Homework Help is Here – Start Your Trial Now!
Business
Accounting
Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment. 173 Building 174 Accumulated depreciation-Building 183 201 251 307 318 319 403 Adjusted Trial Balance December 31 203 208 210 213 Property taxes payable 236 Unearned revenue Long-term notes payable 406 409 606 612 623 633 637 640 652 683 Land Accounts payable Interest payable Rent payable Wages payable Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $5,500 34,400 8,500 45,000 165,000 64,450 12,700 Credit $ 22,500 55,000 16,500 2,500 3,500 2,200 800 14,800 60,500 5,500 124,700 101,000 15,000 4,900 12,100 6,750 42,300 4,200 8,800 10,300 5,800 3,600 $ 429,400 $ 429,400 The Retained Earnings account balance was $124,700 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.

Number Account Title 101 Cash 126 Supplies 128 Prepaid insurance 167 Equipment 168 Accumulated depreciation-Equipment. 173 Building 174 Accumulated depreciation-Building 183 201 251 307 318 319 403 Adjusted Trial Balance December 31 203 208 210 213 Property taxes payable 236 Unearned revenue Long-term notes payable 406 409 606 612 623 633 637 640 652 683 Land Accounts payable Interest payable Rent payable Wages payable Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Rent expense Supplies expense Property taxes expense Totals Debit $5,500 34,400 8,500 45,000 165,000 64,450 12,700 Credit $ 22,500 55,000 16,500 2,500 3,500 2,200 800 14,800 60,500 5,500 124,700 101,000 15,000 4,900 12,100 6,750 42,300 4,200 8,800 10,300 5,800 3,600 $ 429,400 $ 429,400 The Retained Earnings account balance was $124,700 on December 31 of the prior year. Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please help fill in retained earnings for the closing entry #3 and explain how to get the answer and why. Thank you! And if I am missing anything for 1C on the balance sheet. 
retained earnings, December 31 current year is $139,050 it won't let me include anymore pict

9 9 nts eBook Print 0 References Mc Graw Hill Required 1A Required 1B Current assets Cash Supplies Prepaid insurance Prepare the classified balance sheet at December 31 of the current year. Plant assets Land Total plant assets Current liabilities Equipment Accumulated depreciation-Equipment Building Accumulated depreciation Building Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Total current liabilities Long-term liabilities AKADOORNADAA Long-term notes payable Total liabilities Required 1C Required 2 Common stock Retained earnings TYBALT CONSTRUCTION Balance Sheet December 31 Assets Liabilities Equity $ 5,500 34,400 8,500 45,000 22,500 165,000 55,000 16,500 2,500 3,500 2,200 800 14,800 5,500 139,050 75 $ LA $ $$ 48,400 22,500 110,000 64,450 196,950 245,350 K 40,300 60,500 100,800 3D FEB 11
Transcribed Image Text:9 9 nts eBook Print 0 References Mc Graw Hill Required 1A Required 1B Current assets Cash Supplies Prepaid insurance Prepare the classified balance sheet at December 31 of the current year. Plant assets Land Total plant assets Current liabilities Equipment Accumulated depreciation-Equipment Building Accumulated depreciation Building Accounts payable Interest payable Rent payable Wages payable Property taxes payable Unearned revenue Total current liabilities Long-term liabilities AKADOORNADAA Long-term notes payable Total liabilities Required 1C Required 2 Common stock Retained earnings TYBALT CONSTRUCTION Balance Sheet December 31 Assets Liabilities Equity $ 5,500 34,400 8,500 45,000 22,500 165,000 55,000 16,500 2,500 3,500 2,200 800 14,800 5,500 139,050 75 $ LA $ $$ 48,400 22,500 110,000 64,450 196,950 245,350 K 40,300 60,500 100,800 3D FEB 11
Homework Problems Chapter 3 i 7.69 points 9 Mc Graw Hill 0 eBook References Print Number 101 126 Supplies 128 Prepaid insurance 167 168 173 183 201 263 208 210 213 236 251 307 318 319 406 409 606 612 623 633 637 640 683 ✓ 1 Account Title Cash Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable No 1 2 Property taxes payable Unearned revenue Long-term notes payable 3 Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Adjusted Trial Balance December 31 Rent expense Supplies expense Property taxes expense Totals Required 1A danset TOPERCE View transaction list The Retained Earnings account balance was $124,700 on December 31 of the prior year. Required 1B Required IC Required 2 Dat December 31 Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. December 31 December 31 View Journal entry worksheet Services revenue Rent revenue Jibong Tuan LEDWIE FELDE HEEL TRISHPREC Totale Naate Complete this question by entering your answers in the tabs below. Income summary Wages expense Interest expense Insurance expense Debit $5,500 34.400 8,500 peels Prepare the necessary closing entries at December 31 of the current year. UUS! Rent expense OFBO Supplies expense Property taxes expense Income summary Retained earnings 165.000 64.450 THIGH 12,700 FORMAT Credit $ 22.500 12,100 6,750 42,300 4,200 8.800 10,300 5,800 3,600 $429,408 $429,400 55.000 General Journal Depreciation expense-Building Depreciation expense-Equipment 16,500 2.500 3.500 2200 14,800 60,500 5,500 124,700 101,000 15,000 Debit 75 101,000 15,000 93,850 Credit Ima AONGRESS 42,300 4,200 8,600 10,300 5,800 3,600 12,100 6,750 INSTA FEB
Transcribed Image Text:Homework Problems Chapter 3 i 7.69 points 9 Mc Graw Hill 0 eBook References Print Number 101 126 Supplies 128 Prepaid insurance 167 168 173 183 201 263 208 210 213 236 251 307 318 319 406 409 606 612 623 633 637 640 683 ✓ 1 Account Title Cash Equipment Accumulated depreciation-Equipment Building Accumulated depreciation-Building Land Accounts payable Interest payable Rent payable Wages payable No 1 2 Property taxes payable Unearned revenue Long-term notes payable 3 Common stock Retained earnings Dividends Services revenue Rent revenue Interest revenue Depreciation expense-Building Depreciation expense-Equipment Wages expense Interest expense Insurance expense Adjusted Trial Balance December 31 Rent expense Supplies expense Property taxes expense Totals Required 1A danset TOPERCE View transaction list The Retained Earnings account balance was $124,700 on December 31 of the prior year. Required 1B Required IC Required 2 Dat December 31 Required: 1a. Prepare the income statement for the current year ended December 31. 1b. Prepare the statement of retained earnings for the current year ended December 31. 1c. Prepare the classified balance sheet at December 31 of the current year. 2. Prepare the necessary closing entries at December 31 of the current year. December 31 December 31 View Journal entry worksheet Services revenue Rent revenue Jibong Tuan LEDWIE FELDE HEEL TRISHPREC Totale Naate Complete this question by entering your answers in the tabs below. Income summary Wages expense Interest expense Insurance expense Debit $5,500 34.400 8,500 peels Prepare the necessary closing entries at December 31 of the current year. UUS! Rent expense OFBO Supplies expense Property taxes expense Income summary Retained earnings 165.000 64.450 THIGH 12,700 FORMAT Credit $ 22.500 12,100 6,750 42,300 4,200 8.800 10,300 5,800 3,600 $429,408 $429,400 55.000 General Journal Depreciation expense-Building Depreciation expense-Equipment 16,500 2.500 3.500 2200 14,800 60,500 5,500 124,700 101,000 15,000 Debit 75 101,000 15,000 93,850 Credit Ima AONGRESS 42,300 4,200 8,600 10,300 5,800 3,600 12,100 6,750 INSTA FEB
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Ratio Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS