Flynn Design was founded by Kevin Flynn in January 2017. Presented below is the adjusted trial balance as of December 31, 2022.
Instructions
a. Prepare an income statement and a retained earnings statement for the year ending December 31, 2022, and an unclassified statement of financial position at December 31.
b. Answer the following questions.
1. If the note has been outstanding 6 months, what is the annual interest rate on that note?
2. If the company paid €17,500 in salaries and wages in 2022, what was the balance in Salaries and Wages Payable on December 31, 2021?
