The adjusted trial balance of Yoon Imports for the year ended December 31, 2020, is as follows
Question:
The adjusted trial balance of Yoon Imports for the year ended December 31, 2020, is as follows (amounts in thousands):
Instructions
Prepare an income statement, owner’s equity statement, and a classified statement of financial position.
The notes payable is due on January 10, 2021.
Credit Debit ¥ 6,400 Cash Accounts Receivable 2,700 Notes Receivable 6,300 Inventory Equipment 10,000 7,500 ¥ 300 Allowance for Doubtful Accounts Accumulated Depreciation-Equipment Notes Payable Accounts Payable Owner's Capital Owner's Drawings 1,000 1,100 600 28,000 1,000 Sales Revenue 13,000 Interest Revenue 100 Cost of Goods Sold 8,000 1,400 Salary and Wages Expense Rent Expense Bad Debt Expense Service Charge Expense 700 60 40 ¥44,100 ¥44,100
Step by Step Answer:
YOON IMPORTS Income Statement For the Year Ended December 31 2020 Sales revenue Cost of goods sold G...View the full answer
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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
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