The trial balance of XYZ co contained the following accounts at 31/12/2019 end of the company's...

 

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The trial balance of XYZ co contained the following accounts at 31/12/2019 end of the company's fiscal year. XY z co Trial Balance 31/12/ 2019 Debit Credit Cash 28,700 33,700 45,000 5,500 Accounts Receivable Inventory Supplies Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings Sales Revenue 24,000 51,000 48,500 90,000 8,000 757,200 Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Delivery Expense Rent Expense 4,200 495,400 140,000 26,400 14,000 12,100 16,700 24,000 978,700 978,700 Adjustment data: 1. Supplies on hand total 1,500. 2. Depreciation is 15,000 on the equipment. 3 Interest of 11,000 is accrued on notes payable at 31/12/2019. Other data: 1. Salaries and wages expense is 7o% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. 30,000 of notes payabie are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Instructions a. Journalize the adjusting entries. b. Prepare an adjusted trial balance. c. Prepare an income statement and retained earnings statement for the year and a classified statement of financial position as of 31/12/ 2019. The trial balance of XYZ co contained the following accounts at 31/12/2019 end of the company's fiscal year. XY z co Trial Balance 31/12/ 2019 Debit Credit Cash 28,700 33,700 45,000 5,500 Accounts Receivable Inventory Supplies Equipment 133,000 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Share Capital-Ordinary Retained Earnings Sales Revenue 24,000 51,000 48,500 90,000 8,000 757,200 Sales Returns and Allowances Cost of Goods Sold Salaries and Wages Expense Advertising Expense Utilities Expense Maintenance and Repairs Expense Delivery Expense Rent Expense 4,200 495,400 140,000 26,400 14,000 12,100 16,700 24,000 978,700 978,700 Adjustment data: 1. Supplies on hand total 1,500. 2. Depreciation is 15,000 on the equipment. 3 Interest of 11,000 is accrued on notes payable at 31/12/2019. Other data: 1. Salaries and wages expense is 7o% selling and 30% administrative. 2. Rent expense and utilities expense are 80% selling and 20% administrative. 3. 30,000 of notes payabie are due for payment next year. 4. Maintenance and repairs expense is 100% administrative. Instructions a. Journalize the adjusting entries. b. Prepare an adjusted trial balance. c. Prepare an income statement and retained earnings statement for the year and a classified statement of financial position as of 31/12/ 2019.

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