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Prepare retained Earning

Prepare retained Earning

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 retained Earning

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
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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