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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Rogers Corporation | |||||
Unadjusted |
|||||
December 31, 2019 | |||||
Account | Debit | Credit | |||
Cash | $ 3,100 | ||||
15,900 | |||||
Supplies | 4,200 | ||||
Prepaid Rent | 9,500 | ||||
Equipment | 625,000 | ||||
$ 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 | ||||
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.
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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