Assignment task: What information can be calculated from Wendy's 2021 trial balance?
August 8, 2022 by Dr. Wendy Tietz, CPA, CMA, CSCA, CGMA 0 Comments
The Wendy's Company (NASDAQ: WEN) is a fast-food chain and is a publicly held corporation. Wendy's fiscal reporting periods consist of 52 or 53 weeks ending on the Sunday closest to December 31. Wendy's 2021 fiscal year ended January 2, 2022, and its 2020 fiscal year ended January 3, 2020. To follow is a condensed and adapted trial balance as of January 2, 2022, that was constructed from those financial statements.
Please note that the accounts have been adapted and condensed for educational use and should not be used for investment decisions.
Wendy's complete, unabridged financial statements can be found on its investor relations website.
Note: The Retained earnings should say "as of January 3, 2021".
Note: The trial balance above can also be downloaded in Excel format for enhanced readability and accessibility. The trial balance should not be used for investment decisions; it has been adjusted for educational purposes.
View a quick tutorial video about trial balances at this link and then answer the following questions.
Questions (calculate each of the following totals using Wendy's trial balance)
The intent of this assignment is for you to use formulas of adding and subtracting accounts to obtain various lines on a financial statement.
- Current assets
- Total assets
- Current liabilities
- Total liabilities
- Net income
- Ending retained earnings
- Total stockholders' equity
- Write Wendy's accounting equation as of January 2, 2022.