Question

The Wizard’s Corner, a company that sells video games and related items, had the following account balances at the end of June 2016:
Cost of goods sold ................ $103,000
Common shares ................ 33,000
Advertising expense .............. 6,000
Equipment .................. 11,000
Depreciation expense ............... 2,000
Dividends declared ............. 3,000
Accounts payable ................ 11,000
Inventory ................... 28,000
Wage expense ................. 36,000
Sales ...................... 160,000
Accounts receivable ............... 15,000
Rent expense .................. 12,000
Cash ..................... 10,000
Prepaid rent ................... 1,000
Wages payable .................. 2,000
Retained earnings (as at July 1, 2015) ........ 21,000
Required:
a. Prepare a statement of income for the year ended June 30, 2016.
b. Calculate the amount of retained earnings as at June 30, 2016.
c. Prepare a statement of financial position as at June 30, 2016.


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  • CreatedJune 11, 2015
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