Presented below is the adjusted trial balance of Abbey plc at December 31, 2022. Additional information: 1.
Question:
Presented below is the adjusted trial balance of Abbey plc at December 31, 2022.
Additional information:
1. Net loss for the year was £2,500.
2. No dividends were declared during 2022.
Instructions
Prepare a classified statement of financial position as of December 31, 2022.
Debit Credit Cash ? Supplies 1,200 Prepaid Insurance 1,000 Equipment 48,000 Accumulated Depreciation-Equipment £ 9,000 Trademarks 950 Accounts Payable 10,000 Salaries and Wages Payable 500 Unearned Service Revenue 2,000 Bonds Payable (due 2025) 9,000 Share Capital-Ordinary 10,000 Retained Earnings 20,000 Service Revenue 10,000 Salaries and Wages Expense 9,000 Insurance Expense 1,400 Rent Expense 1,200 Interest Expense 900 Total ? £ ?
Step by Step Answer:
Balance Sheet December 31 Assets Current assets Cash 6850 Supp...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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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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