Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance

Question:

Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020.

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Instructions

a. Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, and an unclassified balance sheet at December 31.

b. Answer the following questions.

1. If the note has been outstanding 6 months, what is the annual interest rate on that note?

2. If the company paid $17,500 in salaries in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019?

Balance Sheet
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...
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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-1119503668

17th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel

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