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Maintenance and Repairs Expense 48,000 Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 711 90,000 722 64,800 810,000 39,000 726 732 Totals 1,051,800 1,680,000 1,725,000 1,096,800 Net Income 628,200 1,680,000 1,680,000 1,725,000 1,725,000 628,200 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified statement (a of financial position (amounts in Taiwan, new dollars). (b) Prepare the closing entries. (c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (d) Prepare a post-closing trial balance. (c

Maintenance and Repairs Expense 48,000 Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 711 90,000 722 64,800 810,000 39,000 726 732 Totals 1,051,800 1,680,000 1,725,000 1,096,800 Net Income 628,200 1,680,000 1,680,000 1,725,000 1,725,000 628,200 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified statement (a of financial position (amounts in Taiwan, new dollars). (b) Prepare the closing entries. (c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (d) Prepare a post-closing trial balance. (c

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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P4-3B The completed financial statement columns of the worksheet for Yulon Company, Ltd. are as follows. YULON COMPANY, LTD. Worksheet For the Year Ended December 31, 2017 Statement of Income Financial Statement Position Cr. Account No. Account Titles Dr. Cr. Dr. 267,000 324,000 84,000 840,000 101 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Share Capital-Ordinary Retained Earnings 112 130 157 158 180,000 60,000 66,000 360,000 430,800 201 212 311 320 332 Dividends 210,000 400 Service Revenue 1,680,000
Transcribed Image Text:P4-3B The completed financial statement columns of the worksheet for Yulon Company, Ltd. are as follows. YULON COMPANY, LTD. Worksheet For the Year Ended December 31, 2017 Statement of Income Financial Statement Position Cr. Account No. Account Titles Dr. Cr. Dr. 267,000 324,000 84,000 840,000 101 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Salaries and Wages Payable Share Capital-Ordinary Retained Earnings 112 130 157 158 180,000 60,000 66,000 360,000 430,800 201 212 311 320 332 Dividends 210,000 400 Service Revenue 1,680,000
Maintenance and Repairs Expense 48,000 Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 90,000 64,800 810,000 711 722 726 732 39,000 Totals 1,051,800 1,680,000 1,725,000 1,096,800 628,200 1,680,000 1,680,000 1,725,000 1,725,000 Net Income 628,200 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified statement (a) Ending retained of financial position (amounts in Taiwan, new dollars). (b) Prepare the closing entries. (c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (d) Prepare a post-closing trial balance. earnings NT$849,000; Total current assets NT$675,000 (d) Post-closing trial balance NT$1,515,000
Transcribed Image Text:Maintenance and Repairs Expense 48,000 Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 622 90,000 64,800 810,000 711 722 726 732 39,000 Totals 1,051,800 1,680,000 1,725,000 1,096,800 628,200 1,680,000 1,680,000 1,725,000 1,725,000 Net Income 628,200 Instructions (a) Prepare an income statement, a retained earnings statement, and a classified statement (a) Ending retained of financial position (amounts in Taiwan, new dollars). (b) Prepare the closing entries. (c) Post the closing entries, and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350. (d) Prepare a post-closing trial balance. earnings NT$849,000; Total current assets NT$675,000 (d) Post-closing trial balance NT$1,515,000
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