PLEASE HELP ME!!!!
The adjusted balance for Actinolite Automobiles Inc. at December 31, 2023 is presented below. Actinolite’s income tax rate is 25% and journal entries for income tax expense have not yet been prepared. There were no common share transactions during the year.
Actinolite Automobiles Inc. Adjusted Trial Balance December 31, 2023 |
||
Debit |
Credit |
|
Accounts payable |
$44,620 |
|
Accounts receivable |
$25,430 |
|
Accumulated depreciation – equipment |
14,300 |
|
Accumulated depreciation – building |
95,500 |
|
Accumulated other comprehensive income – Jan 1, 2023 |
0 |
|
Advertising expense |
9,700 |
|
Building |
400,000 |
|
Cash |
157,000 |
|
Cash dividends – common |
10,000 |
|
Common shares (10,000 shares issued) |
250,000 |
|
Contributed surplus – reacquisition of common shares |
6,000 |
|
Cost of goods sold |
417,000 |
|
Depreciation expense |
20,000 |
|
Dividends payable |
10,000 |
|
Equipment |
80,000 |
|
Gain on sale of equipment |
850 |
|
Income tax expense |
0 |
|
Income tax payable |
0 |
|
Interest expense |
2,550 |
|
Merchandise inventory |
66,140 |
|
Office expense |
8,500 |
|
Other comprehensive income – holding loss on equity investment (before income tax) |
2,250 |
|
Retained earnings – Jan 1, 2023 |
57,300 |
|
Sales |
720,000 |
|
TOTALS |
1,198,570 |
1,198,570 |
Required:
PLEASE HELP ME!!!! The adjusted balance for Actinolite Automobiles Inc. at December 31, 2023 is presented...
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