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Question - Winners Industries perform adjusting entries every month but close its accounts only at year end. The Agency's year -end adjusted Trial Balance dated December 31, 2018, appears below.
Particulars Amount $
Inventory 6,500
General & Admin .Expenses 850
Common Stock 45,000
Cash 16,550
Operating Expenses 1,350
Notes Payable 600
Interest Expense 900
Depreciation Expense 500
Net Sales 12,800
Accounts Receivable 9,600
Accounts Payable 4,800
Long Term Debt 55, 000
Cost of Goods Sold 5,750
Buildings & Equipment 1, 22,000
Accumulated Depreciation 34,000
Taxes 1,440
Retained Earnings 15, 250
Required - Calculate Income statement and Balance sheet of Winners industries.
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