Question: 1. Using the format presented in Problem 3-1 IB, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-1 IB. B52

1. Using the format presented in Problem 3-1 IB, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-1 IB.
B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2014, year-end:

2. Prepare an income statement, a statement of changes in equity, and a balance sheet based on the adjusted trial balance completed in Part 1. Assume that the owner, Ben Gibson, made an investment during the year of $20,000).
Analysis Component: Assume that total liabilities reported at June 30, 2013, were $90,000. Determine what equity and total assets were on that date and comment on the change in the financial position from 2013 to 2014.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Part 1 B52 Skate Training Trial Balances June 30 2014 Part 2 B52 Skate Training Income Statement For ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. Using the format presented in Problem 3-1 IB, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-1 IB. B52 Skate Training prepares adjustments annually...

1. Using the format presented in Problem 3-11 A, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-11 A. 2. Prepare an income statement, a statement of...

1. Using the format presented in Problem 3-11B, complete the adjusted trial balance by including the adjusting entries prepared in Problem 3-11B. 2. Prepare an income statement, a statement of...

Problem: B52 Skate Training prepares adjustments annually and showed the following on its June 30, 2020, year-end: B52 Skate Training Unajusted Trial Balance June 30, 2020 aler Account D Credi Cash...

Financial Accounting | Midterm.dock - Saved Lindsey Boyce Draw Design Layout References Mailings Review View Developer Help Com in Read Check Language Comments Tracking Accept Compare Protect Hide...

PacRim Careers provides training to individuals who pay tuition directly to the business. The business also offers extension training to groups in off-site locations. Additional information available...

Tees R Us, set up as a privately held corporation, operating as a t-shirt retailer, of which 100% of the Common Shares are owned by Tamara Green. You were hired to account for transactions for the...

Please answer all of the following questions. Chapter 4 questions Question 1 The Accounting Cycle - How do the different steps affect the financial statements? What is the effect on the financial...

1. Make all 16 adjustments on the "Adjusting Journal Entries" tab. Remember to include a description under each journal entry. 2. Post the adjustments to the general ledger on the "12-31-14...

One common critique of the WTO is that it overturns national environmental protections, and forces countries to lower their standards. For example, when the United States tried to protect endangered...

Analyze the communication between parents and children in Smiling Cat Candy Heart by Jennie Webb and "Where are you Going, Where have you Been?" by Joyce Carol Oats and use the template to provide a...

Suppose you are running a capital budgeting analysis on a project with an estimated cost of $ 3 million. The project is considered similar to the existing lines of businesses for the company. Given...

What are the three basic categories of manufacturing costs?

The following is taken from Mortan Co.s internal records of its factory with two operating departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for...

A company has two products: standard and deluxe. The company expects to produce 34,300 standard units and 69,550 deluxe units. It uses activity- based costing and has prepared the following analysis...

Singh and Smythe is an architectural firm that provides services for residential construction projects. The following data pertain to a recent reporting period. Required 1. Using ABC, compute the...

Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost...

3 (30 marks) A- The following details relate to ready meals that are prepared by a food processing company: Selling price Variable costs Fixed costs Profit Oven time (minutes required per ready meal)...

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies...