Question: I need help preparing the Balance Sheet. The adjusted trial balance for Cullumber Paints Ltd. at December 31, 2024, is presented below. Cullumber's income tax




The adjusted trial balance for Cullumber Paints Ltd. at December 31, 2024, is presented below. Cullumber's income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the ytar. 223,200 Cash dividends-common 18,600 Commonshares (22,320 issued ) Contributed surplus - reacquisition of common shares Cost of goods sold Depreciation expense 510.880 316,2009,300 9,300 Dividends payable 35,960 Equipment 117,800 1.240 Gain on sale of equipment Income taxexpense 0 1.054 Incometaxpayable 0 Interest expense 5.766 Merchandise inventory 103490 Office expense 13,640 Other comprehensive income-holding loss on equityinvestment (before incornetux) 6696 Retained earning-Jaruary 1.2024 9.33/14 CULLUMBER PAINTS LTD. Statement of Changes in Shareholders' Equity Year Ended December 31, 2024 List of Accounts Attempts: 2 of 2 used (c) it of Accounts Attempts: 2 of 2 used epare the shareholders' equitx section of thie balance shent at December 31, 2024, Enter negative amounts wing dikner a nestive Prepare the shareholders' equity section of the balances sheet at December 31,2024
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
