Question: Problem II-LO 2 - The income statement and balance sheet columns of the financial statement worksheet of Anthony's Restaurant, for the year ended July 31,

 Problem II-LO 2 - The income statement and balance sheet columns

Problem II-LO 2 - The income statement and balance sheet columns of the financial statement worksheet of Anthony's Restaurant, for the year ended July 31, 2019 follows: (Total : 16 POINTS) Dr Cr Income statement Balance sheet Dr Cash 3,000 Accounts Receivable 7,000 Accounts Payable 2,200 Income taxes payable 850 Interest expense 275 Salaries and wages 2,750 Property and equipment Accumulated depreciation 3,100 Common stock 4,725 Retained earnings 4,475 Income tax expense 800 Other expenses Sales 7,000 Other income 700 4,325 7,700 18,725 15,350 a/ Prepare an income statement, a statement of retained earnings, and a balance sheet as of July 31, 2019 and for the year then ended. 500 *Income statement (4.25 POINTS) *Prepare a statement of retained earnings (6 POINTS) *Prepare a balance sheet (5.75pts)

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!