Question

Use the following accounts and information to prepare, in good form, a multiple step income statement, retained earnings statement, and classified balance sheet for Mitchell Enterprises for the year ended December 31, 2019. The company has 37,000 shares of its $5 par value common stock issued and outstanding all during the year. Mitchell Enterprises Adjusted Trial Balance December 31, 2019

Answer 1

The information for adjusted trial balance of Mitchell Enterprises is missing.

The 37,000 shares at $5 par value will be reported in Balance Sheet at the Equity and Liabilities side under Equity head.

Shares will be reported as:

Common Stock 37,000 * $5 = $185,000

The rest of the data from Trial Balance will be reported in Balance Sheet and Income Statement.

Step-by-step explanation:

The information for adjusted trial balance of Mitchell Enterprises is missing.

The 37,000 shares at $5 par value will be reported in Balance Sheet at the Equity and Liabilities side under Equity head.

Shares will be reported as:

Common Stock 37,000 * $5 = $185,000

The rest of the data from Trial Balance will be reported in Balance Sheet and Income Statement.