Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare the statement of retained earnings with the information attached.

Prepare the statement of retained earnings with the information attached.

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
icon
Concept explainers
Topic Video
Question

Prepare the statement of retained earnings with the information attached.

Rochester Enterprise Classified Balance Sheet 31-Dec-20 Assets Current Assets Cash 136,789 Accounts receivable 378,956 (37,927) $ 2$ $ 2$ $ $ $ $ Less: Allowance for Doubtful Debts $ 341,029 Interest Receivable 588 Notes Receivable Merchandise Inventory Supplies Prepaid Rent Prepaid Insurance 150,000 361,866 2,500 20,000 50,000 1,062,772 Total Current Assets Long-Term Assets Equipment Less: Accumulated Depreciation - Equipment $ 2$ 400,000 |(150,000) $ 250,000 Total assets 1.312.772 Liabilities and Owner's Equity Current liabilities Accounts payable Salaries and wages payable $ $ $ 51,709 70,000 22,000 1,575 $ Unearned Revenue Interest payable Total current liabilities 145,284 Long-Term Liabilities Note Payable Total long-term liabilities $ $ 2$ 350,000 350,000 495,284 Total liabilities Stockholder's equity $ $ $ $ Common Stock 270,600 424,500 120,000 1,310,384 Retained Earnings Dividends Total liabilities and owner's equity %24 %24
Transcribed Image Text:Rochester Enterprise Classified Balance Sheet 31-Dec-20 Assets Current Assets Cash 136,789 Accounts receivable 378,956 (37,927) $ 2$ $ 2$ $ $ $ $ Less: Allowance for Doubtful Debts $ 341,029 Interest Receivable 588 Notes Receivable Merchandise Inventory Supplies Prepaid Rent Prepaid Insurance 150,000 361,866 2,500 20,000 50,000 1,062,772 Total Current Assets Long-Term Assets Equipment Less: Accumulated Depreciation - Equipment $ 2$ 400,000 |(150,000) $ 250,000 Total assets 1.312.772 Liabilities and Owner's Equity Current liabilities Accounts payable Salaries and wages payable $ $ $ 51,709 70,000 22,000 1,575 $ Unearned Revenue Interest payable Total current liabilities 145,284 Long-Term Liabilities Note Payable Total long-term liabilities $ $ 2$ 350,000 350,000 495,284 Total liabilities Stockholder's equity $ $ $ $ Common Stock 270,600 424,500 120,000 1,310,384 Retained Earnings Dividends Total liabilities and owner's equity %24 %24
Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance Income Statement Balance Sheet DR CR DR CR CR DR CR DR CR Cash 136,789 136,789 136,789 Accounts Receivable 378,956 378,956 378,956 Allowance for Doubtful Accounts 16,782 21,145 37.927 37,927 Interest Receivable 588 588 588 Note Receivable 150,000 150,000 150,000 Merchandise Inventory 361,866 60,000 361,866 Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment 10,000 50,000 30,000 10,000 20,000 46,777 44,277 2,500 2,500 400,000 400,000 75,000 75,000 150,000 150,000 Accounts Payable 51,709 51,709 51,709 Salaries & Wages Payable 70,000 70,000 70,000 Unearned Revenue 24,000 2,000 22,000 22,000 Interest Payable 1,575 1,575 1,575 Utilities Payable 7,000 7,000 7,000 350,000 Note Payable (final payment due 2023) 350,000 350,000 Common Stock 270,600 270,600 270.600 Retained Earnings 424.500 424,500 424,500 Dividends 120,000 120,000 120,000 Sales 4,050,864 4,050,864 4,050,864 Consulting Revenue 35,933 2,000 37,933 37,933 Sales Returns and Allowances 300,000 100,000 300,000 300,000 Sales Discounts 100,000 100,000 Cost of Goods Sold 1,950,000 1,950,000 1,950,000 Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense 1,200,000 70,000 1,270,000 1,270,000 75,000 75,000 75,000 21,145 21,145 21,145 10,000 Insurance Expense Rent Expense Supplies Expense Utilities Expense 10,000 10,000 10,000 44,277 10,000 10,000 44,277 44,277 65,000 7,000 58,000 58,000 Interest Revenue 588 588 588 Interest Expense 1,575 1,575 1,575 5,299,388 5,299,388 241,584 241,585 5,540,972 5,540,973 3,839,997 4,089,385 1,620,699 1,385,311 Net Income
Transcribed Image Text:Unadjusted Adjusted Account Title Trial Balance Adjustments Trial Balance Income Statement Balance Sheet DR CR DR CR CR DR CR DR CR Cash 136,789 136,789 136,789 Accounts Receivable 378,956 378,956 378,956 Allowance for Doubtful Accounts 16,782 21,145 37.927 37,927 Interest Receivable 588 588 588 Note Receivable 150,000 150,000 150,000 Merchandise Inventory 361,866 60,000 361,866 Prepaid Insurance Prepaid Rent Supplies Equipment Accumulated Depreciation - Equipment 10,000 50,000 30,000 10,000 20,000 46,777 44,277 2,500 2,500 400,000 400,000 75,000 75,000 150,000 150,000 Accounts Payable 51,709 51,709 51,709 Salaries & Wages Payable 70,000 70,000 70,000 Unearned Revenue 24,000 2,000 22,000 22,000 Interest Payable 1,575 1,575 1,575 Utilities Payable 7,000 7,000 7,000 350,000 Note Payable (final payment due 2023) 350,000 350,000 Common Stock 270,600 270,600 270.600 Retained Earnings 424.500 424,500 424,500 Dividends 120,000 120,000 120,000 Sales 4,050,864 4,050,864 4,050,864 Consulting Revenue 35,933 2,000 37,933 37,933 Sales Returns and Allowances 300,000 100,000 300,000 300,000 Sales Discounts 100,000 100,000 Cost of Goods Sold 1,950,000 1,950,000 1,950,000 Salaries & Wages Expense Depreciation Expense - Equipment Bad Debt Expense 1,200,000 70,000 1,270,000 1,270,000 75,000 75,000 75,000 21,145 21,145 21,145 10,000 Insurance Expense Rent Expense Supplies Expense Utilities Expense 10,000 10,000 10,000 44,277 10,000 10,000 44,277 44,277 65,000 7,000 58,000 58,000 Interest Revenue 588 588 588 Interest Expense 1,575 1,575 1,575 5,299,388 5,299,388 241,584 241,585 5,540,972 5,540,973 3,839,997 4,089,385 1,620,699 1,385,311 Net Income
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Statements
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.
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