The following trial balance and the other information relates to Malta Corporation Ltd at the end...
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The following trial balance and the other information relates to Malta Corporation Ltd at the end of the company's fiscal year. Cash Accounts Receivable Inventory Accounts Payable Supplies Malta Corporation Ltd TRIAL BALANCE (unadjusted) December 31, 2021 Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Capital Retained Earnings Rent Revenue Sales Revenue Sales Returns and Allowances Cost of Goods Sold Utilities Expense Salaries and Wages Expense Debit $45,250 33,700 41,000 5,500 125,000 42,800 325,400 24,000 120,000 762,650 The following Adjustments were not recorded throughout the year: 1. Supplies on hand totaled $800. 2. Equipment is depreciated at $400 per month. 3. Interest totalling $6,600 is to be accrued as at December 31. 4. Accrued Salaries Payable $4,000. 5. Rent related to unearned rent revenue of $5,500 was earned. Required: a) Prepare the adjusting entries as of December 31, 2021. (Omit explanations) b) Prepare an adjusted trial balance (in proper form) c) Prepare the Income Statement for December 31, 2021 Credit $47,500 24,000 44,000 9,000 83,000 13,000 1,550 540,600 762,650 (5 marks) (10 marks) (10 marks) The following trial balance and the other information relates to Malta Corporation Ltd at the end of the company's fiscal year. Cash Accounts Receivable Inventory Accounts Payable Supplies Malta Corporation Ltd TRIAL BALANCE (unadjusted) December 31, 2021 Equipment Accumulated Depreciation - Equipment Notes Payable Unearned Rent Revenue Capital Retained Earnings Rent Revenue Sales Revenue Sales Returns and Allowances Cost of Goods Sold Utilities Expense Salaries and Wages Expense Debit $45,250 33,700 41,000 5,500 125,000 42,800 325,400 24,000 120,000 762,650 The following Adjustments were not recorded throughout the year: 1. Supplies on hand totaled $800. 2. Equipment is depreciated at $400 per month. 3. Interest totalling $6,600 is to be accrued as at December 31. 4. Accrued Salaries Payable $4,000. 5. Rent related to unearned rent revenue of $5,500 was earned. Required: a) Prepare the adjusting entries as of December 31, 2021. (Omit explanations) b) Prepare an adjusted trial balance (in proper form) c) Prepare the Income Statement for December 31, 2021 Credit $47,500 24,000 44,000 9,000 83,000 13,000 1,550 540,600 762,650 (5 marks) (10 marks) (10 marks)
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Related Book For
Applied Regression Analysis and Other Multivariable Methods
ISBN: 978-1285051086
5th edition
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
Posted Date:
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