Little Lads and Ladies Ltd sells children s clothing At the

#3670
Little Lads and Ladies Ltd. sells children's clothing. At the end of December 2011, it had the
following adjusted account balances, which are listed in random
order:Cash…………………………………………….. $ 3,000Wages payable………………………………….
used…………………………………… 4,200Equipment……………………………………… 23,000Wages ex
25,000Prepaid rent…………………………………….. 400Cost of goods sold………………………………
32,000Sales…………………………………………….. 66,450Accounts receivable……………………………
expense……………………………………. 4,800Bank loan (due in two years)…………………… 3,800Adve
expense…………………………….. 750Accounts payable……………………………….. 5,000Electricity……
600Dividends declared……………………………... 1,200Depreciation…………………………………….. 50
capital…………………………………….. 20,000Telephone expense……………………………… 200Intere
loan…………………... 300Accumulated depreciation……………………… 1,500Retained earnings………
17,600Inventory……………………………………….. 8,000Other expenses…………………………………..
hand………………………………… 800Interest payable………………………………….. 300Required:a. Id
of earnings accounts and calculate the net earnings (or loss) for the year.b. Determine the
amount of retained earnings at the end of 2011.c. Prepare a classified statement of financial
position as of December 31, 2011.View Solution:
Little Lads and Ladies Ltd sells children s clothing At the

ANSWER
http://paperinstant.com/downloads/little-lads-and-ladies-ltd-sells-children-s-clothing-at-the/

1/1
Powered by TCPDF (www.tcpdf.org)