Adjusting Entries and Financial StatementsYou have the following unadjusted trial balance for Rogers Corporation at December 31, 2019:Rogers CorporationUnadjusted Trial BalanceDecember 31, 2019AccountDebit CreditCash$ 3,100 Accounts Receivable15,900 Supplies4,200 Prepaid Rent9,500 Equipment625,000 Accumulated Depreciation $ 104,000 Other Assets60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50,000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue 598,000 Wages Expense137,000 Rent Expense229,000 Interest Expense4,500 Total$1,089,100 $1,089,100 At year end, you have the following data for adjustments:An analysis indicates that prepaid rent on December 31 should be $2,300.A physical inventory shows that $650 of office supplies is on hand.Depreciation for 2019 is $35,250.An analysis indicates that unearned service revenue should be $3,120.Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end.Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded.Income taxes of $55,539 are owed but unrecorded and unpaid. 2 b. Prepare a retained earnings statement using adjusted account balances. If an amount is zero, enter "0".Rogers CorporationRetained Earnings StatementFor the Year Ended December 31, 2019 $fill in the blank 7c852ff06fd6fe3_2 fill in the blank 7c852ff06fd6fe3_4 fill in the blank 7c852ff06fd6fe3_6 $fill in the blank 7c852ff06fd6fe3_82 c. Prepare a balance sheet using adjusted account balances.Rogers CorporationBalance SheetDecember 31, 2019AssetsCurrent assets: $fill in the blank b96d3704d04dfa2_2 fill in the blank b96d3704d04dfa2_4 fill in the blank b96d3704d04dfa2_6 fill in the blank b96d3704d04dfa2_8 Total current assets $fill in the blank b96d3704d04dfa2_9Property, plant, and equipment: $fill in the blank b96d3704d04dfa2_11 fill in the blank b96d3704d04dfa2_13fill in the blank b96d3704d04dfa2_14Other assets fill in the blank b96d3704d04dfa2_15Total assets $fill in the blank b96d3704d04dfa2_16LiabilitiesCurrent liabilities: $fill in the blank b96d3704d04dfa2_18 fill in the blank b96d3704d04dfa2_20 fill in the blank b96d3704d04dfa2_22 fill in the blank b96d3704d04dfa2_24 fill in the blank b96d3704d04dfa2_26 Total current liabilities $fill in the blank b96d3704d04dfa2_27Long-term liabilities: fill in the blank b96d3704d04dfa2_29Total liabilities $fill in the blank b96d3704d04dfa2_30Stockholders' EquityStockholders' equity: $fill in the blank b96d3704d04dfa2_32 fill in the blank b96d3704d04dfa2_34 Total stockholders' equity fill in the blank b96d3704d04dfa2_35Total liabilities and stockholders' equity $fill in the blank b96d3704d04dfa2_36

The financial statements of the business include income statement and balance sheet.

Adjusting Entries and Financial Statements You have the following unadjusted trial balance for Rogers Corporation at December 31, 2019: Rogers Corporation Unadjusted Trial Balance December 31, 2019 Account Debit Credit Cash $ 3,100 Accounts Receivable 15,900 Supplies 4,200 Prepaid Rent 9,500 Equipment 625,000 Accumulated Depreciation $ 104,000 Other Assets 60,900 Accounts Payable 9,400 Unearned Service Revenue 11,200 Note Payable (due 2022) 50,000 Common Stock 279,500 Retained Earnings, 12/31/2018 37,000 Service Revenue 598,000 Wages Expense 137,000 Rent Expense 229,000 Interest Expense 4,500 Total $1,089,100 $1,089,100 At year end, you have the following data for adjustments: An analysis indicates that prepaid rent on December 31 should be $2,300. A physical inventory shows that $650 of office supplies is on hand. Depreciation for 2019 is $35,250. An analysis indicates that unearned service revenue should be $3,120. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. Income taxes of $55,539 are owed but unrecorded and unpaid.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Adjusting Entries and Financial Statements

You have the following unadjusted trial balance for Rogers Corporation at December 31, 2019:

Rogers Corporation
Unadjusted Trial Balance
December 31, 2019
Account	Debit	Credit
Cash	$ 3,100
Accounts Receivable	15,900
Supplies	4,200
Prepaid Rent	9,500
Equipment	625,000
Accumulated Depreciation			$ 104,000
Other Assets	60,900
Accounts Payable			9,400
Unearned Service Revenue			11,200
Note Payable (due 2022)			50,000
Common Stock			279,500
Retained Earnings, 12/31/2018			37,000
Service Revenue			598,000
Wages Expense	137,000
Rent Expense	229,000
Interest Expense	4,500
Total	$1,089,100		$1,089,100

At year end, you have the following data for adjustments:

An analysis indicates that prepaid rent on December 31 should be $2,300.
A physical inventory shows that $650 of office supplies is on hand.
Depreciation for 2019 is $35,250.
An analysis indicates that unearned service revenue should be $3,120.
Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end.
Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded.
Income taxes of $55,539 are owed but unrecorded and unpaid.

2 b. Prepare a retained earnings statement using adjusted account balances. If an amount is zero, enter "0".

Rogers Corporation
Retained Earnings Statement
For the Year Ended December 31, 2019
	$fill in the blank 7c852ff06fd6fe3_2
	fill in the blank 7c852ff06fd6fe3_4
	fill in the blank 7c852ff06fd6fe3_6
	$fill in the blank 7c852ff06fd6fe3_8

2 c. Prepare a balance sheet using adjusted account balances.

Rogers Corporation
Balance Sheet
December 31, 2019
Assets
Current assets:
	$fill in the blank b96d3704d04dfa2_2
	fill in the blank b96d3704d04dfa2_4
	fill in the blank b96d3704d04dfa2_6
	fill in the blank b96d3704d04dfa2_8
Total current assets		$fill in the blank b96d3704d04dfa2_9
Property, plant, and equipment:
	$fill in the blank b96d3704d04dfa2_11
	fill in the blank b96d3704d04dfa2_13	fill in the blank b96d3704d04dfa2_14
Other assets		fill in the blank b96d3704d04dfa2_15
Total assets		$fill in the blank b96d3704d04dfa2_16
Liabilities
Current liabilities:
	$fill in the blank b96d3704d04dfa2_18
	fill in the blank b96d3704d04dfa2_20
	fill in the blank b96d3704d04dfa2_22
	fill in the blank b96d3704d04dfa2_24
	fill in the blank b96d3704d04dfa2_26
Total current liabilities		$fill in the blank b96d3704d04dfa2_27
Long-term liabilities:
		fill in the blank b96d3704d04dfa2_29
Total liabilities		$fill in the blank b96d3704d04dfa2_30
Stockholders' Equity
Stockholders' equity:
	$fill in the blank b96d3704d04dfa2_32
	fill in the blank b96d3704d04dfa2_34
Total stockholders' equity		fill in the blank b96d3704d04dfa2_35
Total liabilities and stockholders' equity		$fill in the blank b96d3704d04dfa2_36

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