Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Debit Credit Cash $ 47 Accounts Receivable 9 Prepaid Insurance 4 Equipment 98 Accumulated Depreciation $ 0 Accounts Payable 9 Salaries and Wages Payable 0 Income Tax Payable 0 Common Stock 94 Retained Earnings 10 Sales Revenue 99 Insurance Expense 0 Salaries and Wages Expense 19 Supplies Expense 35 Income Tax Expense 0 Totals $ 212 $ 212 Other data not yet recorded at December 31: Insurance expired during the year, $2. Depreciation expense for the year, $1. Salaries and wages payable, $4. Income tax expense, $6. E4-17 (Algo) Part 2 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.)
Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Debit Credit Cash $ 47 Accounts Receivable 9 Prepaid Insurance 4 Equipment 98 Accumulated Depreciation $ 0 Accounts Payable 9 Salaries and Wages Payable 0 Income Tax Payable 0 Common Stock 94 Retained Earnings 10 Sales Revenue 99 Insurance Expense 0 Salaries and Wages Expense 19 Supplies Expense 35 Income Tax Expense 0 Totals $ 212 $ 212 Other data not yet recorded at December 31: Insurance expired during the year, $2. Depreciation expense for the year, $1. Salaries and wages payable, $4. Income tax expense, $6. E4-17 (Algo) Part 2 Required: Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Mint Cleaning Incorporated prepared the following unadjusted
| Account Titles | Debit | Credit |
|---|---|---|
| Cash | $ 47 | |
| 9 | ||
| Prepaid Insurance | 4 | |
| Equipment | 98 | |
| $ 0 | ||
| Accounts Payable | 9 | |
| Salaries and Wages Payable | 0 | |
| Income Tax Payable | 0 | |
| Common Stock | 94 | |
| 10 | ||
| Sales Revenue | 99 | |
| Insurance Expense | 0 | |
| Salaries and Wages Expense | 19 | |
| Supplies Expense | 35 | |
| Income Tax Expense | 0 | |
| Totals | $ 212 | $ 212 |
Other data not yet recorded at December 31:
- Insurance expired during the year, $2.
- Depreciation expense for the year, $1.
- Salaries and wages payable, $4.
- Income tax expense, $6.
E4-17 (Algo) Part 2
Required:
Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in thousands of dollars.)
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