The accountant for Mickey & Minnie's Railway Limited has gone off on maternity leave before completing...
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The accountant for Mickey & Minnie's Railway Limited has gone off on maternity leave before completing the financial statements for the year ended January 31, 2023, Mr P. Luto has come to you for assistance as he needs the financial statements for a meeting with the bank on February 28. Mr. P. Luto has provided you with the following list of accounts, in no particular order, with their balances for the year ended January 31, 2023: Service revenue. Interest payable Supplies Rent expense Accounts receivable. Salary payable Accumulated depreciation - equipment Utilities expense Land Common shares Depreciation expense Cash Accounts payable Salary expense Prepaid rent Interest expense Note payable, long term Equipment Retained earnings Supplies expense Dividends $ 228,000 600 1,300 7,700 37,100 2,000 5,400 5,800 25,800 5,000 2,700 5,600 8,700 153,700 1,000 2,900 35,000 26,500 35,600 2,200 48,000 Assume all account balances are their normal balances. (All assets are debit balances etc) I Additional information: - The company issued $1,000 in common shares during the year - This is the company's second year of operations Required: A. Prepare the trial balance for Mickey & Minnie's Railway for the year ended January 31, 2023. B. Prepare an income statement for the year ended January 31, 2023. C. Prepare the statement of changes in equity for the year ended January 31, 2023. D. Prepare the balance sheet as of January 31, 2023 for Mickey & Minnie's Railway Limited. E. Based on the financial statements prepared was Mickey & Minnie's Railway profitable for the year ended January 31, 2023. The accountant for Mickey & Minnie's Railway Limited has gone off on maternity leave before completing the financial statements for the year ended January 31, 2023, Mr P. Luto has come to you for assistance as he needs the financial statements for a meeting with the bank on February 28. Mr. P. Luto has provided you with the following list of accounts, in no particular order, with their balances for the year ended January 31, 2023: Service revenue. Interest payable Supplies Rent expense Accounts receivable. Salary payable Accumulated depreciation - equipment Utilities expense Land Common shares Depreciation expense Cash Accounts payable Salary expense Prepaid rent Interest expense Note payable, long term Equipment Retained earnings Supplies expense Dividends $ 228,000 600 1,300 7,700 37,100 2,000 5,400 5,800 25,800 5,000 2,700 5,600 8,700 153,700 1,000 2,900 35,000 26,500 35,600 2,200 48,000 Assume all account balances are their normal balances. (All assets are debit balances etc) I Additional information: - The company issued $1,000 in common shares during the year - This is the company's second year of operations Required: A. Prepare the trial balance for Mickey & Minnie's Railway for the year ended January 31, 2023. B. Prepare an income statement for the year ended January 31, 2023. C. Prepare the statement of changes in equity for the year ended January 31, 2023. D. Prepare the balance sheet as of January 31, 2023 for Mickey & Minnie's Railway Limited. E. Based on the financial statements prepared was Mickey & Minnie's Railway profitable for the year ended January 31, 2023.
Expert Answer:
Answer rating: 100% (QA)
ANSWER A Trial Balance for Mickey Minnies Railway for the year ended January 31 2023 Account Debit Credit Service revenue 228000 Interest payable 2900 ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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