Cash Accounts receivable Notes receivable office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 11,400 Common stock Dividends 5,200 4,200 3,200 2,700 12,500 6,740 4,100 640 Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 18,400 3,700 20,500 2,200 4,700 3,700 740 540 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
Cash Accounts receivable Notes receivable office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue $ 11,400 Common stock Dividends 5,200 4,200 3,200 2,700 12,500 6,740 4,100 640 Consulting revenue Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 18,400 3,700 20,500 2,200 4,700 3,700 740 540 Required: 1. Prepare a December income statement for the business. 2. Prepare a December statement of retained earnings. The Retained Earnings account balance at December 1 3. Prepare a December 31 balance sheet. Hint: Use the Retained Earnings account balance calculated in part 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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