Section A- Create the financial statements for Company JK for the year-ended 2020. (Note: create an income statement, statement of retained earnings, and a classified balance sheet) COMPANY JK INCOME STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2020 Revenues: Expenses: COMPANY JK STATEMENT OF EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2020 Common stock Retained carnings Beginning balance, 1/1/2020 Plus: Minus: Ending balance, 12/31/2020
Section A- Create the financial statements for Company JK for the year-ended 2020. (Note: create an income statement, statement of retained earnings, and a classified balance sheet) COMPANY JK INCOME STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2020 Revenues: Expenses: COMPANY JK STATEMENT OF EQUITY FOR THE PERIOD ENDED DECEMBER 31, 2020 Common stock Retained carnings Beginning balance, 1/1/2020 Plus: Minus: Ending balance, 12/31/2020
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
complete section A based on adjusted trial balance sheet
Transcribed Image Text:Section A - Create the financial statements for Company JK for the year-ended 2020. (Note: create an
income statement, statement of retained earnings, and a classified balance sheet)
COMPANY JK
INCOME STATEMENT
FOR THE PERIOD ENDED DECEMBER 31, 2020
Revenues:
Expenses:
COMPANY JK
STATEMENT OF EQUITY
FOR THE PERIOD ENDED DECEMBER 31, 2020
Common stock
Retained earnings
Beginning balance, 1/1/2020
Plus:
Minus:
Ending balance, 12/31/2020
Transcribed Image Text:PART 4 - Use the following adjusted trial balance to complete section A and B below.
COMPANY JK
ADJUSTED TRIAL BALANCE
12/31/2020
Account title:
Debit
Credit
Cash
| 30,000
Accounts receivable
| 20,000
Office supplies
9,000
Buildings
Accumulated depreciation -
Buildings
85,000
20,000
Accounts payable
10,000
Deferred revenue
5,500
Interest payable (due in 1 month)
100
Notes payable (due in 2 years)
10,000
Common stock
15,000
Retained earnings
40,000
Dividends
2,000
Service revenue
83,600
Wages expense
27,000
Interest expense
1,200
Depreciation expense - Buildings
10,000
ΤΟΤAL
184,200 184,200
Expert Solution
Step 1
Income statement refers to the a statement that shows the revenue and expenses of a company. The statement shows whether a company is earning profit or not. It is a part of final accounts. After preparing a trail balance, income statement is prepared followed by balance sheet.
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