Preparing financial statements from the adjusted trial balance and calculating profit margin P3 A1 A2 Callahay...

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Preparing financial statements from the adjusted trial balance and calculating profit margin P3 A1 A2 Callahay Company started business before the current year 2020 and made only one issuance of shares when it started business. It performed adjusting entries at the end of the year. Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation Automobiles Equipment. Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned feest Long-term notes payable Share capital Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Debit $ 22,000 44,000 10,000 160,000 8.000 160,000 130,000 70,000 38,000 18,000 10,000 180,000 32,000 24,000 26.000 50,000 16,800 $998,800 Credit $ 42,000 10,000 88,000 12,000 11,000 22,000 130,000 100.000 147,800 420,000 16,000 $998.800 www..com Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2020; (b) the statement of changes in equity for the year ended December 31, 2020; and (c) the statement of financial position as at December 31, 2020 (The company did not issue shares in 2020). Check (1) Total assets, $552,000 2. Calculate the profit margin for year 2020. Preparing financial statements from the adjusted trial balance and calculating profit margin P3 A1 A2 Callahay Company started business before the current year 2020 and made only one issuance of shares when it started business. It performed adjusting entries at the end of the year. Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) Office supplies Automobiles Accumulated depreciation Automobiles Equipment. Accumulated depreciation-Equipment Land Accounts payable Interest payable Salaries payable Unearned feest Long-term notes payable Share capital Retained earnings Dividends Fees earned Interest earned Depreciation expense-Automobiles Depreciation expense Equipment Salaries expense Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles Totals Debit $ 22,000 44,000 10,000 160,000 8.000 160,000 130,000 70,000 38,000 18,000 10,000 180,000 32,000 24,000 26.000 50,000 16,800 $998,800 Credit $ 42,000 10,000 88,000 12,000 11,000 22,000 130,000 100.000 147,800 420,000 16,000 $998.800 www..com Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended December 31, 2020; (b) the statement of changes in equity for the year ended December 31, 2020; and (c) the statement of financial position as at December 31, 2020 (The company did not issue shares in 2020). Check (1) Total assets, $552,000 2. Calculate the profit margin for year 2020.

Answer rating: 100% (QA)

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