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In: Accounting

Coyote Company Adjusted Trail Balance As of 12/31/2019 account credit debit cash 30,000 accounts receivable 40,000...

Coyote Company

Adjusted Trail Balance

As of 12/31/2019

account credit debit
cash 30,000
accounts receivable 40,000
allowance for doubtful accounts 1,000
notes receivable 18,000
inventory 12/31/2019 51,000
prepaid insurance 6,000
long term investment in ms stock 80,000
buildings 500,000
accumulated depreciation on buildings 300,000
furniture and equipment 110,000
accumulated depreciation of F & E 30,000
patent 90,000
accounts payable 20,000
bonds payable 100,000
common stock 360,000
retained earnings 257,000
dividends 160,000
sales 410,000
COGS 243,000
salary expense 50,000
rent expense 60,000
gain on sale of discounted operation 60,000
net loss from operations of discounted operation 100,000
totals 1,538,000 1,538,000

*net of tax amount, tax = 30%

Instructions: using information on the above adjusted trial balance prepare

a. Multiple steps Income statement for 2019

b. Statement of Retained Earnings for 2019

c. Multiple step Balance sheet as of 12/31/2019

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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