Please use the adjusted year-end trial balance and additional information provided below to complete the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 July 31, 2021 Debit $12,500 3,000 243,000 Credit Cash Supplies Equipment Accumulated depreciation, Equipment Accounts payable Bank Loan payable Common shares Retained earnings Dividends declared Service revenue Depreciation expense Income tax expense General and administrative expense Total $60,750 10,500 22,500 57,500 3,825 3,500 212,500 6,075 13,500 86,000 $367,575 $367,575 Additional Information $3,500 Dividends were declared and paid during the year. Common shares were issued for $30,000. $5,000 of the bank loan is due in December 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 July 31, 2021 Debit $12,500 3,000 243,000 Credit Cash Supplies Equipment Accumulated depreciation, Equipment Accounts payable Bank Loan payable Common shares Retained earnings Dividends declared Service revenue Depreciation expense Income tax expense General and administrative expense Total $60,750 10,500 22,500 57,500 3,825 3,500 212,500 6,075 13,500 86,000 $367,575 $367,575 Additional Information $3,500 Dividends were declared and paid during the year. Common shares were issued for $30,000. $5,000 of the bank loan is due in December 2021
Expert Answer:
Answer rating: 100% (QA)
a See Income statement as below Income Statement for the year ended July 312021 Particulars Amount R... 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:
Students also viewed these accounting questions
-
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...
-
Use the information presented below to complete the following table. Scenarios A, B, and C are independent scenarios. Assume that there are no dividends declared in any of the scenarios. Item Net...
-
6. Find the general solution to the differential equation y" +4y' + 4y= 2e +5x using the method of undetermined coefficients.
-
Conduct some additional research to learn more about Fabletics. How is Fabletics meeting customer needs through its value delivery network? What controversy surrounds the company? What type of...
-
In a few sentences, explain how a motile bacterium is able to sense the direction of an attractant and move toward it.
-
A flat bar of rectangular cross section, length L, and constant thickness t is subjected to tension by forces P (see figure). The width of the bar varies linearly from b1 at the smaller end to b2 at...
-
Gavin Jones believes that for a derivative security with price \(P(S)\). the values of \(\triangle, \Gamma\), and \(\Theta\) are related. Show that in fact +SA+ = rP.
-
Wolfe Computer is a U.S. company that manufactures portable personal computers. Many of the components for the computer are purchased abroad, and the finished product is sold in foreign countries as...
-
5. In an experiment, we roll a dice twice and document X as the result of first roll and X2 as the result of the second roll: a. We are interested in the outcome as the sequence of two rolls, i.e.,...
-
a) A venturimeter is in an installation of 100 mm diameter pipe carrying water. The maximum range available in water-mercury differential pressure gauge is 50 cm of mercury deflection. Find the...
-
Which is the true statement concerning an auditor's statutory legal liability? (1) The Securities Act of 1933 broadened the auditor's liability relative to common law and the Securities Exchange Act...
-
Think of a significant decision you made recently. How did you approach it, and what were the results? Having learned about decision making tools and processes this week, what would you do...
-
On a scale from 1(least) to 5(most), rate each of the 6 thinking hats by their difficulty level in applying that "Hat" during your team project. Explain what "Hat" you found easiest and what hat you...
-
The Supplier Preferencing Model tried to classify how a Supplier views your organisation in terms of attractiveness of account and relative spend. Suppliers may view your company as Core,...
-
Today is April 15, 2011. As the Business Manager, Linda Peysar is responsible for analyzing the current state of Tollbrook Public Library, updating the environmental scan, analyzing the various...
-
When Mason printing pays the invoice in 30 days, what account will ABC Computer Supplies debit?
-
A pull strategy should be used when: the firm is selling industrial products. O the distribution channels are long. few print or electronic media are available. O the distribution channels are short.
-
The graph of the sequence whose general term is an = n - 1 is which of the following? [8.1] A. B. TITTT 3-2-1 23.45 2.3.4
-
Why is the leasehold account an intangible asset?
-
Perfect Party Company contracts with a customer to provide its birth-day party package, including a its birth-day party package, including a cake, balloons, and musical entertainment. In addition,...
-
Dial Digital Solutions signed a three-year lease at the beginning of the current year. The leased equipment has an economic life of five years and a fair value of $ 1,450. Under the terms of the...
-
Consider the following cash flow profile and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically attractive?...
-
Consider the following cash flow profile and assume MARR is 10 percent/year and the finance rate is 4 percent/year. a. Determine the MIRR for this project. b. Is this project economically attractive?...
-
A university pumps its water from wells located on campus. The falling water table has caused pumping costs to increase, the quantity of water available to decrease, and the quality of water to...
Study smarter with the SolutionInn App