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Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Accumulated depreciation-Buildings Accounts receivable 15,000 11,000 2,500 500 4,000 1,300 Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends 1,500 100 400 800 10,000 200 Wages expense Insurance expense 7,500 1,800 10,000 14,800 20,000 40,000 3,000 2,000 800 Common stock Depreciation expense-Buildings Supplies Retained earnings Services revenue Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $14,800 on December 31 of the prior year. STARK COMPANY Balance Sheet December 31 Assets Accounts receivable Cash Prepaid insurance 4,000 10,000 2,500 Supplies 800 0 $ 17,300 Total assets Liabilities |Accounts payable Wages payable Interest payable Notes payable 1,500 400 100 11,000 Total liabilities 13,000 Equity Retained earnings Common stock Total equity Total liabilities and equity 0 $ 13,000

Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Accumulated depreciation-Buildings Accounts receivable 15,000 11,000 2,500 500 4,000 1,300 Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends 1,500 100 400 800 10,000 200 Wages expense Insurance expense 7,500 1,800 10,000 14,800 20,000 40,000 3,000 2,000 800 Common stock Depreciation expense-Buildings Supplies Retained earnings Services revenue Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $14,800 on December 31 of the prior year. STARK COMPANY Balance Sheet December 31 Assets Accounts receivable Cash Prepaid insurance 4,000 10,000 2,500 Supplies 800 0 $ 17,300 Total assets Liabilities |Accounts payable Wages payable Interest payable Notes payable 1,500 400 100 11,000 Total liabilities 13,000 Equity Retained earnings Common stock Total equity Total liabilities and equity 0 $ 13,000

FINANCIAL ACCOUNTING
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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Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Accumulated depreciation-Buildings Accounts receivable 15,000 11,000 2,500 500 4,000 1,300 Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends 1,500 100 400 800 10,000 200 Wages expense Insurance expense 7,500 1,800 10,000 14,800 20,000 40,000 3,000 2,000 800 Common stock Depreciation expense-Buildings Supplies Retained earnings Services revenue Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $14,800 on December 31 of the prior year.
Transcribed Image Text:Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Accumulated depreciation-Buildings Accounts receivable 15,000 11,000 2,500 500 4,000 1,300 Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends 1,500 100 400 800 10,000 200 Wages expense Insurance expense 7,500 1,800 10,000 14,800 20,000 40,000 3,000 2,000 800 Common stock Depreciation expense-Buildings Supplies Retained earnings Services revenue Prepare the (1) income statement and (2) statement of retained earnings for the year ended December 31 and (3) balance sheet at December 31. The Retained Earnings account balance was $14,800 on December 31 of the prior year.
STARK COMPANY Balance Sheet December 31 Assets Accounts receivable Cash Prepaid insurance 4,000 10,000 2,500 Supplies 800 0 $ 17,300 Total assets Liabilities |Accounts payable Wages payable Interest payable Notes payable 1,500 400 100 11,000 Total liabilities 13,000 Equity Retained earnings Common stock Total equity Total liabilities and equity 0 $ 13,000
Transcribed Image Text:STARK COMPANY Balance Sheet December 31 Assets Accounts receivable Cash Prepaid insurance 4,000 10,000 2,500 Supplies 800 0 $ 17,300 Total assets Liabilities |Accounts payable Wages payable Interest payable Notes payable 1,500 400 100 11,000 Total liabilities 13,000 Equity Retained earnings Common stock Total equity Total liabilities and equity 0 $ 13,000
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