Times TeleCom?s PPE subledger at January 1, 2020, appeared as follows: Required a. Complete the PPE subledger; round calculations to the nearest dollar. b. Using the information from the PPE subledger completed in part (a) and the following December 31, 2020, adjusted account balances, prepare a single-step income statement and statement of changes in equity for the year ended December

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Times TeleCom?s PPE subledger at January 1, 2020, appeared as follows:

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Required

a. Complete the PPE subledger; round calculations to the nearest dollar.

b. Using the information from the PPE subledger completed in part (a) and the following December 31, 2020, adjusted account balances, prepare a single-step income statement and statement of changes in equity for the year ended December 31, 2020, along with the December 31, 2020, classified balance sheet: Cash, $30,000; Accounts Receivable, $72,000; Prepaid Insurance, $15,600; Accounts Payable, $68,000; Unearned Revenue, $53,800; Notes Payable due in 2023, $284,000; Susan Times, Capital, $421,180; Susan Times, Withdrawals, $204,000; Revenue Earned, $950,000; Salaries Expense, $294,000; Insurance Expense, $30,000; Loss on disposal of furniture, $5,184. Susan Times, the owner, made no investments during 2020.

Related Book For answer-question

Fundamental Accounting Principles Volume I

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

ISBN: 978-1260305821

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