Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 3, Problem 52BP
Preparing financial statements (Learning Objective 3) 20-25 min.
The adjusted
| Bayside Realty, Inc. Adjusted Trial Balance November 30, 2018 |
||||
| ACCOUNT | DEBIT | CREDIT | ||
| Cash | $ 10,200 | |||
| 7,300 | ||||
| Prepaid Rent | 1,200 | |||
| Supplies | 800 | |||
| Equipment | 53,000 | |||
| Accumulated Depreciation, Equipment | $ 6,600 | |||
| Accounts Payable | 5,400 | |||
| Unearned Service Revenue | 2,700 | |||
| Interest Payable | 610 | |||
| Salaries Payable | 3,600 | |||
| Notes Payable | 10,250 | |||
| Common Stock | 34,000 | |||
| 10,650 | ||||
| Dividends | 15,000 | |||
| Service Revenue | 88,000 | |||
| Interest Revenue | 775 | |||
| Salaries Expense | 51,300 | |||
| Rent Expense | 15,825 | |||
| Depreciation Expense. Equipment | 3,800 | |||
| Utilities Expense | 2,700 | |||
| Interest Expense | 950 | |||
| Supplies Expense | 500 | |||
| Total | $162,585 | $162,585 | ||
Requirements
- 1. Prepare Bayside Realty's income statement and statement of retained earnings for the year ended November 30, 2018, and year-end
balance sheet . List expenses in decreasing order on the income statement - 2.
- a. Which financial statement reports Bayside Realty's results of operations? Were operations successful during 2018? Cite specifics from the financial statements to support your evaluation.
- b. Which statement reports the company's financial position?
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Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
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