The adjusted trial balance of North Bay Corporation is provided in the following work sheet for the
Question:
The adjusted trial balance of North Bay Corporation is provided in the following work sheet for the year ended December 31, 2020.
Instructions
The note payable is due in four months. Complete the work sheet and prepare a statement of financial position as illustrated in this appendix.
Work Sheet (Partial) For the Year Ended December 31, 2020 Adjusted Trial Balance Statement of Statement of Comprehensive Financial Position Income Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Cash 117,600 FV-NI investments 42,150 Accounts receivable 56,720 Prepaid rent 11,000 FV-OCI investments 33,990 Equipment 219,000 Accumulated depreciation-equipment 81,000 Accounts payable 54,470 Interest payable 4,800 Notes payable 60,000 Common shares 100,000 Retained earnings 133,440 Service revenue 211,190 Salaries and wages expense 73,090 Rent expense 66,000 Depreciation expense 27,000 Bad debt expense 5,250 Interest expense 5,100 Investment income 5,800 Unrealized gain or loss-OCI 6,200
Step by Step Answer:
From the adjusted trial balance we can easily prepare the income statement to calculate the Ne...View the full answer
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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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