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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