Terrell Co. reported the following data at the end of its first year of operations on December
Question:
Terrell Co. reported the following data at the end of its first year of operations on December 31.
(a) Prepare its year-end income statement.
(b) Prepare its year-end statement of retained earnings using net income calculated in part a.
Transcribed Image Text:
Equipment ..... Accounts payable $18,000 Dividends.... $ 5,000 Salaries expense...... $37,000 ..... .. ..... 7,000 Services revenue. 48,000 Advertising expense. 3,000 Common stock. 22,000 Rent revenue..... 9,000 Utilities expense...... 1,000
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Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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