Using the following trial balance, prepare the financial statements for Lasko as of 12/31/20 and from those
Question:
Using the following trial balance, prepare the financial statements for Lasko as of 12/31/20 and from those financial statement answer the next 10 questions
Lasko Trial Balance as of 12/31/20 | |||
| Unearned Revenue | 21,000 | ||
| Supplies | 10,700 | ||
| Sales | 137,000 | ||
| Salaries | 22,000 | ||
| Retained Earnings | 26,300 | ||
| Rent | 9,000 | ||
| Prepaid Insurance | 6,000 | ||
| Insurance Expense | 4,500 | ||
| Office Equipment | 52,000 | ||
| Notes Payable | 42,000 | ||
| Dividends Paid | 5,000 | ||
| Cost of Goods Sold | 63,000 | ||
| Cash | 71,000 | ||
| Capital Stock | 5,400 | ||
| Additional Paid In Capital | 71,000 | ||
| Accounts Receivable | 73,400 | ||
| Allowance for Bad Debts | 2,700 | ||
| Utilities | 2,800 | ||
| Accounts Payable | 14,000 | ||
What is the net income that should be shown on the 2020 income statement for Lasko?
What is the total stockholder's equity on Lasko's balance sheet for December 31, 2020?
What is the ending retained earnings as of December 31, 2020 for Lasko on the balance sheet?
What is the total current assets as of December 31, 2020
What are total liabilities on the Lasko Balance Sheet on December 31, 2020?
In 2021, if Lasko sold some of its office equipment for cash, that amount of cash would be reported where on the financial statements for 2021?
What is the gross profit for the year ended 12/31/20 for Lasko?
What are total assets on the Lasko balance sheet for December 31, 2020?
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