Question: Please Please help this is my practice test and I have my exam tomorrow. At the end of 2018, Practice Corporation reports the following amounts:

Please Please help this is my practice test and I have my exam tomorrow.

At the end of 2018, Practice Corporation reports the following amounts:

Cash $ 1,200 Service revenue $ 64,700 Equipment 26,000 Supplies expense 4,900 Accounts payable 3,800 Buildings 31,000

Interest expense 2,800 Rent expense 10,000 Delivery expense 2,000 Supplies 2,800 Salaries expense 40,000 Salaries payable 700

In addition, the company had common stock of $34,000 at the beginning of the year and issued an additional $3,400 during the year. The company also had retained earnings of $17,100 at the beginning of the year and paid $3,000 dividend during the year.

Required: Prepare income statement, statement of stockholders' equity and balance sheet and answer the following fill-in the blanks.

Net income

Ending common stock

Ending retained earning

Ending stockholders' equity

Total asset

Total liabilities

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!