Please use the adjusted year-end trial balance and additional information provided below to complete the following...
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Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for ACME Corporation: (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) ACME Corporation Adjusted Trial Balance April 30, 2021 Debit Credit $13,000 3,500 243,500 Cash Accounts receivable Vehicles Accumulated depreciation, Vehicles Accounts payable Bank loan payable Common shares Retained earnings Dividends declared $60,875 11,000 23,000 58,000 4,713 4,000 Service revenue 213,000 Depreciation expense Income tax expense General and administrative expense Total 6,088 14,000 86,500 $370,588 $370,588 Additional Information $4,000 Dividends were declared and paid during the year. Common shares were issued for $20 000. $6,500 of the bank loan is due in October, 2021 Please use the adjusted year-end trial balance and additional information provided below to complete the following financial statements in good form for ACME Corporation: (a) Statement of Income (7 marks) (b) Statement of Changes in Equity (8 marks) (c) Classified Statement of Financial Position (13 marks) ACME Corporation Adjusted Trial Balance April 30, 2021 Debit Credit $13,000 3,500 243,500 Cash Accounts receivable Vehicles Accumulated depreciation, Vehicles Accounts payable Bank loan payable Common shares Retained earnings Dividends declared $60,875 11,000 23,000 58,000 4,713 4,000 Service revenue 213,000 Depreciation expense Income tax expense General and administrative expense Total 6,088 14,000 86,500 $370,588 $370,588 Additional Information $4,000 Dividends were declared and paid during the year. Common shares were issued for $20 000. $6,500 of the bank loan is due in October, 2021
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Answer rating: 100% (QA)
ACME Corporation Income Statement For the year ended April 30 2021 Revenue Service revenue 21300000 ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
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