Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part ii - financial statements (11 marks) the alph

Part II - Financial Statements (11 marks) The alphabetized, adjusted...

90.2K

Verified Solution

Question

Accounting

image
image
Part II - Financial Statements (11 marks) The alphabetized, adjusted trial balance for Zood Services' at the Dec 31, 2020 year-end is as follows. Account Title Accounts Payable Accounts Receivable Accumulated Depreciation, equipment Cash Depreciation Expense Equipment Interest Expense Note Payable (Note 1) Office Supplies Prepaid Insurance Rent Expense Salaries Expense Service Revenue Steve, Capital (Note 2) Steve, Withdrawals Unearned Revenue Total Debit Credit $26,800 18,400 144,000 209,200 24,000 440,000 30,400 120,000 3,200 4,000 60,000 200,000 546,400 200,000 80,000 32,000 $1,069,200 $1,069,200 Note 1: The note payable is payable in 5 annual payments beginning Jan 1, 2021. Note 2: The owner invested $40,000 of his own money in 2020 REQUIRED: Using the following answer sheets, create a(n): 1. Income Statement (2.5 marks) 2. Statement of Changes in Equity (2 marks) 3. Classified Balance Sheet (6.5 marks) Ensure to use proper formatting. Explain why there are few absolutes in organizational behaviour. Despite this, how are we able to make valid predictions

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Sage Co. sells $ 403,000 of 12% bonds on June 1, 2017. The bondspay...

Finance
1.2K views

IFE, IRP, and PPP. Understand the implications of the three theories, and be able to explain...

Finance
1.2K views

Consider the following two mutually exclusive projects:    Year Cash Flow (A) Cash Flow (B) 0 –$ 358,000 –$ 46,000 1 37,000 23,200 2 57,000 21,200 3 57,000 18,700 4 432,000 13,800    Whichever project you choose, if any, you...

Physics
1.2K views

7 Using and viewing the wave meter increase and decrease amplitude What happens to the...

Statistics
1.2K views

Fish Weights The data in Table 5 give the average weights of pike for certain...

Algebra
1.2K views

Find the mean 5 18 12 3 7 19 A 10 5 B 9 5...

Accounting
1.2K views

n 2018, the Westgate Construction Company entered into a contract to construct a road for...

Accounting
1.2K views

BUS313 CH 8, 10, 11 Each unit produced by Terra Electronics requires 4 pounds of...

Accounting
1.2K views

maybe this is a better picture (15) The projected EBITDA,...

Accounting
1.2K views

Discuss the Accounting record/ bookkeeping among small and medium enterprise (SME) in Malaysia.

Accounting
1.2K views

Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State...

Accounting
1.2K views

Maria has $6.00 to spend on breaklast. Unfortunately, the snack bar in the bualding where...