Brea Corporation's fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of December 31. Accounts Retained Earnings Dividends Sales Revenue Interest Revenue. Cost of Goods Sold Rent Expense Balance $12,000 1,200 32,000 4,200 13, 200 4,200 1,200 Advertising Expense Insurance 9,200 Expense Interest Expense 3,200 Required: 1. Based on the information above, prepare the Income Statement for Brea Corporation for December 31, 2024. 2. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Brea Corporation's fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of
December 31.
Accounts
Retained
Earnings
Dividends
Sales Revenue
Interest Revenue
Cost of Goods
Sold
Rent Expense
Balance
$12,000
1,200
32,000
4,200
13,200
4,200
1,200
Advertising
Expense
Insurance
9,200
Expense
Interest Expense 3,200
Required:
1. Based on the information above, prepare the Income Statement for Brea Corporation for December 31, 2024.
2. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance.
Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Brea Corporation's fiscal year-end is December 31, 2024. The following is a partial listing of adjusted account balances as of December 31. Accounts Retained Earnings Dividends Sales Revenue Interest Revenue Cost of Goods Sold Rent Expense Balance $12,000 1,200 32,000 4,200 13,200 4,200 1,200 Advertising Expense Insurance 9,200 Expense Interest Expense 3,200 Required: 1. Based on the information above, prepare the Income Statement for Brea Corporation for December 31, 2024. 2. Transfer balances of temporary accounts to Retained Earnings and calculate its ending balance. Complete this question by entering your answers in the tabs below.
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