Assignment: Financial Accounting
|
Smart Corporation
ADJUSTED TRIAL BALANCE
December 31 2019
|
|
|
Debits
|
Credit
|
|
Saks
|
-
|
1.533.600
|
|
Notes Recehabk
|
123.000
|
-
|
|
Imeskrents (short Term)
|
141.600
|
-
|
|
Accounts Parable
|
-
|
21.600
|
|
Accumuhted Depeciation-Equipment
|
-
|
49.600
|
|
Saks Digounts
|
16.200
|
-
|
|
S ales Returns
|
22.000
|
-
|
|
Purclum Discounts
|
-
|
12,300
|
|
Cash
|
304.000
|
-
|
|
Accounts Receivabh
|
206.400
|
-
|
|
Rent Rexene
|
-
|
22.400
|
|
Retaltd Earnings
|
-
|
324.000
|
|
Salares PaNabh
|
-
|
35,200
|
|
Notes Pasabh
|
-
|
120,000
|
|
Common S bck. S15 par
|
-
|
420.000
|
|
Income Tax Expense
|
10S.300
|
-
|
|
Cash Dhidends Declared
|
112000
|
-
|
|
Allowance for Doubt6lAccounts
|
-
|
10.400
|
|
Swats on Hand
|
17.600
|
-
|
|
FreiEht-in
|
25.600
|
-
|
|
Short tenn Incestment
|
80.000
|
-
|
|
Freigld-out
|
24.000
|
-
|
|
Saks commission
|
339,200
|
-
|
|
Conection to understatement of prior period net income (tmentory error)
|
-
|
30.000
|
|
Other Operating Expenses GO% Selling. 70% Admiristrative)
|
132.400
|
-
|
|
Lard
|
104.000
|
-
|
|
PlInith011 for Bad and Doubtfil Aocount
|
-
|
54.400
|
|
Equipment
|
208,000
|
-
|
|
Nkrchandim Imentotv
|
126.400
|
-
|
|
Bata
|
166.400
|
-
|
|
Purchms
|
800000
|
-
|
|
Dividend Income
|
-
|
40.000
|
|
Loss on S ale of Invegment
|
20.200
|
-
|
|
Interest Revenue
|
-
|
14.400
|
|
Interest Expense
|
20.000
|
-
|
|
Bats Ratable
|
-
|
160.000
|
|
Gain on Sak of Land
|
-
|
39.200
|
|
Accumulated Depreciation-13uadira
|
|
32.000
|
|
Accumulated apex iation-Land
|
-
|
10.400
|
|
Totak
|
3.160.000
|
3,160.000
|
The company uses the periodic inventory system. A physical count of inventory on December31 resulted in an inventory amount of $50,000.
Instructions
1) Prepare an income statement for the year ending December 31, 2019. Assume that twenty thousand shares of common stock were outstanding the entire year.
• using the Multi-Step form.
• using the Single-Step form.
2) Prepare a retained earnings statement for the year ending December 31, 2019.
3) Prepare a Statement of Financial Position as at December 31, 2019.
• Report Form
• Account Form
4) Calculate Earnings Per Share for the year ending December 31, 2019.
Format your assignment according to the following formatting requirements:
(1) The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
(2) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
(3) Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.