Required Determine accrual basis net income for 2021. The December 31, 2021, unadpunted trial balance for the Wolkstein

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Required Determine Accrual Basis Net Income For 2021 The December 31 2021 Unadpunted Trial Balance For The Wolkstein 1 (25.02 KiB) Viewed 10 times

Required Determine accrual basis net income for 2021. The December 31, 2021, unadpunted trial balance for the Wolkstein Drug Company is presented below December 31 is the company's year-end reporting date E 2-20 Worksheet • Appendix 2A Debits Credits Account Title Cash 20,000 Accounts receivable 35,000 Prepaid rent 5,000 Inventory 50,000 Equipment 100,000 Accumulated depreciation 30,000 25,000 Accounts payable Salaries payable -0- 100,000 Common stock Retained earnings 29,000 Sales revenue 323.000 Cost of goods sold Salaries expense Rent expense Depreciation expense Utilities expense Advertising expense Totals The following year-end adjusting entries are required a. Depreciation expense for the year on the equipment is $10,000 b. Salaries it year-end should be accrued in the amount of $4,000, Required 1. Prepare and complete a worksheet similar to Illustration 2A-11 2. Prepare an income statement for 2021 and a balance sheet as of December 31, 2021. 180,000 71,000 30,000 -0- 12,000 4,000 507,000 507,000 Ska page 98