The adjusted trial balance for Kimberly Inc. is provided as of March 31, 2017 : Account name/title
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Question:
The adjusted trial balance for Kimberly Inc. is provided as of March 31, 2017:
Account name/title | ||
Debit | Credit | |
Cash | 275,200 | |
Accounts Receivable | 4,000 | |
Interest receivable | 2,293 | |
Inventory | 8,400 | |
Prepaid Rent | 6,600 | |
Plant, Property&Equipment | 13,000 | |
Accum. Depreciation-PP&E | 100 | |
Accounts Payable | 5,100 | |
Unearned Rent Revenue | 1,725 | |
Income Tax Payable | 1,027 | |
Interest Payable | 2,000 | |
Notes Payable | 200,000 | |
Common Stock | 60,000 | |
Retained Earnings | 38,000 | |
Sales Revenue | 6,000 | |
Rent Revenue | 75 | |
Interest Revenue | 2,293 | |
Cost of Goods Sold | 3,100 | |
Rent Expense | 600 | |
Depreciation Expense | 100 | |
Interest Expense | 2,000 | |
Income Tax Expense | 1,027 | |
Totals | $336,954 | $336,954 |
Requirements:
1) Prepare the appropriate closing journal entries
2) Prepare a multi-step income statement (including gross profit and other appropriate subtotals).
3) Prepare a classified balance sheet.
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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