Prepare Financial Statement, Balance Sheet and Statement of Changes in Equity, of the company with proper financial statement format. rawingsCash6,600.00Short-term investments7,200.00Accounts receivablesInventory8,000.003,000.00SuppliesPrepayments1,100.001,400.00Land6,000.00BuildingPlant and MachineryEquipmentAccumulated depreciation6,000.009,000.0015,000.005,000.00Intangibles3,100.00Accounts payableTaxes payableSalaries and wages payableUnearned revenueInterest payableMortgage payable9,600.002,000.003,100.00900.00400.004,000.00Bank Loans6,000.00Other Long-term debt1,300.00TOTAL$122,500.00$122,500.00 General Instruction: Upload your answers through the upload feature of this activity.Below is the Adjusted Trial Balance of Ed Noel Enterprise for the year ended December 31, 2019. Preparethe Income Statement/1J, Balance Sheet(1and Statement of Changes in Equituof the company with proper acial statement format.DebitCreditSales revenue$48,400.00Sales returns and allowances$1,200.00Sales discountCost of goods sold800.0031,600.00Salaries and wages6,400.00Utilities expense1,700.00Advertising expense1,600.00Depreciation expense1,500.00Insurance expense200.00Interest expense100.00TaxesOwners capital beginningAdditional capital100.0031,800.0010,000.00Owners drawings10,900.00Cash6,600.00Short-term investments7,200.00

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Description: Prepare Financial Statement, Balance Sheet and Statement of Changes in Equity, of the company with proper financial statement format. rawingsCash6,600.00Short-term investments7,200.00Accounts receivablesInventory8,000.003,000.00SuppliesPrepayments1,1

Financial statement includes various statement like statement of cash flow (CFS), Balance sheet,…

Answered: Prepare Financial Statement, Balance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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Prepare Financial Statement, Balance Sheet and Statement of Changes in Equity, of the company with proper financial statement format.

rawings
Cash
6,600.00
Short-term investments
7,200.00
Accounts receivables
Inventory
8,000.00
3,000.00
Supplies
Prepayments
1,100.00
1,400.00
Land
6,000.00
Building
Plant and Machinery
Equipment
Accumulated depreciation
6,000.00
9,000.00
15,000.00
5,000.00
Intangibles
3,100.00
Accounts payable
Taxes payable
Salaries and wages payable
Unearned revenue
Interest payable
Mortgage payable
9,600.00
2,000.00
3,100.00
900.00
400.00
4,000.00
Bank Loans
6,000.00
Other Long-term debt
1,300.00
TOTAL
$122,500.00
$122,500.00

General Instruction: Upload your answers through the upload feature of this activity.
Below is the Adjusted Trial Balance of Ed Noel Enterprise for the year ended December 31, 2019. Prepare
the Income Statement/1
J, Balance Sheet(1
and Statement of Changes in Equitu
of the company with proper acial statement format.
Debit
Credit
Sales revenue
$48,400.00
Sales returns and allowances
$1,200.00
Sales discount
Cost of goods sold
800.00
31,600.00
Salaries and wages
6,400.00
Utilities expense
1,700.00
Advertising expense
1,600.00
Depreciation expense
1,500.00
Insurance expense
200.00
Interest expense
100.00
Taxes
Owners capital beginning
Additional capital
100.00
31,800.00
10,000.00
Owners drawings
10,900.00
Cash
6,600.00
Short-term investments
7,200.00

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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