The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Common stock Retained earnings Dividends Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Navigation: Debit $ 47,600 20,400 10,200 3,400 129,200 5,100 68,000 3,400 6,800 23,800 6,800 15,300 $ 340,000 Credit $ 17,000 23,800 3,400 13,600 40,800 102,000 40,800 125,800 13,600 $ 340,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of retained earnings for the year ended December 31. The retained earnings balance on January 1 was $40.800. 3) Prepare a balance sheet at December 31. 1 like the Open Excel in New Tab button to launch this question < Prev 3 of 7 www. Next >
The trial balance of Your Company as of December 31 is presented below. Cash Accounts receivable Supplies Prepaid insurance Buildings Accounts payable Wages payable Interest payable Unearned revenue Notes payable Common stock Retained earnings Dividends Services revenue Rent revenue Wages expense Interest expense Insurance expense Utilities expense Supplies expense Repairs expense Totals Your Company Trial Balance December 31 Navigation: Debit $ 47,600 20,400 10,200 3,400 129,200 5,100 68,000 3,400 6,800 23,800 6,800 15,300 $ 340,000 Credit $ 17,000 23,800 3,400 13,600 40,800 102,000 40,800 125,800 13,600 $ 340,000 Required: 1) Prepare an income statement for the year ended December 31. 2) Prepare a statement of retained earnings for the year ended December 31. The retained earnings balance on January 1 was $40.800. 3) Prepare a balance sheet at December 31. 1 like the Open Excel in New Tab button to launch this question < Prev 3 of 7 www. Next >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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