Question:
You have been provided with the following alphabetical list of accounts for Sudbury Ltd. for 2017. Use the information to prepare an income statement, statement of changes in equity, and statement of comprehensive income for the year ended December 31, 2017, and
balance sheet as of December 31, 2017. You should be able to figure out how to treat accounts that have names unfamiliar to you by applying your understanding of the
financial statements learned in thischapter.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Accounts payable Accounts receivable Accounts receivable-due in 2021 Accrued liabilities Accumulated depreciation Accumulated other comprehensive $31,000 38,000 15,000 8,000 51,000 Dividends Income tax expense Income taxes payable Interest expense Interest revenue Inventory Investment in shares of other S33,000 21,000 4,500 11,200 1,500 52,000 income (December 31, 2017) Advertising and promotion expense Bank loarn Cash Cash sales Charitable donations Common shares Cost of goods sold Credit sales Current portion of long-term debt Deposits from customers Depreciation expense 45,000 43,000 27,500 35,000 85,000 10,000 111,000 120,000 343,800 25,000 9,200 21,700 corporations (current asset) Long-term debt (non-current portion) Other comprehensive income Other expenses Other non-current assets Prepaid expenses Property, plant, and equipment Research expense Retained earnings (January 1, 2017) Salaries and wages expense Salaries and wages payable 130,000 100,000 25,000 22,000 18,800 3,500 260,000 18,800 89,000 84,000 5,500