The Parker Company recently hired you to help them prepare financial statements when their accounting manager...

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The Parker Company recently hired you to help them prepare financial statements when their accounting manager left town suddenly. The following trial balance was completed by the manager prior to his departure. Account 1. Cash Accounts payable Accounts receivable 2. 3. Cost of goods sold Inventory Notes payable Building Wage expense Accumulated depreciation Wages payable Common stock Sales The Parker Company Trial Balance December 31 Insurance expense Retained earnings (beginning) Prepaid insurance Total Debit $55,000 $25,000 $45,000 $40,000 $30,000 $26,200 $ 2,000 ? The Parker Company did not pay dividends in the current year. $10,000 $15,000 $278,200 Credit $60,000 $80,000 $3,200 $85,000 $50,000 REQUIRED: Prepare the corrected trial balance for December. The account total may be in the wrong column. Be sure to check all total amounts. Your team might want to review the financial statements video in Module 2. $278,200 Prepare the multi-step income statement in good form. Prepare the classified balance sheet in good form. HINT: Total current assets are $175,000. The Parker Company recently hired you to help them prepare financial statements when their accounting manager left town suddenly. The following trial balance was completed by the manager prior to his departure. Account 1. Cash Accounts payable Accounts receivable 2. 3. Cost of goods sold Inventory Notes payable Building Wage expense Accumulated depreciation Wages payable Common stock Sales The Parker Company Trial Balance December 31 Insurance expense Retained earnings (beginning) Prepaid insurance Total Debit $55,000 $25,000 $45,000 $40,000 $30,000 $26,200 $ 2,000 ? The Parker Company did not pay dividends in the current year. $10,000 $15,000 $278,200 Credit $60,000 $80,000 $3,200 $85,000 $50,000 REQUIRED: Prepare the corrected trial balance for December. The account total may be in the wrong column. Be sure to check all total amounts. Your team might want to review the financial statements video in Module 2. $278,200 Prepare the multi-step income statement in good form. Prepare the classified balance sheet in good form. HINT: Total current assets are $175,000.

Answer rating: 100% (QA)

1 Corrected Trial Balance for December Account Debit Credit Cash 55000 Accounts Receivable 45000 Inv... View the full answer