Prepare an income statement, statement of retained earnings, and a balance sheet for Kleen Professionals, Inc....

  

Transcribed Image Text:

Prepare an income statement, statement of retained earnings, and a balance sheet for Kleen Professionals, Inc. on paper and then answer the following questions. Writing out the statements will help you understand them and catch errors- it will pay off at exam time! What is net income? What is total assets? What is total liablilities? What is total equity? What will the balance be in Retained Earnings after the closing entries? Account Title Accounts Payable Cash Cleaning Fees Contributed Capital Dividend Equipment Note Payable Retained Earnings Supplies on hand Supplies Expense Unearned Revenue Totals Debit 8600 1500 26400 700 4900 42100 Credit 2800 24200 4000 5900 4600 600 42100 Prepare an income statement, statement of retained earnings, and a balance sheet for Kleen Professionals, Inc. on paper and then answer the following questions. Writing out the statements will help you understand them and catch errors- it will pay off at exam time! What is net income? What is total assets? What is total liablilities? What is total equity? What will the balance be in Retained Earnings after the closing entries? Account Title Accounts Payable Cash Cleaning Fees Contributed Capital Dividend Equipment Note Payable Retained Earnings Supplies on hand Supplies Expense Unearned Revenue Totals Debit 8600 1500 26400 700 4900 42100 Credit 2800 24200 4000 5900 4600 600 42100

Answer rating: 100% (QA)

Cleaning Fees 24200 Total Revenue Supplies Expense 4900 Total Expenses Net ... View the full answer