Unformatted text preview: The equipment was purchased on July 1, 2011 . It has a four year life and a $100 salvage value • The company signed the $1,000 note payable on July 1, 2011 . It is a 2-year note with a 12% interest rate. Principal and interest will be paid in cash at maturity. REQUIRED : Prepare the 2012 Adjusted Trial Balance, Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows. 1. What is net income ? 2. What is the ending cash balance ? 3. What are total assets ? 4. What are total liabilities ? 5. What is retained earnings ? 6. What is cash flow from operations ? 7. Prepare closing entries....
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- Fall '08
- MONTGOMERY
- Financial Accounting, Balance Sheet, Revenue, Trial Balance, Generally Accepted Accounting Principles, post-closing trial balance
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