31.The adjusted trial balance for Stevens Company is shown below. Stevens uses the periodic inventory system.Stevens CompanyTrial BalanceDecember 31, 2013 DebitCreditCash$ 65,600 Accounts receivable36,000 Inventory, January 1147,000 Office supplies1,050 Prepaid rent1,350 Equipment52,500 Accumulated depreciation $ 18,000Accounts payable 29,100Common stock 51,000Retained earnings 174,500Sales 406,500Sales returns and allowances 13,000 Purchases275,000 Purchases returns and allowances 2,400Freight in7,650 Supplies expense1,800 Rent expense18,750 Salaries expense61,800 $681,500 $681,500 Inventory on December 31, 2013, was $153,000. Prepare a formal income statement, calculate the net income or loss for the year.Prepare a formal balance sheet.What amount of retained earnings would appear on the December 31, 2013 balance sheet?

Name: 31.The adjusted trial balance for Stevens Company is shown below. Stev
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Description: 31.The adjusted trial balance for Stevens Company is shown below. Stevens uses the periodic inventory system.Stevens CompanyTrial BalanceDecember 31, 2013 DebitCreditCash$ 65,600 Accounts receivable36,000 Inventory, January 1147,000 Office supplies

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Answered: Prepare a formal income statement,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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31.

The adjusted trial balance for Stevens Company is shown below. Stevens uses the periodic inventory system.

Stevens Company Trial Balance December 31, 2013
	Debit	Credit
Cash	$ 65,600
Accounts receivable	36,000
Inventory, January 1	147,000
Office supplies	1,050
Prepaid rent	1,350
Equipment	52,500
Accumulated depreciation		$ 18,000
Accounts payable		29,100
Common stock		51,000
Retained earnings		174,500
Sales		406,500
Sales returns and allowances	13,000
Purchases	275,000
Purchases returns and allowances		2,400
Freight in	7,650
Supplies expense	1,800
Rent expense	18,750
Salaries expense	61,800
		$681,500	$681,500

Inventory on December 31, 2013, was $153,000.

Prepare a formal income statement, calculate the net income or loss for the year.
Prepare a formal balance sheet.
What amount of retained earnings would appear on the December 31, 2013 balance sheet?

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