PROBLEM/ DATA INFORMATION Bruce Schreiber is in charge of financial management for O-net. O-net utilizes satellite technology and sophisticated mapping software to alert its customers to trespassing, illegal dumping, and other encroachments on property these customers own around the globe. Customers typically purchase one-year contracts for this service, and the pricing depends on the number and size of sites monitored. Mr. Schreiber desires to review financial reports -- an income statement, statement of retained earnings, and balance sheet. Prepare these reports from the following adjusted trial balance. Mr. Schreiber needs this information for internal review purposes, and does not require a classified balance sheet. The operating data relate to the full year, and the blank worksheet already includes partial data. Each required input is worth 0.70 points. O-net CORPORATION Adjusted Trial Balance As of December 31, 2021 Debits Credits Cash $834,221 $- Accounts receivable 345,909 - Prepaid expenses 45,787 - Supplies 66,665 - Satellite equipment 3,009,000 - Accumulated depreciation - 1,222,199 Accounts payable - 544,190 Unearned revenues - 455,000 Loan payable - 1,000,000 Capital stock - 560,000 Retained earnings, Jan. 1 - 228,892 Dividends 50,000 - Revenues - 2,373,402 Selling expenses 476,445 - Interest expense 80,000 - Salaries expense 677,667 - Maintenance and supplies expense 222,989 - Depreciation expense 575,000 - $6,383,683 $6,383,683 LISTED BELOW IS THE WORKSHEET FORMATS: Income Statement Revenues Services to customers $- Expenses $- - - - - - Net income $- O-net Corp. Statement of Retained Earnings Beginning retained earnings $- Plus: Net income -
PROBLEM/ DATA INFORMATION
Bruce Schreiber is in charge of
Mr. Schreiber desires to review financial reports -- an income statement, statement of
O-net CORPORATION
Adjusted Trial Balance
As of December 31, 2021
Debits Credits
Cash $834,221 $-
Prepaid expenses 45,787 -
Supplies 66,665 -
Satellite equipment 3,009,000 -
Accounts payable - 544,190
Unearned revenues - 455,000
Loan payable - 1,000,000
Capital stock - 560,000
Retained earnings, Jan. 1 - 228,892
Dividends 50,000 -
Revenues - 2,373,402
Selling expenses 476,445 -
Interest expense 80,000 -
Salaries expense 677,667 -
Maintenance and supplies expense 222,989 -
Depreciation expense 575,000 -
$6,383,683 $6,383,683
LISTED BELOW IS THE WORKSHEET FORMATS:
Income Statement
Revenues
Services to customers $-
Expenses
$-
-
-
-
- -
Net income $-
O-net Corp.
Statement of Retained Earnings
Beginning retained earnings $-
Plus: Net income -
$-
-
$-
O-net Corp.
Balance Sheet
Assets
$-
-
-
-
Satellite equipment $-
Less: Accumulated depreciation -
Total assets $-
Liabilities
$-
-
-
Total liabilities $-
$-
-
Total stockholders' equity -
Total liabilities and equity $-
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
