Marcus Enterprise began is 2011 when Damien Marcus invested $8,000 in exchange for capital stock. The following in the work sheet for the company at the end of the first year in business.

Prepare an income statement retained earnings statement and classified balance sheet for Marcus Enterprise for the year ended December 31, 2011.

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Account Title Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable Wages Payable Capital Stock Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) Marcus Enterprises Work Sheet For the Year Ended December 31, 2011 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 25,000 7,000 1,000 18,500 2,000 19,000 7,000 3,500 83,000 3,500 11,000 1,000 8,000 59,500 83,000 59,500 Balance Sheet Credit Debit 25,000 7,000 1,000 18,500 2,000 19,000 7,000 3,500 29,500 59,500 30,000 59,500 59,500 53,500 53,500 3,500 11,000 1,000 8,000 23,500 30,000 53,500 Account Title Cash Accounts Receivable Supplies Equipment Accum. Depr. - Equip. Accounts Payable Wages Payable Capital Stock Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) Marcus Enterprises Work Sheet For the Year Ended December 31, 2011 Adjusted Trial Balance Income Statement Debit Credit Debit Credit 25,000 7,000 1,000 18,500 2,000 19,000 7,000 3,500 83,000 3,500 11,000 1,000 8,000 59,500 83,000 59,500 Balance Sheet Credit Debit 25,000 7,000 1,000 18,500 2,000 19,000 7,000 3,500 29,500 59,500 30,000 59,500 59,500 53,500 53,500 3,500 11,000 1,000 8,000 23,500 30,000 53,500

Answer rating: 100% (QA)

Income Statement of Marcus Enterprises for the year ended 31 st December 20... View the full answer