Use the trial balances to compile the financial statements (given below) in good form. ACME Incorporated
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ACME Incorporated | |||||
Closing Trial Balance | |||||
June 30, 2018 | June 30, 2017 | ||||
Account | Debit | Credit | Debit | Credit | |
Cash | 387,250 | 286,500 | |||
Accounts receivable | 378,000 | 428,000 | |||
Merchandise Inventory | 202,000 | 179,000 | |||
Discontinued operations held for sale (assets) | 513,000 | 741,000 | |||
Long-term investment in bonds (FV-OCI) | 200,000 | 220,000 | |||
Equipment | 1,890,000 | 1,220,000 | |||
Accumulated depreciation | 700,000 | 622,000 | |||
Patents | 175,000 | 275,000 | |||
Accounts payable | 235,000 | 170,000 | |||
Notes payable (due May 01, 2019) | 230,000 | 180,000 | |||
Bonuses payable | 90,000 | 17,000 | |||
Income tax payable | 135,000 | 162,250 | |||
Discontinued operations held for sale (liabilities) | 257,000 | 257,000 | |||
Bonds payable (due January 01, 2025) | 250,000 | 250,000 | |||
Deferred tax asset | 57,000 | - | |||
Common shares | 600,000 | 500,000 | |||
Preferred shares | 375,000 | 375,000 | |||
Retained earnings | 857,250 | 723,250 | |||
Accumulated Other Comprehensive Income | 73,000 | 93,000 | |||
Total | $ 3,802,250 | $ 3,802,250 | $ 3,349,500 | $ 3,349,500 |
- Statement of Comprehensive Income (Multi-Step)
- Statement of Changes in Equity
- Statement of Financial Position
- Statement of Cash Flows (Indirect Method, 2018 only)
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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