the garment tree ltd sells clothing at the end of 2011 it had the following account 4375741

The Garment Tree Ltd. sells clothing. At the end of 2011, it had the following account balances: Accounts receivable…………………………………… $ 9,000 Rent expense…………………………………………… 12,000 Inventory………………………………………………. 18,000 Retained earnings……………………………………… 11,000 Advertising expense…………………………………… 5,000 Cash…………………………………………………… 6,000 Wages expense………………………………………… 32,000 Dividends declared…………………………………… 1,000 Miscellaneous expense………………………………… 3,000 Wages payable………………………………………… 2,000 Share capital…………………………………………… 15,000 Prepaid rent…………………………………………… 1,000 Cost of goods sold……………………………………. 57,000 Accounts payable……………………………………… 6,000 Sales……………………………………………………. 110,000 Required: a. Prepare a statement of earnings for the year ended December 31, 2011. b. In answering part “a,” you did not need to use all the accounts provided. For each item that you did not use, explain why you did not include it on the statement of earnings. View Solution:
The Garment Tree Ltd sells clothing At the end of

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