Rogers Corporation Unadjusted Trial Balance December 31, 2019 Account Debit   Credit Cash $ 3,100         Accounts Receivable 15,900         Supplies 4,200         Prepaid Rent 9,500         Equipment 625,000         Accumulated Depreciation       $ 104,000   Other Assets 60,900         Accounts Payable       9,400   Unearned Service Revenue       11,200   Note Payable (due 2022)       50,000   Common Stock       279,500   Retained Earnings, 12/31/2018       37,000   Service Revenue       598,000   Wages Expense 137,000         Rent Expense 229,000         Interest Expense 4,500            Total $1,089,100     $1,089,100     At year end, you have the following data for adjustments: An analysis indicates that prepaid rent on December 31 should be $2,300. A physical inventory shows that $650 of office supplies is on hand. Depreciation for 2019 is $35,250. An analysis indicates that unearned service revenue should be $3,120. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded. Income taxes of $55,539 are owed but unrecorded and unpaid. 2 a.  Prepare an income statement using adjusted account balances.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Rogers Corporation
Unadjusted Trial Balance
December 31, 2019
Account Debit   Credit
Cash $ 3,100        
Accounts Receivable 15,900        
Supplies 4,200        
Prepaid Rent 9,500        
Equipment 625,000        
Accumulated Depreciation       $ 104,000  
Other Assets 60,900        
Accounts Payable       9,400  
Unearned Service Revenue       11,200  
Note Payable (due 2022)       50,000  
Common Stock       279,500  
Retained Earnings, 12/31/2018       37,000  
Service Revenue       598,000  
Wages Expense 137,000        
Rent Expense 229,000        
Interest Expense 4,500        
   Total $1,089,100     $1,089,100  

 

At year end, you have the following data for adjustments:

  1. An analysis indicates that prepaid rent on December 31 should be $2,300.
  2. A physical inventory shows that $650 of office supplies is on hand.
  3. Depreciation for 2019 is $35,250.
  4. An analysis indicates that unearned service revenue should be $3,120.
  5. Wages in the amount of $3,450 are owed but unpaid and unrecorded at year end.
  6. Six months' interest at 8% on the note was paid on September 30. Interest for the period from October 1 to December 31 is unpaid and unrecorded.
  7. Income taxes of $55,539 are owed but unrecorded and unpaid.

2 a.  Prepare an income statement using adjusted account balances.

Rogers Corporation
Income Statement
For the Year Ended December 31, 2019
    $fill in the blank 79fe02ff901afe6_2
Less operating expenses:    
  $fill in the blank 79fe02ff901afe6_4  
  fill in the blank 79fe02ff901afe6_6  
  fill in the blank 79fe02ff901afe6_8  
  fill in the blank 79fe02ff901afe6_10  
  fill in the blank 79fe02ff901afe6_12  
  fill in the blank 79fe02ff901afe6_14 fill in the blank 79fe02ff901afe6_15
    $fill in the blank 79fe02ff901afe6_17
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