Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell Company reported the following data at the end of its first year of operations on December 31. Equipment Accounts payable Common stock Dividends $ 24,500 13,500 28,500 11,500 67,500 15, 500 43,500 9, 500 7,500 Services revenue Rent revenue Salaries expense Advertising expense Utilities expense (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January $0
Exercise 1-23 (Algo) Linking the income statement and statement of retained earnings LO P2 Terrell Company reported the following data at the end of its first year of operations on December 31. Equipment Accounts payable Common stock Dividends $ 24,500 13,500 28,500 11,500 67,500 15, 500 43,500 9, 500 7,500 Services revenue Rent revenue Salaries expense Advertising expense Utilities expense (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January $0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required A
Required B
Prepare its year-end income statement.
TERRELL COMPANY
Income Statement
For Year Ended December 31
Revenues
Total revenue
Expenses
Total expenses
Required B >
Transcribed Image Text:Exercise 1-23 (Algo) Linking the Income statement and statement of retalned earnings LO P2
Terrell Company reported the following data at the end of its first year of operations on December 31.
Equipment
Accounts payable
Common stock
S 24,500
13,500
28,500
11,500
67,500
15,500
43, 500
9,500
7,500
Dividends
Services revenue
Rent revenue
Salaries expense
Advertising expense
Utilities expense
(a) Prepare its year-end income statement.
(b) Prepare its year-end statement of retained earnings, using net income calculated in part a. Hint: Retained Earnings on January 1 w.
$0.
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