Account Name Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Insurance Expense Fuel Expense Income Tax Expense Totals DAILY DRIVER, CORPORATED Unadjusted Trial Balance At December 31 Credit Debit $1,750 200 1,950 70,000 11,800 250 8 2,000 0 $ 4,200 0 0 40,000 6,180 37,570 $ 87,950 $ 87,950 Notes This equals the bank balance. Only windshield washer fluid that cost. $30 remains at December 31. This amount was paid January 2 for car insurance from January 1 through December 31 of this year. This is the car's purchase price. The car will be two years old at the end of December. DDI has not yet paid or recorded $1,100 of salary for December. DDI paid all its taxes from last year. DDI issued 8,000 shares at $5 each.. This is the total accumulated earnings to January 1 of this year. All revenue is received in cash when the service is given. DDI's only employee receives a salary of $1,100 for December. This is the cost of windshield washer fluid used to November 30. The car's benefits are being used up about $4,200 per year. No car insurance has been paid for next year. All fuel is paid for in cash. DDI's tax rate is 20% of income before tax.
Account Name Cash Supplies Prepaid Insurance Equipment Accumulated Depreciation Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Supplies Expense Depreciation Expense Insurance Expense Fuel Expense Income Tax Expense Totals DAILY DRIVER, CORPORATED Unadjusted Trial Balance At December 31 Credit Debit $1,750 200 1,950 70,000 11,800 250 8 2,000 0 $ 4,200 0 0 40,000 6,180 37,570 $ 87,950 $ 87,950 Notes This equals the bank balance. Only windshield washer fluid that cost. $30 remains at December 31. This amount was paid January 2 for car insurance from January 1 through December 31 of this year. This is the car's purchase price. The car will be two years old at the end of December. DDI has not yet paid or recorded $1,100 of salary for December. DDI paid all its taxes from last year. DDI issued 8,000 shares at $5 each.. This is the total accumulated earnings to January 1 of this year. All revenue is received in cash when the service is given. DDI's only employee receives a salary of $1,100 for December. This is the cost of windshield washer fluid used to November 30. The car's benefits are being used up about $4,200 per year. No car insurance has been paid for next year. All fuel is paid for in cash. DDI's tax rate is 20% of income before tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Account Name.
Cash
Supplies
Prepaid Insurance
Equipment
Accumulated Depreciation
Salaries and Wages
Payable
Income Tax Payable
Common Stock
Retained Earnings
Service Revenue
Salaries and Wages
Expense
Supplies Expense
Depreciation Expense
Insurance Expense
Fuel Expense
Income Tax Expense
Totals
DAILY DRIVER, INCORPORATED
Unadjusted Trial Balance
At December 31
Credit
Debit
$1,750
200
1,950
70,000
11, 8001
250
8
2,000
0
$ 4,200
0
0
40,000
6,180
37,570
$ 87,950 $ 87,950
Notes
This equals the bank balance.
Only windshield washer fluid that cost
$30 remains at December 31.
This amount was paid January 2 for car
insurance from January 1 through
December 31 of this year.
This is the car's purchase price.
The car will be two years old at the end
of December.
DDI has not yet paid or recorded $1,100
of salary for December.
DDI paid all its taxes from last year.
DDI issued 8,000 shares at $5 each..
This is the total accumulated earnings
to January 1 of this year.
All revenue is received in cash when the
service is given.
DDI's only employee receives a salary of
$1,100 for December.
This is the cost of windshield washer
fluid used to November 30.
The car's benefits are being used up
about $4,200 per year.
No car insurance has been paid for next.
year..
All fuel is paid for in cash.
DDI's tax rate is 20% of income before.
tax.
Transcribed Image Text:Prepare a statement of retained earnings for the year ended December 31.
DAILY DRIVER, INCORPORATED
Statement of Retained Earnings
Beginning Balance
Ending Balance
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