Note from Miranda: using the provided adjusted trial balance and templates, can you please prepare the financial
Question:
Note from Miranda: using the provided adjusted trial balance and templates, can you please prepare the financial statements so that next week we can analyze and present the statements?
Adjusted Trial Balance: Note, there are minor differences between this trial balance and previous versions, there is no need to adjust this trial balance for any transactions, please use this TB exactly to prepare the financial statements.
Plants From Paradise | ||||
Adjusted Trial Balance | ||||
December 31, 2021 | ||||
Account Number | Account Name | Debit Balance | Credit Balance | |
1000 | Cash | 12,200 | ||
1010 | Accounts Receivable | 18,859 | ||
1015 | Allowance for Doubtful Accounts | 500 | ||
1020 | Interest Receivable | 3,000 | ||
1030 | Inventory - Plants | 12,500 | ||
1040 | Inventory – Soil | 15,500 | ||
1050 | PPE – Equipment | 45,500 | ||
1055 | Acc. Amortization – Equipment | 19,500 | ||
1060 | PPE – Building | 145,000 | ||
1065 | Acc. Amortization - Building | 22,000 | ||
2000 | Accounts Payable | 19,576 | ||
2010 | Salaries Payable | 7,875 | ||
2020 | Line of Credit | 2,000 | ||
2025 | Interest Payable | 515 | ||
2030 | Unearned Revenue | 7,600 | ||
3000 | Miranda Cornell, Capital | 111,854 | ||
4000 | Sales Revenue – Plants | 167,894 | ||
4010 | Sales Revenue – Soil | 45,673 | ||
4020 | Sales Revenue – Delivery | 12,345 | ||
5000 | Cost of Goods Sold | 106,784 | ||
5000 | Salaries Expense | 29,154 | ||
5040 | Bad Debt Expense | 4,500 | ||
5050 | Utilities | 2,275 | ||
5060 | Amortization Expense | 15,500 | ||
5060 | Repairs Expense | 3,700 | ||
5070 | Interest Expense | 2,860 | ||
Total Balance | $417,332 | $417,332 | ||
Templates:
Income Statement:
(Company) | ||
(Statement) | ||
(Date) | ||
Revenues | ||
Less: Cost of Goods Sold | ||
Gross Profit | ||
Operating Expenses | ||
Total Operating Expenses | ||
Profit/Loss |
Statement of Owner’s Equity:
(Company) | ||
(Statement) | ||
(Date) | ||
(capital) |
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,