The following items are taken from the financial statements of Pelle Ltd. For the year ended December
Question:
The following items are taken from the financial statements of Pelle Ltd. For the year ended December 31, 2022:
...... Accounts payable.......................................................... $31,300
...... Accounts receivable...................................................... 10,000
...... Accumulated depreciationequipment........................ 8,400
...... Bank loan payable........................................................ 34,300
...... Cash.............................................................................. 38,500
...... Common shares (4,375 shares issued)........................ 43,750
...... Depreciation expense................................................... 8,400
...... Dividends declared....................................................... 525
...... Equipment..................................................................... 82,000
...... Goodwill......................................................................... 12,100
...... Income tax expense...................................................... 1,750
...... Interest expense............................................................ 6,125
...... Market price per common share................................... $5.25
...... Rent Expense................................................................ 21,000
...... Retained earnings, beginning....................................... 28,000
...... Salaries expense........................................................... 14,350
...... Service revenue............................................................ 56,875
...... Supplies......................................................................... 7,875
Instructions
(a) Prepare a statement of income and a classified statement of financial position for Pelle for 2022.
Expert Answer:
Answer Statement of Income for Pelle Ltd for the year ended December 31 2022 Service Revenue 56875 R... View the full answer
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
