The adjusted trial balance of Oregon Flowers, Inc., follows: Requirement Prepare Oregon Flowers, Inc.s single step income
Question:
The adjusted trial balance of Oregon Flowers, Inc., follows:
Requirement
Prepare Oregon Flowers, Inc.’s single step income statement and statement of retained earnings for the year ended December 31, 2014, and its balance sheet on that date. Draw the arrows linking the threestatements.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
A1 Oregon Flowers, Inc. Adjusted Trial Balance December 31, 2014 2 (Amounts in thousands) Account Debit Credit 2,510 1,900 3,800 1,700 16,700 4-Cash. vable Inventories 7 Prepaid expenses Property, plant, and equipment S 2,500 Accumulated depreciation, property, plant, and equipment 0 Other assets. 1 Accounts payable 9,700 7,500 600 2400 14,500 4,610 12 Income tax payable Other liabilities 14 Common stock S Retained earnings (beginning, December 31, 2013) 1400 16 17 Sales revenue. 18 Cost of goods sold 43,600 25,500 10,000 2,500 Selling, administrative, and general expenses 2a Income tax expense 21
Step by Step Answer:
Oregon Flowers Inc Income Statement Year Ended December 31 2014 Thousands Revenues Sales revenue 436...View the full answer
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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