Journalize the annual adjusting entries that were made. b. Prepare an income statement and a retained...

   

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Journalize the annual adjusting entries that were made. b. Prepare an income statement and a retained earnings statement for the year ending December 31, 2022, and an unclassified statement of financial position at December 31, 2022. c. Answer the following questions. 1. If the useful life of equipment is 6 years, what is the expected residual value? 2. If the note has been outstanding 3 months, what is the annual interest rate on that note? 3. If the company paid €12,500 in salaries and wages in 2022, what was the balance in Salaries and Wages Payable on December 31, 2021? Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Trial Balance December 31, 2022 Unadjusted Dr. €13,660 24,900 9,650 3,880 67,520 11,840 510 5,980 €137,940 Cr. $28,450 24,078 -0- 5,400 6,530 -0- 10,870 3,220 59,392 €137,940 Dr. Adjusted €13,660 28,790 4,496 3,042 67.520 13,038 838 672 4,700 5.154 5,980 €147,890 Cr. $33,150 24,078 162 5,400 5.196 1.198 10,870 3,220 64.616 €147,890 Journalize the annual adjusting entries that were made. b. Prepare an income statement and a retained earnings statement for the year ending December 31, 2022, and an unclassified statement of financial position at December 31, 2022. c. Answer the following questions. 1. If the useful life of equipment is 6 years, what is the expected residual value? 2. If the note has been outstanding 3 months, what is the annual interest rate on that note? 3. If the company paid €12,500 in salaries and wages in 2022, what was the balance in Salaries and Wages Payable on December 31, 2021? Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Service Revenue Salaries and Wages Expense Insurance Expense Interest Expense Depreciation Expense Supplies Expense Rent Expense Trial Balance December 31, 2022 Unadjusted Dr. €13,660 24,900 9,650 3,880 67,520 11,840 510 5,980 €137,940 Cr. $28,450 24,078 -0- 5,400 6,530 -0- 10,870 3,220 59,392 €137,940 Dr. Adjusted €13,660 28,790 4,496 3,042 67.520 13,038 838 672 4,700 5.154 5,980 €147,890 Cr. $33,150 24,078 162 5,400 5.196 1.198 10,870 3,220 64.616 €147,890

Answer rating: 100% (QA)

Lets break this down step by step 1 Income Statement for the year ending December 31 2022 Service Re... View the full answer