The following items were taken from the accounting records of Bowser Incorporated. The income statement account...

Transcribed Image Text:

The following items were taken from the accounting records of Bowser Incorporated. The income statement account balances are for the year ending December 31, 2009. The balance sheet account balances are the balances at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: Accounts Payable Equipment Cash Administrative Expense Insurance Expense Prepaid Insurance Retained Earnings (beg) Service Revenue Supplies Expense $ 61,000 132,000 54,500 12,300 3,000 6,550 16,310 117,700 6,000 Accumulated Depreciation 20,000 Income tax rate 30% Accounts Receivable Advertising Expense Common Stock Dividends Notes Payable (long-term) Rent Expense Salaries Expense Office Supplies Salaries Payable Additional Paid in Capital $ 11,000 26,200 5,000 2,200 70,000 17,000 20,000 32,000 4,000 3,100 Instructions: Prepare an income statement, a statement of retained earnings, and a classified balance sheet for Bowser Incorporated for the year 2009. The following items were taken from the accounting records of Bowser Incorporated. The income statement account balances are for the year ending December 31, 2009. The balance sheet account balances are the balances at December 31, 2009 except for the retained earnings balance which is the balance at 1/1/2009: Accounts Payable Equipment Cash Administrative Expense Insurance Expense Prepaid Insurance Retained Earnings (beg) Service Revenue Supplies Expense $ 61,000 132,000 54,500 12,300 3,000 6,550 16,310 117,700 6,000 Accumulated Depreciation 20,000 Income tax rate 30% Accounts Receivable Advertising Expense Common Stock Dividends Notes Payable (long-term) Rent Expense Salaries Expense Office Supplies Salaries Payable Additional Paid in Capital $ 11,000 26,200 5,000 2,200 70,000 17,000 20,000 32,000 4,000 3,100 Instructions: Prepare an income statement, a statement of retained earnings, and a classified balance sheet for Bowser Incorporated for the year 2009.

Answer rating: 100% (QA)

Question Solution Bowser Incorporated Income Statement For the year ending December 312009 Service R... View the full answer