Black & Decker, Inc. and Snap-On Tools for 2009 are presented here (in millions). Instructions(a) For each company, compute the following ratios.(1) Current...
-
If the owner withdrew no assets during the year but invested an additional $96,000 in cash, we need to adjust the calculation for the net profit earned. This additional investment would increase the...
-
The following financial data were adapted from recent financial statements for Water Source, Inc.: Sales $27,800 Operating assets: Property, plant, and equipment 17,800 Intangibles 1,200. Calculate...
-
In your company ( or in an e Commerce retailer that you purchase from ), recommend how you ( they ) should conduct an ABC Analysis and a XYZ Analysis. Evaluate if this is currently being done...
Study smarter with the SolutionInn App