The Goody Shop Ltd.'s partial unadjusted trial balance amounts (prior to recording the adjusting journal entry...
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The Goody Shop Ltd.'s partial unadjusted trial balance amounts (prior to recording the adjusting journal entry to update Inventory) appear as follows on November 30, 2020, the end of its fiscal year: Accounts payable Income tax payable Interest expense $26,000 $13,000 $15,000 $96,000 $1,500 $150,000 $8,000 $550,000 $22,000 $7,000 $6,500 $9,500 $11,000 $1,000 $12,000 $25,000 $5,000 $85,000 $33,000 $4,500 $2,000 $6,000 $79,000 $750,000 $20,000 $10,000 $3,000 $2,500 $9,000 $4,000 Accounts receivable Accumulated depreciation - Buildings Administrative expenses Land Mortgage payable Property tax expense Property tax payable Rent expense Retained earnings Allowance for doubtful accounts Buildings Cash Cost of goods sold (COGS) Common shares Sales Depreciation expense Sales discounts Dividends Sales returns and allowances Freight payable Freight out GST payable Income tax expense Selling expenses Telephone expense Unearned revenue Utilities expense Additional information: 1. The Goody Shop uses a perpetual inventory system. 2. A physical inventory count determined that inventory on November 30, 2020 was $27,000. 3. Assume that $10,000 of the mortgage payable will be paid in the next fiscal year. 4. Assume that 2,000 common shares with a total value of $2,000 were issued in the current fiscal year. Prepare a multiple-step income statement in good form. Please use the next page. (12 marks) Prepare a Statement of Changes in Equity in good form. Please use the next page or a new blank page. (7 marks) a) b) The Goody Shop Ltd.'s partial unadjusted trial balance amounts (prior to recording the adjusting journal entry to update Inventory) appear as follows on November 30, 2020, the end of its fiscal year: Accounts payable Income tax payable Interest expense $26,000 $13,000 $15,000 $96,000 $1,500 $150,000 $8,000 $550,000 $22,000 $7,000 $6,500 $9,500 $11,000 $1,000 $12,000 $25,000 $5,000 $85,000 $33,000 $4,500 $2,000 $6,000 $79,000 $750,000 $20,000 $10,000 $3,000 $2,500 $9,000 $4,000 Accounts receivable Accumulated depreciation - Buildings Administrative expenses Land Mortgage payable Property tax expense Property tax payable Rent expense Retained earnings Allowance for doubtful accounts Buildings Cash Cost of goods sold (COGS) Common shares Sales Depreciation expense Sales discounts Dividends Sales returns and allowances Freight payable Freight out GST payable Income tax expense Selling expenses Telephone expense Unearned revenue Utilities expense Additional information: 1. The Goody Shop uses a perpetual inventory system. 2. A physical inventory count determined that inventory on November 30, 2020 was $27,000. 3. Assume that $10,000 of the mortgage payable will be paid in the next fiscal year. 4. Assume that 2,000 common shares with a total value of $2,000 were issued in the current fiscal year. Prepare a multiple-step income statement in good form. Please use the next page. (12 marks) Prepare a Statement of Changes in Equity in good form. Please use the next page or a new blank page. (7 marks) a) b)
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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