12/31/2024 Adjusted Trail Balance Account Title Debits Credits Cash 680 Accounts receivable 845 Inventory 855 Prepaid...
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12/31/2024 Adjusted Trail Balance Account Title Debits Credits Cash 680 Accounts receivable 845 Inventory 855 Prepaid insurance 160 Equipment 3,500 Less: Accumulated depreciation 1,220 Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable 395 395 375 Notes payable (due 12/31/2025) Common stock 1,220 1,160 Retained earnings Sales Revenue 840 16,500 Cost of goods sold 5,300 Depreciation expense Insurance expense 430 1,050 General and administrative expense Income tax expense Dividends Declared (10 points) Prepare a Multiple Step Income Statement using the information provided in the 12/31/2024 Adjusted Trial Balance of CatNip Inc. (15 Points) Prepare a Classified Balance Sheet for CatNip, Inc for the Period Ending 12/31/2024. (20 Points) Prepare a Statement of Cash Flows using the indirect method for CatNip Inc. for the Period Ending 12/31/2024. 3,700 2,408 3,177 22,105 22,105 Balance Sheet Information Assets: 12/31/23 Cash 390 Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets 1,020 790 50 2,750 (790) 4,210 Liabilities and Shareholders' Equity: Accounts payable 550 Accrued liabilities (for general & administrative expense) 590 Income taxes payable 340 Notes payable (due 12/31/2025) 900 Common stock 990 Retained earnings 840 Total liabilities and shareholders' equity 4,210 12/31/2024 Adjusted Trail Balance Account Title Debits Credits Cash 680 Accounts receivable 845 Inventory 855 Prepaid insurance 160 Equipment 3,500 Less: Accumulated depreciation 1,220 Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable 395 395 375 Notes payable (due 12/31/2025) Common stock 1,220 1,160 Retained earnings Sales Revenue 840 16,500 Cost of goods sold 5,300 Depreciation expense Insurance expense 430 1,050 General and administrative expense Income tax expense Dividends Declared (10 points) Prepare a Multiple Step Income Statement using the information provided in the 12/31/2024 Adjusted Trial Balance of CatNip Inc. (15 Points) Prepare a Classified Balance Sheet for CatNip, Inc for the Period Ending 12/31/2024. (20 Points) Prepare a Statement of Cash Flows using the indirect method for CatNip Inc. for the Period Ending 12/31/2024. 3,700 2,408 3,177 22,105 22,105 Balance Sheet Information Assets: 12/31/23 Cash 390 Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets 1,020 790 50 2,750 (790) 4,210 Liabilities and Shareholders' Equity: Accounts payable 550 Accrued liabilities (for general & administrative expense) 590 Income taxes payable 340 Notes payable (due 12/31/2025) 900 Common stock 990 Retained earnings 840 Total liabilities and shareholders' equity 4,210
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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