Mason Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of
Question:
Mason Advertising was founded in January 2013. Presented below are adjusted and unadjusted trial balances as of December 31, 2020.
Instructions
a. Journalize the annual adjusting entries that were made. (Omit explanations.)
b. Prepare an income statement and a retained earnings statement for the year ending December 31, 2020, and an unclassified balance sheet at December 31.
c. Answer the following questions.
1. If the note has been outstanding 3 months, what is the annual interest rate on that note?
2. If the company paid $12,500 in salaries and wages in 2020, what was the balance in Salaries and Wages Payable on December 31, 2019?
Balance SheetBalance 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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Question Posted: