Use the information in the adjusted trial balance to prepare 

(a) the income statement for the year ended December 31, 

(b) the statement of retained earnings for the year ended December 31 (Note Retained Earnings at December 31 of the prior year was $235,800),

(c) the balance sheet as of December 31.

 

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Debit 30,000 52,000 18,000 168,000 16,000 168,000 Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment 50,000 138,000 18,000 Land Accounts payable Interest payable Salaries payable Unearned revenue 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 Long-term notes payable Common stock Retained carnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equi pment Salaries expense 46,000 484,000 24,000 Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $1,134,800 $1,134,800 Totals < Prev 5 of 5 Next Debit 30,000 52,000 18,000 168,000 16,000 168,000 Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment 50,000 138,000 18,000 Land Accounts payable Interest payable Salaries payable Unearned revenue 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 Long-term notes payable Common stock Retained carnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equi pment Salaries expense 46,000 484,000 24,000 Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $1,134,800 $1,134,800 Totals < Prev 5 of 5 Next Debit 30,000 52,000 18,000 168,000 16,000 168,000 Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment 50,000 138,000 18,000 Land Accounts payable Interest payable Salaries payable Unearned revenue 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 Long-term notes payable Common stock Retained carnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equi pment Salaries expense 46,000 484,000 24,000 Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $1,134,800 $1,134,800 Totals < Prev 5 of 5 Next Debit 30,000 52,000 18,000 168,000 16,000 168,000 Credit Cash Accounts receivable Interest receivable Notes receivable (due in 90 days) office supplies Automobiles Accumulated depreciation-Automobiles Equipment Accumulated depreciation-Equipment 50,000 138,000 18,000 Land Accounts payable Interest payable Salaries payable Unearned revenue 78,000 96,000 20,000 19,000 30,000 138,000 20,000 235,800 Long-term notes payable Common stock Retained carnings Dividends Services revenue Interest revenue Depreciation expense-Automobiles Depreciation expense-Equi pment Salaries expense 46,000 484,000 24,000 Wages expense Interest expense Office supplies expense Advertising expense Repairs expense-Automobiles 26,000 18,000 188,000 40,000 32,000 34,000 58,000 24,800 $1,134,800 $1,134,800 Totals < Prev 5 of 5 Next