Based on the Trial balance sheet and opening balances can you build the income statement and balance
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Based on the Trial balance sheet and opening balances can you build the income statement and balance sheet with reference to the rubrics for each? Thanks (All information from the problem is provided)
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Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Pre-Paid Expense Property Plant and Equipment Accumulated Depreciation Patent Accounts Payable Unearned Revenue Salaries and Wages Payable FICA Withholding Payable Federal Income Tax Payable State Income Tax Payable Payable Bond Payable Premium/Discount Common Stock Additional Paid In Capital Treasury Stock Retained Earnings Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Payroll Tax Expense Depreciation Expense Amortization Expense (Patent) Bad Debt Expense Supplies Expense Interest Expense Totals Opening Balance Sheet . . T . . . . . . . . . Debit 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,270,539,667 Credit (32,500,000) (2,000,000) 30,000,000 195,000,000 190,500,000 Adjusted Trial Balance 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 32,500,000 . 2,000,000 (30,000,000) (195,000,000) 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,080,039,667 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Pre-Paid Expense Property Plant and Equipment Accumulated Depreciation Patent Accounts Payable Unearned Revenue Salaries and Wages Payable FICA Withholding Payable Federal Income Tax Payable State Income Tax Payable Payable Bond Payable Premium/Discount Common Stock Additional Paid In Capital Treasury Stock Retained Earnings Revenue Cost of Goods Sold Rent Expense Salaries and Wages Expense Payroll Tax Expense Depreciation Expense Amortization Expense (Patent) Bad Debt Expense Supplies Expense Interest Expense Totals Opening Balance Sheet . . T . . . . . . . . . Debit 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,270,539,667 Credit (32,500,000) (2,000,000) 30,000,000 195,000,000 190,500,000 Adjusted Trial Balance 388,000,000 255,000,000 255,000,000 5,500,000 16,500,000 175,000,000 20,500,000 32,500,000 . 2,000,000 (30,000,000) (195,000,000) 2,500,000 134,500,000 1,375,000 1,154,250 625,000 85,417 12,375,000 2,000,000 425,000 1,080,039,667
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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