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h ounts Receivable wance for Doubtful Accounts missions Receivable chandise Inventory ACCOUNT NAMES e Supplies paid Insurance Expense ipment umulated Depreciation Equipment niture umulated Depreciation - Furniture ounts Payable es Payable Good Hope Corporation Worksheet for the month ended November 30, 2022 UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360,000 920,000 720,000 6,000 55,200 80,000 188,000 600,000 ADJUSTMENTS DR 32,000 CR 3,000 80,000 48,000 60,000 13,800 15,000 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75,000 186,000 600,000 STATEMENT OF PROFIT OR LOSS DR CR STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75.000 188,000 600,000

h ounts Receivable wance for Doubtful Accounts missions Receivable chandise Inventory ACCOUNT NAMES e Supplies paid Insurance Expense ipment umulated Depreciation Equipment niture umulated Depreciation - Furniture ounts Payable es Payable Good Hope Corporation Worksheet for the month ended November 30, 2022 UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360,000 920,000 720,000 6,000 55,200 80,000 188,000 600,000 ADJUSTMENTS DR 32,000 CR 3,000 80,000 48,000 60,000 13,800 15,000 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75,000 186,000 600,000 STATEMENT OF PROFIT OR LOSS DR CR STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 9,000 69,000 75.000 188,000 600,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare Statement of Financial Position with supporting notes.

Cash Accounts Receivable Allowance for Doubtful Accounts Commissions Receivable Merchandise Inventory Store Supplies Prepaid Insurance Expense Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Accounts Payable Notes Payable Interest Payable Utilities Payable Unearned Sales Revenue 10% Preference Share Capital, #100 par, 100,000 shares authorized Ordinary Share Capital, #10 par, 500,000 shares authorized Preference Share Premium Ordinary Share Premium Accumulated Profits Income Summary Sales ACCOUNT NAMES Sales Returns and Allowances Sales Discounts Commissions Income Purchases Freight-In Purchase Returns and Allowances Purchase Discounts Cleaning Services Expense Freight-Out Insurance Expense Interest Expense Rent Expense Salaries Expense Store Supplies Expense Utilities Expense Depreciation Expense - Equipment Depreciation Expense - Furniture Doubtful Accounts Expense Total Income UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360.000 920,000 720,000 24,000 8,488 588,000 8,000 60,000 7,200 120,000 172,000 Good Hope Corporation Worksheet for the month ended November 30, 2022 5,776,740 8,000 55,200 60,000 188,000 600,000 214,400 800,000 1,200,000 160,000 600,000 524,800 1,328,400 30,000 11.940 5,776,740 ADJUSTMENTS DR 32,000 94,400 80,000 60,000 900 48,000 92,000 13,800 15,000 3,000 439,100 CR 3,000 80,000 48,000 60,000 13,800 15,000 900 92,000 94,400 32,000 439,100 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 80,000 24,000 8.488 588,000 8,000 60,000 7,200 60,000 900 120,000 172,000 48,000 92,000 13,800 15,000 3.000 5,933,440 9,000 69,000 75.000 188,000 600.000 900 92.000 120,000 800,000 1,200,000 160.000 600,000 524,800 1,422,800 32,000 30,000 11,940 5,933,440 STATEMENT OF PROFIT OR LOSS DR CR 24,000 8,488 588,000 8,000 60,000 7,200 60,000 900 120,000 172,000 48,000 92,000 13.800 15,000 3,000 1,422,800 32,000 30,000 11,940 STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 1,496,740 32,000 520,000 20,000 300,000 920,000 720,000 80,000 1,220,388 1,496,740 4,713,052 276,352 1,496,740 9,000 69,000 75,000 186,000 600,000 900 92,000 120,000 800,000 1,200,000 160,000 600,000 524,800 4,436,700 278,352 4,713,052 4,713,052
Transcribed Image Text:Cash Accounts Receivable Allowance for Doubtful Accounts Commissions Receivable Merchandise Inventory Store Supplies Prepaid Insurance Expense Equipment Accumulated Depreciation - Equipment Furniture Accumulated Depreciation - Furniture Accounts Payable Notes Payable Interest Payable Utilities Payable Unearned Sales Revenue 10% Preference Share Capital, #100 par, 100,000 shares authorized Ordinary Share Capital, #10 par, 500,000 shares authorized Preference Share Premium Ordinary Share Premium Accumulated Profits Income Summary Sales ACCOUNT NAMES Sales Returns and Allowances Sales Discounts Commissions Income Purchases Freight-In Purchase Returns and Allowances Purchase Discounts Cleaning Services Expense Freight-Out Insurance Expense Interest Expense Rent Expense Salaries Expense Store Supplies Expense Utilities Expense Depreciation Expense - Equipment Depreciation Expense - Furniture Doubtful Accounts Expense Total Income UNADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 600,000 68,000 360.000 920,000 720,000 24,000 8,488 588,000 8,000 60,000 7,200 120,000 172,000 Good Hope Corporation Worksheet for the month ended November 30, 2022 5,776,740 8,000 55,200 60,000 188,000 600,000 214,400 800,000 1,200,000 160,000 600,000 524,800 1,328,400 30,000 11.940 5,776,740 ADJUSTMENTS DR 32,000 94,400 80,000 60,000 900 48,000 92,000 13,800 15,000 3,000 439,100 CR 3,000 80,000 48,000 60,000 13,800 15,000 900 92,000 94,400 32,000 439,100 ADJUSTED TRIAL BALANCE DR CR 1,821,052 300,000 32,000 520,000 20,000 300,000 920,000 720,000 80,000 24,000 8.488 588,000 8,000 60,000 7,200 60,000 900 120,000 172,000 48,000 92,000 13,800 15,000 3.000 5,933,440 9,000 69,000 75.000 188,000 600.000 900 92.000 120,000 800,000 1,200,000 160.000 600,000 524,800 1,422,800 32,000 30,000 11,940 5,933,440 STATEMENT OF PROFIT OR LOSS DR CR 24,000 8,488 588,000 8,000 60,000 7,200 60,000 900 120,000 172,000 48,000 92,000 13.800 15,000 3,000 1,422,800 32,000 30,000 11,940 STATEMENT OF FINANCIAL POSITION DR CR 1,821,052 300,000 1,496,740 32,000 520,000 20,000 300,000 920,000 720,000 80,000 1,220,388 1,496,740 4,713,052 276,352 1,496,740 9,000 69,000 75,000 186,000 600,000 900 92,000 120,000 800,000 1,200,000 160,000 600,000 524,800 4,436,700 278,352 4,713,052 4,713,052
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