Question

Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended March 31, 2016. Jordan also has completed a correct trial balance as follows:
Required:
Complete the financial statements as follows:

Classified balance sheet at the end of the reporting year, March 31, 2016. Include (1) income taxes for the current year in Income Taxes Payable and (2) dividends in Retained Earnings. Use the following captions (list each item under these captions):

Assets Stockholders' Equity
Current assets Contributed capital
Noncurrent assets Retained earnings

Liabilities
Current liabilities
Long-term liabilities

Answer 1

A balance sheet refers to a statement of assets, liabilities, and owner’s equity on a particular date of the fiscal year of the business enterprise. It also depicts the financial status of a business enterprise in a  Stockholders' Equity.

Current liabilities

Account                 $21,400

Income payable      $12600

salaries and commission    $1300

Total current liabilities $ 35,300

Long-term liabilities:

Note payable     $ 32,800

Total liabilities $68100

Balance sheet: A balance sheet refers to a statement of belongings, liabilities, and proprietor’s equity as on a selected date of the fiscal year of the commercial enterprise corporation. It also depicts the monetary fame of a commercial enterprise corporation in a nutshell.

Trial stability: The trial stability is the arithmetical representation of the debit and credit amounts in a double-access accounting machine. The trial stability is ready with a purpose to make sure the arithmetical accuracy of the accounting information.

Earnings declaration: this is the economic announcement of a employer that reviews all of the sales which might be earned and fees which can be to be expended with the aid of the agency on the immediately accounting year. earnings assertion is also acknowledged income and loss declaration.

property Liabilities +Stockholders fairness

income: it is the amount of the value of products offered which is paid by using the clients. it could be calculated via adding the value of products bought to the gross income.

Gross income: it's miles the amount above the cost of products sold. it could also be determined by way of adding net running income to the promoting and management expenses.

internet profits: net profits is the profits after deducting all of the expenses from the gross earnings. it's also termed as internet income or internet earnings.

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