Prepare a balance sheet, income statement, and statement of shareholders equity. Smith CompanyAdjusted Trial BalanceFor Year Ended December 31, 2021DrCrCash33,000Accounts Receivable48,000Interest Receivable3,000Merchandise Inventory55,000Long-Term Investments15,000Land70,000Buildings and Equipment225,000Allowance for Doubtful Accounts4,00025,000Accumulated DepreciationAccounts PayableSalaries Payable13,0002,0004,000Interest PayableIncome Tax Payable7,000Notes Payable30,000Bonds Payable95,000Discount on Bonds Payable2,000200,000Common Stock-$1.00 par valuePaid in Capital In Excess of Par20,000Retained Earnings47,000Treasury Stock8,000Sales Revenue200,000Interest Revenue3,000Cost of Goods Sold120,000Salaries Expense25,000Depreciation Expense5,000Bad Debt Expense1,000Interest Expense8,000Loss on Sale of Building3,000Income Tax Expense16,000Dividends13,000650,000 $650,000Additional InformationPrior Year BalancesAccounts Receivable50,000Inventories50,000Total Assets369,000Shareholder Equity267,000Assume a 366 day year.

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Description: Prepare a balance sheet, income statement, and statement of shareholders equity. Smith CompanyAdjusted Trial BalanceFor Year Ended December 31, 2021DrCrCash33,000Accounts Receivable48,000Interest Receivable3,000Merchandise Inventory55,000Long-Term In

The balance sheet is a statement prepared to determine the true position of assets and liabilities…

Answered: repare a balance sheet, income…

Business

Accounting

repare a balance sheet, income statement, a

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.2MBA

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