The adjusted trial balance of Sabrina, Inc., follows: Requirement 1. Prepare Sabrinas single-step income statement and statement
Question:
The adjusted trial balance of Sabrina, Inc., follows:
Requirement
1. Prepare Sabrina’s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its balance sheet on that date.
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...
Transcribed Image Text:
A1 Sabrina, Inc. Adjusted Trial Balance December 31, 2018 2 (Amounts in thousands) 3 Account 4 Cash 5 Accounts receivable 6 Inventories 7 Prepaid expenses 8 Property, plant, and equipment 9 Accumulated depreciation-property, plant, and equipment 10 Other assets 11 Accounts payable 12 Income tax payable 13 Other liabilities 14 Common stock 15 Retained earnings (beginning December 31, 2017) 16 Dividend 17 Sales revenue 18 Cost of goods sold 19 Selling, administrative, and general expenses 20 Income tax expense 21 Total 22 Debit $ 4,300 1,300 2,400 1,800 16,700 Credit $ 2,300 9,400 7,700 600 2,200 14,600 5,900 1,200 42,500 25,600 10,600 2,500 $ 75,800 $ 75,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Req 1 Revenues Expenses Other assets Total assets Sales revenue Cost of goods sold Selling admin...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Question Posted:
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
Students also viewed these Business questions
-
The adjusted trial balance of Murphy's Taxi Service, Inc., follows. Determine the net income or loss for the month of May and the balance in the Retained Earnings account that would appear on the...
-
The adjusted trial balance of Lighthouse Realty, Inc. at December 31, 2013, follows: Requirements 1. Prepare Lighthouse Realtys 2013 income statement, statement of retained earnings, and year-end...
-
The adjusted trial balance of Jobs4U Employment Service, Inc., follows but is incomplete. Requirements 1. Calculate and enter the adjustment amounts directly in the missing Adjustments columns. 2....
-
A chemical factory discharges waste products into a river. The waste products affect a fishery downstream. Suppose MD = 6E and MAC = 600 - 4E. Consider a liability law requiring the polluter to...
-
Airline ticket prices may differ with respect to when the ticket is bought, how long a passenger remains on the trip (e.g., over a weekend) and other variables. Are these differences a case of price...
-
Find a polar equation for the curve represented by the given Cartesian equation. 4y 2 = x
-
In a Pew Research Center poll, 1007 adults were called after their telephone numbers were randomly generated by a computer, and 85% of the respondents were able to correctly identify what Twitter is....
-
Consider the following parlor game to be played between two players. Each player begins with three chips: one red, one white, and one blue. Each chip can be used only once. To begin, each player...
-
Travel websites such as Expedia and Priceline tend to offer reservation services for multiple travel modes. Based only on your observation of this trend, provide an explanation that is most plausible...
-
Walmart Hypermarket Co. (WHC or the Entity) owns and operates for offering foods and technology. WHC was formed as a corporation in the 1970s, and all of its outstanding common stock is held by one...
-
Fairmount Co. prepaid three years rent ($31,500) on January 1, 2018. At December 31, 2018, Fairmount prepared a trial balance and then made the necessary adjusting entry at the end of the year....
-
The adjusted trial balances of Verne Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions): Verne completed these transactions (in millions) during the year ended...
-
Many people purchase sport utility vehicles (SUVs) because they think they are sturdier and hence safer than regular cars. However, preliminary data have indicated that the costs for repairs of SUVs...
-
Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory...
-
3 Complete the sign table below for the function f(x) = -x-4x. Use the following symbols for the appropriate conclusions: Increasing/decreasing use A/V. Concave up/concave down use U/n. For...
-
The Schaumburg Jar Company makes jars for consumer and restaurant use. They recently collected the following information: Consumer Division Restaurant Division Operating Income $78,000 $145,000...
-
How did World War II affect the job market? a.) It led to a rise in "pink-collar" jobs. b.) It destroyed the service sector. c.) It shifted the economy toward "blue-collar" jobs. d.) It eliminated...
-
Determine the following. 2e-0.5x dx
-
Silver Lining Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Silver Lining Corporation follows for the year ended September 30, 2017: Cost...
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
The condensed balance sheet and income statement data for Finch Corporation are presented below. Additional information:1. The market price of Finch common stock was $5.00, $3.50, and $2.80 for 2010,...
-
Financial information for Chimera Company is presented here. Additional information:1. Inventory at the beginning of 2011 was $330,000.2. Receivables at the beginning of 2011 were $80,000.3. Total...
-
Selected financial data for Stanley Black & Decker, Inc. and Snap-On Tools for 2009 are presented here (in millions). Instructions(a) For each company, compute the following ratios.(1) Current...
-
For the following situations, determine which court would be recommended for solving each situation and why. 1. Your client has no current funds to pay the disputed amount 2. In addition to the...
-
To answer this question, assume the following: The exchange rate is floating The economy is not in the liquidity trap There is only one real interest rate What would happen in the short term if...
-
The opening sentence of the new directive (of mid-May 1938) made Hitler's wishes clear: "It is not my intention to smash Czechoslovakia by military action in the immediate future without provocation....
Study smarter with the SolutionInn App