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The company uses the periodic inventory system. A physical count of inventory on December 31 resulted in an inventory amount of $50,000. Instructions Prepare a retained earnings statement for the year ending December 31, 2019. Prepare a Statement of Financial Position as at December 31, 2019 1) Report Form 2) Account Form Calculate Earnings Per Share for the year ending December 31, 2019.

The company uses the periodic inventory system. A physical count of inventory on December 31 resulted in an inventory amount of $50,000. Instructions Prepare a retained earnings statement for the year ending December 31, 2019. Prepare a Statement of Financial Position as at December 31, 2019 1) Report Form 2) Account Form Calculate Earnings Per Share for the year ending December 31, 2019.

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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The company uses the periodic inventory system.  A physical count of inventory on December 31 resulted in an inventory amount of $50,000.

 

Instructions

  1. Prepare a retained earnings statement for the year ending December 31, 2019.
  2. Prepare a Statement of Financial Position as at December 31, 2019  1) Report Form  2) Account Form
  3. Calculate Earnings Per Share for the year ending December 31, 2019. 
Smart Corporation ADJUS TED TRIAL BALANCE December 31, 2019 Debits Credits Sales Notes Receivable Imestments (short Tem) Accounts Payable Accumlated Depreciation-Equipment Sales Discounts Sales Retums Purchase Discounts Cash Accounts Receivable Rent Reveme Retained Earrirgs Salaries Payable Notes Payable Common Stock, $15 par Irome Tax Expense Cash Dividends Declared Allowance for Doub tfil Accounts Supplis on Hand Freight-In Short tem Investment Freight-out Sales commission Correction for understatement ofpricr period net income (nventoryerror) Other Operating Experses (30% Seling, 70% Administrative) Land Provis ion for Bad and Doubtfil Account Equipment Merchandis e Inventory Building Purchas es Dividend Income Loss onS ale of Imestment Interest Reveme Interest Expense Bonds Payable Gainon Sale of Land Accumulated Depreciation-Build ing Accumlated Depreciation-Land Totals 1,437,750 120,000 132,750 76,500 46,500 15,750 26,250 12,000 285,000 193,500 21,000 360,000 33,000 112,500 450,000 102,000 105.000 9,750 16,500 24,000 75,000 22,500 318,000 75,000 171,000 97,500 51,000 195,000 118,500 156,000 750,000 37,500 19,500 13,500 18,750 150,000 36,750 30,000 9.750 2,962,500 2,962500
Transcribed Image Text:Smart Corporation ADJUS TED TRIAL BALANCE December 31, 2019 Debits Credits Sales Notes Receivable Imestments (short Tem) Accounts Payable Accumlated Depreciation-Equipment Sales Discounts Sales Retums Purchase Discounts Cash Accounts Receivable Rent Reveme Retained Earrirgs Salaries Payable Notes Payable Common Stock, $15 par Irome Tax Expense Cash Dividends Declared Allowance for Doub tfil Accounts Supplis on Hand Freight-In Short tem Investment Freight-out Sales commission Correction for understatement ofpricr period net income (nventoryerror) Other Operating Experses (30% Seling, 70% Administrative) Land Provis ion for Bad and Doubtfil Account Equipment Merchandis e Inventory Building Purchas es Dividend Income Loss onS ale of Imestment Interest Reveme Interest Expense Bonds Payable Gainon Sale of Land Accumulated Depreciation-Build ing Accumlated Depreciation-Land Totals 1,437,750 120,000 132,750 76,500 46,500 15,750 26,250 12,000 285,000 193,500 21,000 360,000 33,000 112,500 450,000 102,000 105.000 9,750 16,500 24,000 75,000 22,500 318,000 75,000 171,000 97,500 51,000 195,000 118,500 156,000 750,000 37,500 19,500 13,500 18,750 150,000 36,750 30,000 9.750 2,962,500 2,962500
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