Given the Adjusted Trial Balance shown below, prepare a formal Schedule of Cost of Goods Sold, an Income Statement, and a Classified Balance Sheet for World Wide Widget Company for the year ending December 31, 2020. Use an Excel workbook, and put each statement on a different, labeled tab.

The Ending Inventory, found through a physical count, is $26,500.
 
 

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World Wide Widget Company, Adjusted Trial Balance, December 31, 2008 Account Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable HST Payable HST Recoverable W. Widget, Capital W.Widget, Drawings Sales Sales Returns/Allowances Sales Discounts Purchases Purchase Returns/Allowances DEBIT $ 8,500 3,400 34,500 800 20,000 550 3,000 1,000 850 23,000 CREDIT $ 5,000 2,300 2,600 34,970 72,500 600 World Wide Widget Company, Adjusted Trial Balance, December 31, 2008 Account Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable HST Payable HST Recoverable W. Widget, Capital W.Widget, Drawings Sales Sales Returns/Allowances Sales Discounts Purchases Purchase Returns/Allowances DEBIT $ 8,500 3,400 34,500 800 20,000 550 3,000 1,000 850 23,000 CREDIT $ 5,000 2,300 2,600 34,970 72,500 600

Answer rating: 100% (QA)

Preparing the Income Statement World Wide Widget Income Statement Particulars Amount Sales 72500 Sal... View the full answer