Stark company has the following adjusted accounts and normal balances at its December 31 year-end. $ 30,000 Accumulated depreciation-Buildings $ 34,000 7,800 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash 4,400 Accounts receivable 880 Utilities expense 11,000 Interest payable 2,300 Unearned revenue 48,000 Supplies expense 9,400 Buildings 3,200 860 1,750 - 580 230,000 Wages expense Insurance expense Stark, Capital Services revenue 3,700 Stark, Withdrawals 12,500 138,800 Depreciation expense-Buildings 115,000 Supplies 11,500 1,750 Use the adjusted accounts for Stark Company to prepare the (1) Income statement and (2) statement of owner's equity for the year ended December 31 and (3) balance sheet at December 31. The Stark, Capital account balance was $138,800 on December 31 of the Orlor year, and there were no owner Investments in the current year. Complete this question by entering your answers in the tabs below. Income Statement of Owners Equity Balance Sheet Statement Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 m Expenses Total expenses 0

Stark company has the following adjusted accounts and normal balances at its December 31 year-end. $ 30,000 Accumulated depreciation-Buildings $ 34,000 7,800 Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash 4,400 Accounts receivable 880 Utilities expense 11,000 Interest payable 2,300 Unearned revenue 48,000 Supplies expense 9,400 Buildings 3,200 860 1,750 - 580 230,000 Wages expense Insurance expense Stark, Capital Services revenue 3,700 Stark, Withdrawals 12,500 138,800 Depreciation expense-Buildings 115,000 Supplies 11,500 1,750 Use the adjusted accounts for Stark Company to prepare the (1) Income statement and (2) statement of owner's equity for the year ended December 31 and (3) balance sheet at December 31. The Stark, Capital account balance was $138,800 on December 31 of the Orlor year, and there were no owner Investments in the current year. Complete this question by entering your answers in the tabs below. Income Statement of Owners Equity Balance Sheet Statement Prepare the income statement for the year ended December 31. STARK COMPANY Income Statement For Year Ended December 31 m Expenses Total expenses 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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