Prepare retained Earning
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Spring Check Inc.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$
1,250,000
450,000
Accounts Receivable
Allowance for Doubtful Accounts
2$
5,000
Inventory, 12/31/18
2,480,000
Equipment
3,800,000
Accumulated Deperciation - Equipment
1,150,000
Building
Accumulated Deperciation - Building
1,400,000
420,000
Land
500,000
Patent
4,000,000
Accounts Payable
875,000
Salaries and Wages Payable
45,000
Notes Payable - Due 7/31/19
250,000
Mortgage Payable - Due 12/31/2025
$ 0.01
1,000,000
Common Stock Par
10,000
APIC (Additional Paid in Capital in Excess of Par)
1,990,000
Retained Earnings
3,425,000
Dividends Declared - Common
$
400,000
Sales
14,400,000
Sales Discounts
2$
180,000
Sales Returns and Allowances
2$
210,000
Cost of Goods Sold (COGS)
5,350,000
$ 1,300,000
$
Selling Expenses
Administrative Expenses
650,000
Investment Revenue
150,000
$ 1,750,000
$ 23,720,000
Income Tax Expense
$ 23,720,000
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