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The adjusted trial balance for Wisdom Company, as of December 31, 2019, is shown below: Wisdom...

The adjusted trial balance for Wisdom Company, as of December 31, 2019, is shown below: Wisdom Company Adjusted Trial Balance As at December 31, 2019 Dr Cr Accounts receivable 19,800 Machinery 44,800 Cash 22,600 Accumulated depreciation - Machinery Depreciation expense - Machinery 2,000 21,000 Rental expense 44,000 Salary expense 35,580 Electricity expense 2,400 Accounts payable 3,500 Notes payable 30,000 Interest payable 3,980 Share Capital 10,000 Retained earnings as at January 1, 2019 23,000 Marketing revenue Dividends 20,000 110,000 Supplies Unearned marketing revenue Supplies expense 35,000 1,250 28,250 Interest expense Required: 2,300 229,730 229,730

(a) Prepare the Income Statement of Wisdom Company for the year ended December 31, 2019. (b) Prepare the Statement of Retained Earnings of Wisdom Company for the year ended December 31, 2019. (c) Prepare the Statement of Financial Position of Wisdom Company as at December 31, 2019.

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ekkarill92 answered 1 year ago
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