Prepare an Income Statement and Statement of Retained Earning for Dec, 2011. Tutors for Rent, Inc.,...
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Prepare an Income Statement and Statement of Retained Earning for Dec, 2011. Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company's year-end adjusted trial balance dated December 31, 2011, was: TUTORS FOR RENT, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash. $ 91,100 Accounts receivabie Supplies Equipment Accumulated depreciation: equipment Accounts payable. Income taxes payable. Capital stock. Retained earnings.. 4,500 300 12,000 $ 5,000 1,500 3,500 25,000 45,000 Dividends 2,000 Tutoring revenue earned Salary expense Supply expense Advertising expense Depreciation expense: equipment Income taxes expense 96,000 52,000 1,200 300 1,000 11,600 $176.000 $176.000 Prepare an income statement and statement of retained earmings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31, 2011. a. Prepare an Income Statement and Statement of Retained Earning for Dec, 2011. Tutors for Rent, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company's year-end adjusted trial balance dated December 31, 2011, was: TUTORS FOR RENT, INC. ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 Cash. $ 91,100 Accounts receivabie Supplies Equipment Accumulated depreciation: equipment Accounts payable. Income taxes payable. Capital stock. Retained earnings.. 4,500 300 12,000 $ 5,000 1,500 3,500 25,000 45,000 Dividends 2,000 Tutoring revenue earned Salary expense Supply expense Advertising expense Depreciation expense: equipment Income taxes expense 96,000 52,000 1,200 300 1,000 11,600 $176.000 $176.000 Prepare an income statement and statement of retained earmings for the year ended December 31, 2011. Also prepare the company's balance sheet dated December 31, 2011. a.
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Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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