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G H 1 Unadjusted Trial Adjusted Trial Income Balance Sheet & Statement 2 Balance Adjustments Balance Statement of Owner's Equity 3 4 Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 5 Cash 113,718 113,718 113,718 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 9,000 9,000 9,000 27,000 27,000 13 Van 14 Building 15 Accumulated depreciation 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 16 Land 25,000 25,000 25,000 17 Accounts payable 18 Interest payable 390 390 19 Sales tax payable 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 23 Unemployment tax payable 24 Warranty payable 25 Notes payable 26 Bends payable 27 Discount on bonds payable 28 Retained Earnings 29 Common stock 30 Dividends 390 1,000 1,000 1,000 420 420 840 840 105 105 210 210 945 945 945 938 1,856 918 918 92,762 92,762 92,762 50,000 50,000 50,000 800 800 800 107,918 107,918 107,918 50,000 50,000 50,000 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 35 Payroll tax expense 36 37 Interest expense 38 Credit card expense 47,620 47,620 47,620 82,000 82,000 82,000 5,625 945 7,095 7,095 525 10,840 10,840 10,840 1,440 1,440 1,440 18,000 39 Advertising expense 40 Office supplies expense 41 Maintenance expense 42 Utilities expense 43 Supplies expense 4 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 48 Totals 18,000 18,000 24 24 24 65 65 65 5,600 5,600 5,600 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 1,856 1,856 540,385 540,385 14,688 14,688 550,520 550,520 185,902 212,800 364,618 337,720 49 Net Income 26,898 26,898 50 Totals 212,800 212,800 364,618 364,618

G H 1 Unadjusted Trial Adjusted Trial Income Balance Sheet & Statement 2 Balance Adjustments Balance Statement of Owner's Equity 3 4 Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit 5 Cash 113,718 113,718 113,718 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 9,000 9,000 9,000 27,000 27,000 13 Van 14 Building 15 Accumulated depreciation 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 16 Land 25,000 25,000 25,000 17 Accounts payable 18 Interest payable 390 390 19 Sales tax payable 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 23 Unemployment tax payable 24 Warranty payable 25 Notes payable 26 Bends payable 27 Discount on bonds payable 28 Retained Earnings 29 Common stock 30 Dividends 390 1,000 1,000 1,000 420 420 840 840 105 105 210 210 945 945 945 938 1,856 918 918 92,762 92,762 92,762 50,000 50,000 50,000 800 800 800 107,918 107,918 107,918 50,000 50,000 50,000 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 35 Payroll tax expense 36 37 Interest expense 38 Credit card expense 47,620 47,620 47,620 82,000 82,000 82,000 5,625 945 7,095 7,095 525 10,840 10,840 10,840 1,440 1,440 1,440 18,000 39 Advertising expense 40 Office supplies expense 41 Maintenance expense 42 Utilities expense 43 Supplies expense 4 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 48 Totals 18,000 18,000 24 24 24 65 65 65 5,600 5,600 5,600 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 1,856 1,856 540,385 540,385 14,688 14,688 550,520 550,520 185,902 212,800 364,618 337,720 49 Net Income 26,898 26,898 50 Totals 212,800 212,800 364,618 364,618

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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Prepare a statement of changes in stockholder's equity.

(See attached image).

B D F G H K Unadjusted Trial Adjusted Trial Income 2 Balance Sheet & Statement Balance Adjustments Balance Statement of Owner's Equity 3 4 Ассount Debit Credit Debit Credit Credit Debit Debit Debit Credit Credit 5 Cash 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 113,718 113,718 113,718 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 13 Van 14 Buikling 15 Accumulated depreciation 16 Land 17 Accounts pay able 18 Interest payable 19 Sales tax payable 9,000 9,000 9,000 27,000 27,000 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 25,000 25,000 25,000 390 390 390 1,000 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 1,000 1,000 420 420 840 840 105 105 210 210 23 Unemployment tax payable 945 945 945 918 24 Warranty payable 25 Notes payable 26 Bonds payable 27 Discount on bonds payable 28 Retained Earnings 938 1,856 918 92,762 92,762 92,762 50,000 50,000 50,000 B00 800 800 107,918 107,918 107,918 29 Common stock 50,000 50,000 50,000 30 Dividends 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 47,620 47,620 47,620 82,000 82,000 82,000 35 Payroll tax expense 5,625 945 7,095 7,095 36 525 37 Interest expense 38 Credit card expense 39 Advertising expense 40 office supplies expense 10,840 10,840 10,840 1,440 1,440 1,440 18,000 18,000 18,000 24 24 24 41 Maintenance expense 65 65 65 42 Utilities expense 5,600 5,600 5,600 43 Supplies expense 44 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 185,902 212,800 1,856 1,856 48 Totals 540,385 540,385 14,688 14,688 550,520 550,520 364,618 337,720 49 Net Income 26,898 212,800 26,898 50 Totals 212,800 364,618 364,618
Transcribed Image Text:B D F G H K Unadjusted Trial Adjusted Trial Income 2 Balance Sheet & Statement Balance Adjustments Balance Statement of Owner's Equity 3 4 Ассount Debit Credit Debit Credit Credit Debit Debit Debit Credit Credit 5 Cash 6 Petty cash 7 Accounts receivable 8 Allowance for doubtful accounts 9 Prepaid rent 10 Supplies 113,718 113,718 113,718 100 100 100 39,390 39,390 39,390 1,940 2,722 4,662 4,662 3,000 3,000 825 615 210 210 11 Merchandise inventory 14,400 14,400 14,400 12 Equipment 13 Van 14 Buikling 15 Accumulated depreciation 16 Land 17 Accounts pay able 18 Interest payable 19 Sales tax payable 9,000 9,000 9,000 27,000 27,000 27,000 125,000 125,000 125,000 23,050 5,025 28,075 28,075 25,000 25,000 25,000 390 390 390 1,000 20 Employee income tax payable 21 FICA--Social Security tax payable 22 FICA--Medicare tax payable 1,000 1,000 420 420 840 840 105 105 210 210 23 Unemployment tax payable 945 945 945 918 24 Warranty payable 25 Notes payable 26 Bonds payable 27 Discount on bonds payable 28 Retained Earnings 938 1,856 918 92,762 92,762 92,762 50,000 50,000 50,000 B00 800 800 107,918 107,918 107,918 29 Common stock 50,000 50,000 50,000 30 Dividends 10,000 10,000 10,000 31 Sales 92,800 92,800 92,800 32 Service revenue 120,000 120,000 120,000 33 Cost of goods sold 34 Salaries expense 47,620 47,620 47,620 82,000 82,000 82,000 35 Payroll tax expense 5,625 945 7,095 7,095 36 525 37 Interest expense 38 Credit card expense 39 Advertising expense 40 office supplies expense 10,840 10,840 10,840 1,440 1,440 1,440 18,000 18,000 18,000 24 24 24 41 Maintenance expense 65 65 65 42 Utilities expense 5,600 5,600 5,600 43 Supplies expense 44 Rent expense 45 Bad debts expense 46 Depreciation expense 47 Warranty expense 615 615 615 3,000 3,000 3,000 2,722 2,722 2,722 5,025 5,025 5,025 1,856 185,902 212,800 1,856 1,856 48 Totals 540,385 540,385 14,688 14,688 550,520 550,520 364,618 337,720 49 Net Income 26,898 212,800 26,898 50 Totals 212,800 364,618 364,618
Expert Solution
Step 1

Closing retained earnings=Opening retained earnings+Net income-Dividend=107,918+26,898-10,000=124,816

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