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ivetter5333
06.03.2020 •
Business
These items are taken from the financial statements of Martin Corporation for 2017.
Retained earnings (beginning of year) $31,000
Utilities expense 2,000
Equipment 66,000
Accounts payable 18,300
Cash 10,100
Salaries and wages payable 3,000
Common stock 12,000
Dividends 12,000
Service revenue 68,000
Prepaid insurance 3,500
Maintenance and repairs expense 1,800
Depreciation expense 3,600
Accounts receivable 11,700
Insurance expense 2,200
Salaries and wages expense 37,000
Accumulated depreciation-equipment 17,600
Required:
1. Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2017.
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Ответ:
Service revenue 68,000
Utilities expense 2,000
Maintenance and repairs expense 1,800
Depreciation expense 3,600
Insurance expense 2,200
Salaries and wages expense 37,000
Total expenses (46,600)
Net Income 21,400
Retained earnings (beginning) $31,000
Net Income 21,400
Dividends (12,000)
Ending Retained Earnings 40,400
Balance Sheet
Assets
current
Cash 10,100
Accounts receivable 11,700
Prepaid insurance 3,500
total current 25,300
Non-Current
Equipment(net) 48,400
Total Assets: 73,700
Liabilities
Accounts payable 18,300
Salaries and wages payable 3,000
Total Liabilities 21,300
Equity
Common stock 12,000
Retained Earings 40,400
Total Equity 52,400
Total Liabilities + Equity 73,700
Explanation:
First, we do the income statmeent which is revenues less expenses accounts
Then, we do the retained earnings.
To the beginning balance we add up the net income and subtract the dividends.
Then, end with the blaance sheet:
first assets in order of liquity
then liabilities and last equity using the retained earnings balance we calcualted.
Ответ:
ANSWER =Appreciation.